We have been consistently promoting relevant measures to reduce our deficit as well as control the scale of our debt. The total deficit of the Central Government General Budget and Special Budgets as a percentage of our GDP (deficit-to-GDP ratio) went from 1.6% in 2012 to 0.1% in 2017. In 2018 and 2019, there were surpluses between the annual revenues and expenditures, which accounted for 0.1% of the GDP in both years. However, in response to COVID-19, we adopted various relief and stimulus measures and expansionary fiscal policies in 2020 and 2021. The deficit-to-GDP ratios were 1.4% and 0.7%, respectively. In 2022, due to better-than-expected execution of the annual revenue, the deficit of the overall budget, including special budgets and the final account of the general budget, shifted to a surplus, with a surplus-to-GDP ratio of 0.3%.
In 2023 and 2024, due to the continuous implementation of special budgets, the deficits accounted for 2.6% and 1.6% of GDP, respectively. However, with the actual execution aligning with the government's ongoing efforts to implement cost-saving measures, it is anticipated that the deficit ratio will decrease.
Annual Revenue, Expenditure, and Surplus or Deficit of the Central Government
Unit: billion; %
| Year |
Annual Revenue |
Annual Expenditure |
Surplus (+) or Deficit (-) |
Ratio of Surplus (+) or Deficit (-) to GDP (%) |
|||
| NT$ |
US$ |
NT$ |
US$ |
NT$ |
US$ |
||
| 2012 |
1,668.4 |
53.82 |
1,897.0 |
61.19 |
-228.6 |
-7.38 |
-1.6
|
| 2013 |
1,730.9 |
55.83 |
1,860.9 |
60.03 |
-130.1 |
-4.20 |
-0.9
|
| 2014 |
1,726.4 |
55.69 |
1,856.9 |
59.90 |
-130.5 |
-4.21 |
-0.8
|
| 2015 |
1,885.7 |
60.83 |
1,904.4 |
61.43 |
-18.7 |
-0.60 |
-0.1
|
| 2016 |
1,901.2 |
61.33 |
1,951.6 |
62.95 |
-50.4 |
-1.63 |
-0.3
|
| 2017 |
1,944.4 |
62.72 |
1,958.0 |
63.16 |
-13.6 |
-0.44 |
-0.1
|
| 2018 |
2,025.4 |
65.34 |
2,008.7 |
64.80 |
16.7 |
0.54 |
0.1
|
| 2019 |
2,084.8 |
67.25 |
2,068.8 |
66.74 |
16.0 |
0.52 |
0.1
|
| 2020 |
2,170.2 |
70.00 |
2,446.0 |
78.90 |
-275.8 |
-8.90 |
-1.4
|
| 2021 |
2,387.0 |
77.00 |
2,529.2 |
81.59 |
-142.2 |
-4.59 |
-0.7
|
| 2022 |
2,713.8 |
87.54 |
2,645.4 |
85.34 |
68.4 |
2.21 |
0.3
|
| 2023 |
2,581.5 |
83.27 |
3,193.6 |
103.02 |
-612.1 |
-19.75 |
-2.6 |
| 2024 |
2,725.2 |
87.91 |
3,115.7 |
100.50 |
-390.5 |
-12.59 |
-1.6 |
1. In General Budget section:
2012-2022: Final Accounts of the Central Government, edited by the National Audit Office.
2023-2024: Central Government General Budget.
2. In Special Budget section:
(1)The Forward-Looking Infrastructure Development Program:
Phase three (2021-2022):
Final Accounts of the Central Government, edited by the National Audit Office.
Phase four (2023-2024): Central Government Special Budget.
(2)New Fighters Acquisition:
2020-2026: Central Government Special Budget.
(3)Prevention, Relief and Revitalization Measures for Severe Pneumonia with Novel Pathogens:
2020-2023: Final Accounts of the Central Government, edited by the National Audit Office.
(4)Sea-Air Combat Power Improvement Plan Purchase Special Budget:
2022-2026: Central Government Special Budget.
(5)Enhancing Post-pandemic Economic and Social Resilience and National Sharing Economy Achievement Special Budget.
2023-2025: Central Government Special Budget.
3. Source of GDP: Announced by the Directorate-General of Budget, Accounting and Statistics, Executive Yuan (DGBAS) in November 2023.
4. Certain figures may not add up to the total due to rounding; exchange rate US$1=NT$31.