The majority of the G-20 countries recorded a deficit in 2016. Only South Korea and Germany had a budget surplus last year. In all the other countries government expenditures exceeded revenues.

The gross debt level also remains high in G-20 countries. The chart below shows that Japan had the highest debt levels that was over double of its GDP. The next high debt countries were Italy and USA whose debt was more than their respective GDPs.

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Source: G20 in Figures – Summit of the G20 states in Hamburg 2017