TOP 10 Countries by Budget Deficit as % of GDP (2025)
2025 Fiscal Deficit Ranking: IMF WEO Data Snapshot
Timor-Leste has the most negative 2025 general government balance among countries with a published 2025 value in the IMF World Economic Outlook tables, at −48.0% of GDP. Libya follows at −31.1%, and Ukraine ranks third at −23.3%. Budget deficit in this ranking means negative general government net lending/borrowing as a percentage of GDP.
The ranking uses the April 2026 full World Economic Outlook database and Statistical Appendix. Data were checked on September 24, 2026. The July 2026 WEO Update is an interim exercise and does not provide a replacement full WEO database.
The table is a compiled research dataset based on 5 IMF sources, with row-level source and method notes shown in the ranking table. All final Top 10 numeric values come from IMF WEO April 2026 Table B9; Table B6 was also screened to confirm that no advanced economy enters the global Top 10. Supporting IMF sources are used for database vintage, data maturity, coverage and metric definitions.
Metric: general government net lending/borrowing. Unit: % of GDP. Target year: 2025. Direction: ascending, so more negative values rank higher. Coverage: countries with a published 2025 WEO value. Value-status counts: 10 official_value; 0 calculated_value; 0 official_forecast; 0 modeled_projection. IMF data-maturity metadata show 3 rows with latest actual government-finance data in 2025 and 7 rows where the 2025 value is an IMF staff estimate because the latest actual government-finance year is 2024.
Timor-Leste ranks first by the published 2025 WEO balance.
Malawi is tenth in the confirmed global Top 10.
Three rows have latest actual government-finance data in 2025; seven use IMF staff estimates for 2025.
April 2026 full WEO database; checked September 24, 2026.
How the fiscal deficit ranking is defined
General government net lending/borrowing measures whether the government sector is supplying financial resources to other sectors or absorbing them. A negative value indicates net borrowing, while a positive value indicates net lending. Expressing the balance as a percentage of GDP allows the annual fiscal flow to be compared across economies of different sizes.
The status official_value is a provenance label on this page: the exact number is published directly by the IMF. Data maturity is reported separately. Under the IMF WEO convention, years after a series' “Latest Actual Annual Data” year are IMF staff estimates, while values within the latest actual year are treated as actual data but can still be revised later.
Ranking rule: raw 2025 values are sorted in ascending order. A balance of −48.0% ranks above −31.1% because −48.0% represents a larger deficit relative to GDP.
2025 Top 10 at a glance
All ten ranking values are published in IMF WEO April 2026 Table B9. The maturity note for each row uses the IMF April 2026 Database Appendix government-finance “Latest Actual Annual Data” field.
General government net lending/borrowing, 2025 (% of GDP)
| Rank | Country | 2025 balance | Source / method note |
|---|---|---|---|
| 1 | Timor-Leste | −48.0% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 2 | Libya | −31.1% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2025. |
| 3 | Ukraine | −23.3% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 4 | Kiribati | −14.5% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 5 | Brunei Darussalam | −13.4% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 6 | Bahrain | −13.0% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 7 | St. Vincent and the Grenadines | −12.3% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 8 | St. Kitts and Nevis | −11.7% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2024; 2025 is an IMF staff estimate. |
| 9 | Bolivia | −11.6% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2025; IMF country-specific notes apply. |
| 10 | Malawi | −11.5% | Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; latest actual GF year: 2025. |
Table B6 was checked separately for advanced economies; its most negative 2025 general government balances do not cross the −11.5% cutoff of this Top 10.
Deficit magnitude across the Top 10
Bar length represents the absolute magnitude of each negative balance for visual comparison. Numeric labels retain the IMF sign convention, and the chart uses the same raw 2025 values as the ranking table.
Methodology
The metric is general government net lending/borrowing as a percentage of GDP for 2025. Negative values indicate net borrowing. Country rows were screened across WEO Table B6 for advanced economies and Table B9 for emerging market and developing economies, and only rows with a published 2025 value were eligible.
Metric and unit
General government net lending/borrowing, measured as a percentage of GDP. Lower and more negative values represent larger deficit ratios.
Ranking direction
Raw 2025 values are sorted ascending. The most negative published balance receives rank 1. No score or weighting system is applied.
Coverage
Table B6 and Table B9 were screened. Regional aggregates, analytical groups and economies without a published 2025 value are excluded.
Primary numeric source
All final Top 10 values come from IMF WEO April 2026 Statistical Appendix Table B9. Table B6 is used to verify that no advanced economy enters the Top 10.
Value status
All ten rows are official_value because the exact values are directly published by the IMF. This status describes provenance; it does not replace the separate actual-versus-estimate classification.
Data maturity
IMF metadata identify Libya, Bolivia and Malawi with latest actual government-finance data in 2025. The other seven rows have latest actual government-finance data in 2024, so their 2025 WEO values are IMF staff estimates.
Missing values and conflicts
Missing 2025 values are excluded rather than estimated. No conflicts are averaged, no earlier-year value is substituted and no page-level projection is created.
Rounding
The one-decimal values published in the Statistical Appendix are retained. Ranking therefore uses the same displayed values published by the IMF source.
Under the IMF Government Finance Statistics Manual 2014, net lending/net borrowing can be expressed as the net operating balance minus net investment in nonfinancial assets, and equivalently as net acquisition of financial assets minus net incurrence of liabilities.
Cross-country comparability has limits. The WEO notes that for some countries the general government series are the same as central government series, and the Database Appendix shows differences in government-finance subsector coverage and accounting practices across economies.
The metric does not measure government debt, primary balance, structural balance, fiscal sustainability, borrowing costs, service quality or the economic desirability of a country's fiscal stance. Deficit is an annual flow; debt is a stock.
Data checked: September 24, 2026. The April 2026 WEO remains the latest full WEO database at this snapshot. The July 2026 WEO Update is a partial interim update and does not include a replacement full database.
Main ranking with data-maturity notes
The filters let you search the ten confirmed entries, narrow the table by IMF regional group or distinguish 2025 latest-actual data from IMF staff estimates. The original rank remains tied to the raw 2025 fiscal-balance value.
Confirmed global Top 10 — general government net lending/borrowing, 2025
| Rank | Country | 2025 balance | Source / method note |
|---|---|---|---|
| 1 | Timor-Leste | −48.0% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Emerging and Developing Asia; latest actual GF year: 2024. |
| 2 | Libya | −31.1% | Latest actual GF year: 2025 Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Middle East and Central Asia. |
| 3 | Ukraine | −23.3% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Emerging and Developing Europe; latest actual GF year: 2024. |
| 4 | Kiribati | −14.5% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Emerging and Developing Asia; latest actual GF year: 2024. |
| 5 | Brunei Darussalam | −13.4% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Emerging and Developing Asia; latest actual GF year: 2024. |
| 6 | Bahrain | −13.0% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Middle East and Central Asia; latest actual GF year: 2024. |
| 7 | St. Vincent and the Grenadines | −12.3% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Latin America and the Caribbean; latest actual GF year: 2024. |
| 8 | St. Kitts and Nevis | −11.7% | 2025 staff estimate Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Latin America and the Caribbean; latest actual GF year: 2024. |
| 9 | Bolivia | −11.6% | Latest actual GF year: 2025 Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Latin America and the Caribbean; IMF country-specific notes apply. |
| 10 | Malawi | −11.5% | Latest actual GF year: 2025 Status: official_value; source: IMF WEO April 2026 Table B9; source year: 2026; target year: 2025; region: Sub-Saharan Africa. |
Data maturity follows the IMF's Latest Actual Annual Data convention. A 2025 value after a 2024 latest-actual year is treated as an IMF staff estimate; even latest-actual data can be revised in later WEO vintages.
Insights from the confirmed Top 10
Key Insight
Three countries have 2025 balances more negative than −20% of GDP: Timor-Leste at −48.0%, Libya at −31.1% and Ukraine at −23.3%.
Notable Pattern
Ranks 4 through 10 are concentrated between −14.5% and −11.5%, a spread of only 3.0 percentage points.
Regional Concentration
Emerging and Developing Asia and Latin America and the Caribbean each contribute three countries to the Top 10, while Middle East and Central Asia contributes two.
Outlier
Timor-Leste is the clearest numerical outlier: its −48.0% balance is 16.9 percentage points more negative than second-ranked Libya.
What the ranking does and does not show
A higher position means a more negative 2025 general government balance relative to GDP. The ranking describes the annual deficit ratio; it does not evaluate whether a country's fiscal policy is appropriate, sustainable or economically beneficial.
Fiscal deficit and government debt are different measures. The deficit is a flow over a period, while debt is a stock accumulated over time. A country near the top of this table therefore does not automatically have the world's highest debt-to-GDP ratio.
Interpretation also depends on data maturity and government-sector coverage. Seven of the ten 2025 values are IMF staff estimates, and the IMF documents differences in government-finance subsector coverage across countries.
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TOP 10 Countries by Budget Deficit as % of GDP (2025)
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Download Excel + CSV Data PackFAQ
Which country has the largest 2025 budget deficit as a share of GDP in this ranking?
Timor-Leste ranks first at −48.0% of GDP in IMF WEO April 2026 Table B9.
What does “budget deficit” mean in this table?
It means negative general government net lending/borrowing as a percentage of GDP. A more negative number represents a larger deficit ratio.
Are all ten 2025 values actual observations?
No. IMF government-finance metadata identify Libya, Bolivia and Malawi with latest actual data in 2025. The other seven countries have a latest actual year of 2024, making their 2025 WEO values IMF staff estimates.
Why are all rows still labeled official_value?
official_value is used here as a provenance status: the exact value is directly published by the IMF. Actual-versus-estimate maturity is shown separately for each row.
Can the 2025 values change later?
Yes. The IMF states that even data identified as actual can later be revised, and staff estimates can also change in subsequent WEO vintages.
Does the largest deficit mean the highest government debt?
No. Deficit is an annual flow, while government debt is a stock. The two indicators answer different questions.
What happens when a country has no published 2025 WEO value?
It is excluded. This ranking does not impute missing 2025 values or substitute a value from another year.
Why does government-sector coverage matter?
The IMF notes that for some countries the general government series are the same as central government series. The Database Appendix also documents different government subsector coverage across economies, which limits perfect comparability.
Sources
IMF World Economic Outlook — April 2026 Statistical Appendix B
Primary numeric source. Table B9 supplies all final Top 10 values; Table B6 was screened to verify the advanced-economy side of the global ranking.
https://www.imf.org/-/media/files/publications/weo/2026/april/english/tableb.pdf
IMF Data — World Economic Outlook
Used to verify that April 2026 is the current full WEO database at the September 24, 2026 snapshot and that the July WEO Update is listed separately.
IMF — April 2026 WEO Database Appendix
Used for government-finance Latest Actual Annual Data, historical-data sources, subsector coverage and accounting-practice metadata for individual countries.
IMF WEO — Frequently Asked Questions
Used to verify that years after the Latest Actual Annual Data year are IMF staff estimates and that even actual data can later be revised.
https://data.imf.org/Datasets/WEO/Frequently-Asked-Questions
IMF Government Finance Statistics Manual 2014 — Full Text
Primary methodological source for the definition of net lending/net borrowing and its relationship to the operating balance, nonfinancial assets, financial assets and liabilities.
https://www.imf.org/external/Pubs/FT/GFS/Manual/2014/gfsfinal.pdf
