Highlights of the Draft FY2019 Budget
Highlights of the Draft FY2019 Budget
Highlights of the Draft FY2019 Budget
《Fiscal Consolidation》
1
Shifting toward “Social security that accommodates the needs of all generations”, implement free early childhoodeducation and enhancement of social security system funded by the revenue raised by the consumption tax hike
Public spending (PS) : +¥811.0bn (National government spending (NGS) : +¥715.7bn*1 )• Free Early Childhood Education and Childcare [Starting from Oct.2019] ………………………………………… PS : +¥388.2bn (NGS : +¥388.2bn*2)• Improvement of working condition for long‐term care workers [Starting from Oct.2019] ……………… PS : +¥ 42.1bn (NGS : +¥ 21.3bn)• Provision of benefits for supporting low‐income pensioners ………………………………………………………… PS : +¥185.9bn (NGS : +¥185.9bn)• Further burden reduction of long‐term care insurance contributions for the low‐income elderly …… PS : +¥ 65.4bn (NGS : +¥ 32.7bn), etc.*1,2 These amounts include temporary grants for children and child‐rearing (assumed name) amount to ¥234.9bn along with making whole expenses for the first year
of free early childhood education and childcare to be national spending. The amount of increase in social security expenditure for enhancement of social security system excluding the grants is +¥480.8bn for public spending, +¥153.2bn for national government spending.
Mobilize a range of measures to level the impact on the economy of the consumption tax hike“Temporal and Special Measures” : ¥2,028.0bn (NGS)
• Point Rewards to Consumers via Small and Medium‐sized Retail Businesses, etc. ……………………………………………………… ¥ 279.8bn• Vouchers with premiums for the Low‐income or Child‐rearing Households ……………………………………………………………… ¥ 172.3bn• Budgetary Measures for Housing Purchaser ‐ Benefits for Housing Purchase “Sumai Kyu‐fu kin” ……………………………… ¥ 78.5bn
‐ Point Reward System for Promoting Innovative Housing …………………… ¥ 130.0bn• Measures for Disaster Prevention, Disaster Mitigation and Building National Resilience …………………………………………… ¥1,347.5bn, etc.
Based on “Three‐year Emergency Response Plan for Disaster Prevention, Disaster Mitigation, and Building NationalResilience”, reflecting “Emergency Inspection of Critical Infrastructure”, etc., implement 160 urgent measures intensivelyfor 3 years until FY2020.
⇒ Utilize FY2019/FY2020 Temporal and Special Measures (FY2019 : 1,347.5bn*3) and the Second Supplementary Budget for FY2018*3 National Government Spending. The whole spending, including the Second Supplementary Budget for FY2018, amounts to ¥2.4tn.
By contrast, the size of the projects for 3 years until FY2020 amounts to approx. ¥7.0tn.
Under “New Plan to Advance Economic and Fiscal revitalization”, continue efforts for expenditure reforms.・Social Security Expenditures: achieved the principle of suppressing the increase due to aging population (+¥477.4bn)・Non‐social security Expenditures: continue efforts for expenditure reforms (+¥33.0bn) The amount of planned bond issuance has decreased in 7 consecutive years since the start of Abe administration.
(FY2018:¥33.7tn ⇒ FY2019:¥32.7tn [¥31.9tn]) Primary balance in the general account has improved. (FY2018: ‐¥10.4tn ⇒ FY2019: ‐¥9.2tn [‐¥8.4tn])
※ [ ] shows the amount excluding the amount of “Temporal and Special Measures”.
FY2018 Budget(Initial)
FY2019 Budget NoteFY2018
→FY2019RevenuesTax Revenues 59,079.0 62,495.0 3,416.0Other Revenues 4,941.6 5,055.6 114.0Government Bond Issues 33,692.2 31,878.6 -1,813.6
of which Construction Bonds 6,094.0 6,170.1 76.1Special Deficit-Financing Bonds 27,598.2 25,708.5 -1,889.7
Total 97,712.8 99,429.1 1,716.3ExpendituresNational Debt Service 23,302.0 23,508.2 206.2General Expenditure 58,895.8 59,935.9 1,040.1
of which Social Security Expenditure 32,988.2 33,991.4 1,003.1
Non-Social Security Expenditure 25,907.6 25,944.5 37.0
Local Allocation Tax Grants, etc. 15,515.0 15,985.0 470.1Total 97,712.8 99,429.1 1,716.3
(Unit: bn yen)FY2019 Budget: Framework (Ordinary / Temporal and Special Measures)
(Note 1) General expenditure = Total expenditure in central government’s general account – National debt service – Local allocation tax grants, etc.(Note 2) Social security expenditure and Non-social security expenditure in FY2018 budget are rearranged to compare with FY2019 budget.(Note 3) Figures may not add up to the totals due to rounding.
FY2019 Budget NoteFY2018
→FY2019RevenuesOther Revenues 1,246.1 Newly formulated Earned surplus from Deposit Insurance Corporation of Japan :+¥800.0bn
Surplus from previous year :+¥215.7bn, etc.
Government Bond Issues 781.9 Newly formulated
of which Construction Bonds 781.9 Newly formulated
Total 2,028.0 Newly formulated
ExpendituresGeneral Expenditure 2,028.0 Newly formulated
Total 2,028.0 Newly formulated
• Ordinary
• Temporal and Special Measures
2
FY2018 Budget(Initial)
FY2019 Budget NoteFY2018
→FY2019
Revenues
Tax Revenues 59,079.0 62,495.0 3,416.0
Other Revenues 4,941.6 6,301.6 1,360.1
Government Bond Issues 33,692.2 32,660.5 -1,031.7 Bond Dependency Ratio: 32.2% (FY2018: 34.5%)
of which Construction Bonds 6,094.0 6,952.0 858.0
Special Deficit-Financing Bonds 27,598.2 25,708.5 -1,889.7
Total 97,712.8 101,457.1 3,744.3
Expenditures
National Debt Service 23,302.0 23,508.2 206.2
General Expenditure 58,895.8 61,963.9 3,068.0
Local Allocation Tax Grants, etc. 15,515.0 15,985.0 470.1
Total 97,712.8 101,457.1 3,744.3
(Unit: bn yen)
FY2019 Budget: Framework (Ordinary + Temporal and Special Measures)
(Note) Figures may not add up to the totals due to rounding.
• Ordinary + Temporal and Special Measures
3
<Economic Indicators>
<Fiscal Indicators: Central Government’s General Account>
FY2013(Actual)
FY2014(Actual)
FY2015(Actual)
FY2016(Actual)
FY2017(Actual)
FY2018(Estimated)
FY2019(Projected)
Nominal GDP Growth 2.6%2.2%(0.8%)
2.8% 0.7% 2.0% 0.9%2.4%(2.0%)
Nominal GDP (tn yen) 507.3 518.2 533.0 536.8 547.4 552.5 566.1
Real GDP Growth 2.6% -0.4% 1.3% 0.9% 1.9% 0.9% 1.3%
Consumer Price Index 0.9%2.9%(0.9%)
0.2% -0.1% 0.7% 1.0%1.1%
(0.6%)
Unemployment Rate 3.9% 3.5% 3.3% 3.0% 2.7% 2.4% 2.3%
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
General Expenditure 1/ 54.0 56.5 57.4 57.8 58.4 58.9 59.9(62.0)
Tax Revenue 2/ 43.150.0(4.5)
54.5(6.2)
57.6(6.3)
57.7(6.3)
59.1(6.4)
62.5(7.9)
Government Bond Issues 1/ 42.9 41.3 36.9 34.4 34.4 33.731.9
(32.7)
Primary Balance 1/ -23.2 -18.0 -13.4 -10.8 -10.8 -10.4 -8.4(-9.2)
Bond Dependency Ratio 1/ 46.3% 43.0% 38.3% 35.6% 35.3% 34.5% 32.1%(32.2%)
(Unit: tn yen, unless otherwise stated)
(Note1) Figures are shown on a 2008 SNA basis.(Note2) FY2018 and FY2019: based on “FY2019 Economic Outlook and Basic Stance for Economic and Fiscal Management” (Approved by the Cabinet on December 18, 2018).(Note3) Figures in parentheses in FY2014 and FY2019 exclude the impact of the consumption tax rate hike.
1/ Figures in parentheses in FY2019 include the impact of the Temporal and Special Measures.2/ Figures in parentheses represent the increased revenue of consumption tax hike (FY2014-FY2018: Increase by raising from 5% to 8%, FY2019: Increase by raising from 5% to 10%).(Note1) Figures are based on initial budget. Bond Dependency Ratio is calculated by dividing Government Bond Issues by the Total Expenditure.(Note2) General expenditure = Total expenditure in central government’s general account – National debt service – Local allocation tax grants, etc. 4
2.1 3.5 4.5 4.3 6.3 7.2 5.9 7.0 6.7 6.4 6.0 5.0
2.5 1.0 0.2
0.8 2.0
9.2 8.5
16.9
24.3 21.9 20.9
25.8 28.7 26.8
23.5 21.1 19.3
26.2
36.9 34.7 34.4 36.0
33.8 31.9 28.4 29.1
26.3 27.3 25.7
3.2 3.7
5.0 6.3 7.1 7.0
7.0 7.0 6.8 6.4 6.3
6.2 6.9
6.2 6.4 6.3 6.7 9.5
16.2 12.3
16.4
10.7 9.9
17.0
13.2
11.1 9.1
9.1 6.7 8.7
7.8
6.4 6.0
7.0
15.0
7.6 8.4 11.4
7.0 6.6
6.5 8.9
7.3 8.1 7.0
(0.8)
13.8 15.7
17.3
21.9 23.7
26.9 29.0
30.5 32.4
34.9 38.2
41.9
46.8
50.8
54.9
60.1 59.8
54.4 54.1 51.0 51.9 52.1
53.9
49.4 47.2
50.7 47.9
43.8 43.3 45.6
49.1 49.1 51.0
44.3
38.7 41.5 42.8
43.9
47.0
54.0
56.3 55.5 58.8 59.9
62.5
20.9
24.5
29.1
34.1
38.8
43.4 46.9 47.2
50.6 51.5 53.0 53.6
57.7
61.5
65.9 69.3 70.5 70.5
75.1 73.6
75.9 78.8 78.5
84.4
89.0 89.3
84.8 83.7 82.4 84.9 85.5
81.4 81.8
84.7
101.0
95.3
100.7
97.1 100.2 98.8 98.2 97.5 98.1
101.4
99.4
5.3 7.2
9.6 10.7
13.5 14.2 12.9 14.0 13.5 12.8
12.3 11.3
9.4
7.2 6.6 6.3 6.7
9.5
16.2
13.2
18.4 19.9
18.5
34.0
37.5
33.0
30.0
35.0 35.3 35.5
31.3
27.5 25.4
33.2
52.0
42.3 42.8
47.5
40.9 38.5
34.9
38.0
33.6 35.4
32.7
101.5
0
20
40
60
80
100
120
75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
(trillion yen)
(FY)
Special Deficit-Financing Bond IssuesConstruction Bond Issues
Total Expenditure
Tax revenue
Tax Revenue, Expenditure and Bond Issues in General Account
(Note1) FY1975 - FY2017: Settled Figures; FY2018: Based on the Second Supplementary Budget, FY2019: Based on Draft Budget.(Note2) Following various bonds are excluded: Ad-hoc Special Deficit-Financing Bonds issued in FY1990 as a source of funds to support peace and reconstruction activities in the Persian Gulf Region,
Tax reduction-related Special Deficit-Financing Bonds issued in FY1994 - FY1996 to make up for decline in tax revenue due to a series of income tax cuts preceding consumption tax hike from 3% to 5%, Reconstruction Bonds issued in FY2011 as a source of funds to implement measures for the Reconstruction from the Great East Japan Earthquake and Pension-related Special Deficit-Financing Bonds issued in FY2012 and FY2013 as a source of funds to achieve the targeted national contribution to one-half of basic pension.
(Note3) The dotted line in Total Expenditure represents a figure including the expenditure for the Temporal and Special Measures; and the solid line represents a figure excluding it. The amount of Bond issues includes the bond issued for the Temporal and Special Measures; and the amount in parentheses represents the Construction bond issued for the Temporal and Special Measures. 5
Social Security 33,991.4 34.2%
Local AllocationTax Grants, etc.
15,985.016.1%
PublicWorks6,059.66.1%
EducationAnd Science
5,382.45.4%
NationalDefense5,206.6
5.2%
Others9,296.0
9.3%
Redemption of theNational Debt
14,658.014.7%
Interest Payments8,850.28.9%
National Debt Service
23,508.223.6%
Primary Expenses75,920.976.4%
General AccountTotal Expenditures
99,429.1(100.0%)
Construction Bonds6,170.16.2%
Special Deficit-Financing
Bonds25,708.525.9%
Tax andStamp
Revenues62,495.062.9%
Income Tax19,934.020.0%
CorporationTax
12,858.012.9%
Other Revenues5,055.65.1%
Government Bond issues
31,878.632.1%
Consumption Tax19,392.019.5%
Others10,311.010.4%
General AccountTotal Revenues
99,429.1(100.0%)
(Note1) Figures may not add up to the totals due to rounding.(Note2) Social security related expenditures account for 56.7% of the general expenditure.
FY2019 Budget: Expenditure and Revenue (Excluding Temporal and Special Measures)
(Unit : bn yen)
General Account Expenditure General Account Revenue
Food SupplyEnergyEconomic AssistanceFormer Military Personnel Pensions
Promotion of SMEsMiscellaneousContingency Reserves
Primary Expenses: Indicator showing policy expenses of the fiscal year.(Primary Expenses = General Account Total Expenditure – National Debt Service)
General Expenditure: 59,935.9(60.3%) (General Expenditure = Primary Expenses – Local Allocation Tax Grants, etc.)
6
981.6 (1.0%)910.4 (0.9%)502.1 (0.5%)
209.7 (0.2%)174.0 (0.2%)
6,018.1 (6.1%)500.0 (0.5%)
Tax and Stamp
Revenues62,495.061.6%
Income Tax19,934.019.6%
Corporation Tax
12,858.012.7%
Other Revenues6,301.66.2%
Government Bond issues
32,660.532.2%
Consumption Tax19,392.019.1%
Others10,311.010.2%
General AccountTotal Revenues
101,457.1(100.0%)
Special Deficit-Financing
Bonds25,708.525.3%
Construction Bonds6,952.06.9%
Social Security 34,059.3 33.6%
Local AllocationTax Grants, etc.
15,985.015.8%
PublicWorks6,909.96.8%Education
And Science 5,602.55.5%
NationalDefense5,257.4
5.2%
Others10,134.7
10.0%
Redemption of the National Debt
14,658.014.4%
Interest Payments8,850.28.7%
National Debt Service
23,508.223.2%
Primary Expenses77,948.976.8%
General AccountTotal Expenditures
101,457.1(100.0%)
General Account Expenditure General Account Revenue(Unit : bn yen)
FY2019 Budget: Expenditure and Revenue (Ordinary + Temporal and Special Measures)
Primary Expenses: Indicator showing policy expenses of the fiscal year.(Primary Expenses = General Account Total Expenditure – National Debt Service)
General Expenditure: 61,963.9 (61.1%) (General Expenditure = Primary Expenses – Local Allocation Tax Grants, etc.)
Food SupplyEnergyEconomic AssistanceFormer Military Personnel Pensions
Promotion of SMEsMiscellaneousContingency Reserves
982.3 (1.0)976.0 (1.0)502.1 (0.5)
209.7 (0.2)179.0 (0.2)
6,785.6 (6.7)500.0 (0.5)
(Note 1) Figures include Temporal and Special Measures, amounting to 2,028.0 bn yen.(Note 2) Figures may not add up to the totals due to rounding.(Note 3) Social security related expenditures account for 55.0% of the general expenditure. 7
(Unit: bn yen , unless otherwise stated)FY2019 Budget: Major Expenditure Items (Excluding the Temporal and Special Measures)
Major Expenditure Items FY2018 Budget(Initial) FY2019 Budget Change
(FY2018 to FY2019)% Change
(FY2018 to FY2019)
General Expenditure 58,895.8 59,935.9 +1,040.1 +1.8%
Social Security 32,988.2 33,991.4 +1,003.1 +3.0%
Education and Science 5,351.2 5,382.4 +31.1 +0.6%
of which Science 1,317.5 1,337.8 +20.4 +1.5%
Former Military Personnel Pensions 250.4 209.7 -40.7 -16.2%
National Defense 5,191.1 5,206.6 +15.5 +0.3%
Public Works 5,978.9 6,059.6 +80.7 +1.3%
Economic Assistance 508.9 502.1 -6.8 -1.3%
o/w Official Development Assistance 553.8 556.6 +2.7 +0.5%
Promotion of SMEs 177.1 174.0 -3.1 -1.8%
Energy 918.6 910.4 -8.2 -0.9%
Food Supply 992.4 981.6 -10.8 -1.1%
Miscellaneous 6,188.8 6,018.1 -170.7 -2.8%
Contingency Reserve 350.0 500.0 +150.0 +42.9%
National Debt Service 23,302.0 23,508.2 +206.2 +0.9%
Local Allocation Tax Grants, etc. 15,515.0 15,985.0 +470.1 +3.0%
Total 97,712.8 99,429.1 +1,716.3 +1.8%(Note1) FY2018 budget is reclassified for proper comparison with FY2019.(Note2) Figures may not add up to the totals due to rounding.(Note3) General expenditure = Total expenditure in central government’s general account – National debt service – Local allocation tax grants. 8
FY2019 Budget: Major Expenditure Items
(Note1) FY2018 budget is reclassified for proper comparison with FY2019.(Note2) Figures may not add up to the totals due to rounding.(Note3) General expenditure = Total expenditure in central government’s general account – National debt service – Local allocation tax grants.
Major Expenditure Items FY2018 Budget(Initial) FY2019 Budget
Change(FY2018 to FY2019)Ordinary Temporal and
Special Measures Ordinary
General Expenditure 58,895.8 61,963.9 59,935.9 2,028.0 +3,068.0 +1,040.1Social Security 32,988.2 34,059.3 33,991.4 67.9 +1,071.0 +1,003.1
Education and Science 5,351.2 5,602.5 5,382.4 220.1 +251.3 +31.1of which Science 1,317.5 1,359.7 1,337.8 21.9 +42.3 +20.4
Former Military Personnel Pensions 250.4 209.7 209.7 - -40.7 -40.7
National Defense 5,191.1 5,257.4 5,206.6 50.8 +66.3 +15.5
Public Works 5,978.9 6,909.9 6,059.6 850.3 +931.0 +80.7
Economic Assistance 508.9 502.1 502.1 - -6.8 -6.8o/w Official Development
Assistance 553.8 556.6 556.6 - +2.7 +2.7
Promotion of SMEs 177.1 179.0 174.0 5.0 +1.9 -3.1
Energy 918.6 976.0 910.4 65.6 +57.4 -8.2
Food Supply 992.4 982.3 981.6 0.7 -10.1 -10.8
Miscellaneous 6,188.8 6,785.6 6,018.1 767.5 +596.8 -170.7
Contingency Reserve 350.0 500.0 500.0 - +150.0 +150.0National Debt Service 23,302.0 23,508.2 23,508.2 - +206.2 +206.2Local Allocation Tax Grants, etc. 15,515.0 15,985.0 15,985.0 - +470.1 +470.1
Total 97,712.8 101,457.1 99,429.1 2,028.0 +3,744.3 +1,716.3
(Unit: bn yen , unless otherwise stated)
9
○ The consumption tax rate is scheduled to be increased by 2% from the current 8% to 10% on Oct 1, 2019 as stipulated by law.○ Based on the previous experience with the past consumption tax hike by 3%, mobilize a range of measures and make every effort to
ensure that the tax hike will not affect the trend of economic recovery.(1) Combine measures in a well-balanced manner according to their sizes and timing of implementation throughout the FY2019/FY2020budgets, including “Temporal and Special Measures”, and firmly maintain fiscal discipline as a whole (2) Clarify the objectives of eachmeasure, (3) Implement measures with sufficient consideration on their values for future and economic structural reforms
〇 Provide clearly understandable information on the importance of consumption tax hike and the details of mitigating measures, etc.
Basic Concept
Overview of “Measures for the Consumption Tax Hike “
Impact of the consumption tax hikeEconomic impact of this consumption tax hike is estimated to be approx. ¥2.0tn, suppressed by mitigating measures such as free earlychildhood education, etc. New measures, amounting to approx. ¥2.3tn, are prepared enough to overcome this adverse impact.
Impact of the consumption tax hike BurdenIncrease
BurdenDecrease
Increased Burden due to the consumption tax hike as revenue sources for national and local governments : +¥5.7tn (+¥2.87tn per 1%)
Approx. ¥5.7tn ー
Implementation of reduced tax rate ー Approx. ¥1.1tn
Securement of fiscal resources by revision of tobacco and income tax last year, etc. Approx. ¥0.6tn ー
Approx.¥5.2tnIncreased
Burden
Free Early Childhood Education, Enhancement of Social Security System BenefitIncrease
The implementation of Free Early Childhood Education and Childcare from Oct.1, 2019Provision of benefits for supporting low-income pensioners, etc.
Approx. ¥2.8tn
The compensation to medical fees for increased consumption tax burden, etc. Approx. ¥0.4tn
Approx. ¥3.2tnBenefit
Increase
New measures to address the consumption tax hike Budget size, etc.
Temporal and Special budget measures (Point Rewards, Vouchers with premiums, Benefits for Housing Purchase “Sumai Kyu-fu kin”, Point Reward System for Promoting Innovative Housing, and Measures for Disaster Prevention, Disaster Mitigation and Building National Resilience, etc.)
Approx. ¥2.0tn(National government
spending)
Tax credit (Expansion of housing loan tax credit, Reduction of tax burden on purchase and possession of automobiles)
Approx. ¥0.3tn(Tax reduction)
Mitigateeconomic impact
amount to approx. ¥2.0tn
Measures amount to approx.¥2.3tn
Measures amount to
approx. ¥2.3tnenough to
overcome this adverse impact
(Note) Figures are under careful examination. 10
Presented by Minister of Economic and Fiscal Policy in the Council on Economic and Fiscal Policy (CEFP) on December 20, 2018
Public spending +¥811.0bn(National government spending +¥715.7bn*1)〔Major Policies〕 Public spending National government
Spending
○Free Early Childhood Education and Childcare ・Free use of kindergartens, nursery centers and certified daycare centers for all children at the age of 3‐5 and those at the age of 0‐2 raised by households being exempted from municipal inhabitant tax, starting from Oct. 2019
+¥388.2bn +¥388.2bn*2
○Improvement of working conditions for long‐term care workers・Raise average wages for certified care workers serving for more than 10 years to amount to ¥80,000 per month by amending calculating basis, starting from Oct. 2019
+¥42.1bn +¥21.3bn
○Elimination of childcare placement waiting list
・Expansion of the provision of childcareOffer 320,000 childcare places by the end of FY2020 by accelerating “the Plan for Raising Children with Peace of Mind” (increase of nursery operation expenses) * additional ¥100bn is funded by Entrepreneur‐Donated Subsidy
+¥33.0bn +¥16.3bn
・Improvement of working conditions for childcare workersRaise wages by 1% (amount to ¥3,000 per month), starting from Apr. 2019 +¥20.6bn +¥10.3bn
○Provision of benefits for supporting low‐income pensioners [base amount ¥60,000/year (¥5,000/month)] (startingfrom Oct.2019) ¥185.9bn ¥185.9bn
○Further burden reduction of long‐term care insurance contributions for the low‐income elderly(generally from Oct.2019) ¥65.4bn ¥32.7bn
○Expansion of the “fund for comprehensive securement of regional medical and (for medical care)long‐term care” for achievement of the “Community Healthcare Vision“ (for long‐term care)
¥10.0bn¥10.0bn
¥6.7bn¥6.7bn
○Establishment of the “Fund for promoting medical ICT”(assumed name) for building the efficient medical care provision system by standardization of electronic health record and introduction of online qualification check, etc. ¥30.0bn ¥30.0bn
○Promotion of social child‐rearing such as compacting, regional decentralization and sophistication of foster homes ¥5.8bn ¥2.9bn*1,2 These amounts include temporary grants for children and child-rearing (assumed name) amount to ¥234.9bn along with making the whole expenses for the first year of
free early childhood education and childcare to be national spending. The amount of increase in social security expenditure for enhancement of social security system excluding these grants is +¥480.8bn for public spending, +¥153.2bn for national government spending.
(Note) Besides above, regarding consumption tax hike, revising the special measure to reduce insurance premiums (per capita) under the medical insurance system for the elderly aged 75 or over and subsidizing local governments’ operational and system renovation costs for free early childhood education and childcare in FY2019. 11
Enhancement of Social Security System along with consumption tax hike ,etc.
《Temporal and Special Measures》(National government spending: ¥2,028.0bn)
* Beside above, following tax measures will be implemented: (1) Implementation of reduced tax rate (Revenue decrease: -¥1.1tn (Note: fiscal resources amount to approx. ¥0.6tn is secured by the revision of tobacco and income tax last year, etc.)), (2) Support for purchaser of durable consumer goods (car, housing) (Revenue decrease: approx. -¥0.3tn) (each amount is national and local government based) 12
Measures for the consumption tax hike
, etc.
Measures for Disaster Prevention, Disaster Mitigation and Building National Resilience (¥1,347.5bn*)Implementing measures on “Three‐year Emergency Response Plan for Disaster Prevention, Disaster Mitigation, and Building
National Resilience”, reflecting “Emergency Inspection of Critical Infrastructure”, intensively for 3 years from FY2018.* National Government Spending. The whole spending, including the Second Supplementary Budget for FY2018, amounts to¥2.4tn. By contrast, the size of the projects for 3 years until FY2020 amounts to approx. ¥7.0tn.
Budgetary Measures for Housing Purchasers, etc.
【Benefits for Housing Purchase “Sumai Kyu‐fu kin”】(¥78.5bn)Regarding “Sumai Kyu‐fu kin”, which targets the income group that housing loan tax deduction is less effective, expanding the
targeted income range and increasing the maximum amount of benefit from 300,000 to 500,000 yen after October 2019
【Promoting Innovative Housing】(¥130.0bn)Rewarding points for a limited period to constructing and restoring houses with a certificated performance of energy‐saving,
earthquake‐resistance, barrier‐free and easing burdens of housekeeping and nursing (Rewarding points worth 300,000 yenbasically for newly built houses)
Vouchers with premiums for the Low‐income and Child‐rearing Households (¥172.3bn)Issuing and selling vouchers with premiums valid for six months after October 2019 to low‐income people (excluding public
assistance recipients) and the households raising children at the age of 0‐2 (5,000 yen fiscal support per capita)
Point Reward to Consumers via Small and Medium‐sized Retail Businesses, etc. (¥279.8bn)For limited 9 months from October 2019 to June 2020 before the Tokyo 2020 Olympic and Paralympic Games, supporting by
rewarding 5% (or 2%) if consumers do cashless payment at small and medium‐sized retail businesses, etc.
Based on “Three-year Emergency Response Plan for Disaster Prevention, Disaster Mitigation, and BuildingNational Resilience” (Cabinet Decision in December 14, 2018), reflecting “Emergency Inspection of Critical Infrastructure”,implement 160 urgent measures intensively for 3 years until FY2020⇒Utilize the Second Supplementary Budget for FY2018 as well as FY2019/FY2020 Temporal and Special Measures (FY2019 “Temporal and
Special Measures” : ¥1,347.5bn*)* National Government Spending. The whole spending, including the Second Supplementary Budget for FY2018, amounts to ¥2.4tn.
By contrast, the size of the projects for 3 years until FY2020 amounts to approx. ¥7.0tn.
Disaster prevention/mitigation for reservoirs, ground‐reinforcementequipment, forests and fishery ports, etc. [D][L](¥120.7bn)[¥93.8bn]
Implement improvement/repair and integration/abolition of disasterprevention reservoirs, establishment of ground‐reinforcement equipment,forest thinning and shoring up facilities in fishery ports. In addition, createsimulation maps of flood areas with reservoirs collapsing
Disaster prevention/mitigation of infrastructure such as river anderosion‐control facilities and roads, etc. [D][L] (¥715.3bn)[¥618.3bn]
Implement tree removal, excavation and levee enhancement along riversas well as development of erosion‐control dam, slope protection in roadsand fill dirt construction for preventing landslide disasters. Beside, createhazard maps for flood and landslide disasters
Emergency measures for Electric infrastructures [L](¥32.9bn)[¥12.5bn]Support bases of regenerated energy suppliers and convenience stores
that will be places for supporting lives in case of disaster by introducingprivate power generator, storage batteries and power saving equipmentwhich will be active at the midst of it
Emergency measures for refineries/oil terminals [L](¥13.4bn)[¥8.4bn]Support development and enhancement of emergency equipment for
power generation. Improve earthquake‐resistance and resilience
Measures disaster base hospitals to be earthquake‐resistant [D](¥7.5bn)[¥4.3bn]
Support for improving earthquake‐resistance in disaster base hospitalswithout it and ones with especially low performance of it and theirextension of private power generator for emergency
Emergency infrastructure measures for disaster prevention/mitigation of school facilities and improvement of observationnetworks of earthquakes and tidal waves [D](¥151.8bn)[¥69.8bn]
Promote earthquake‐resistance of school facilities, which are places forchildren/students to learn. Improve observation networks of submarineearthquakes and tidal waves for quick evacuation from tidal waves
《Concrete Measures》
Measures for water supply facilities to be earthquake‐resistant[L](¥25.9bn)[¥6.6bn]
Support for making water supply facilities earthquake‐resistant that arein danger of water suspension or cutoff in earthquake hitting
Emergency measures for disaster‐related equipment for Self‐Defense Forces [D](¥50.8bn)[¥13.1bn]
Prepare disaster‐related equipment needed for disaster relief operation
*1 ( ) shows FY2019 budget, [ ] shows the 2nd supplementary budget for FY2018*2 [D] corresponds for “Maintenance of the Critical Infrastructures for Disaster
Prevention” and [L] corresponds for “Maintenance of the Critical Infrastructures for supporting Economy and the People’s lives” in “Emergency Response Plan”
Disaster prevention, disaster mitigation, building national resilience
Emergency measures to improve police facilities[D][L](¥12.4bn)[¥54.5bn]Implement spare‐buttery replacement of traffic signals for preventing
vanished light and reconstruction/earthquake‐resistance of police facilities
13
《Policy extension by ensuring permanent fiscal resources》
《Prioritization and streamlining through system revision, etc.》〔Streamlining and Optimization of improvement of defense capability〕○ Realize ¥415.9bn cost‐suppression effect by optimizing the overall procurement for defense equipment, such as long‐term contracts, utilizing consumer products and reviewing its face cost, etc.【MoD】
〔Individualization of fiscal support for public works in the field of disaster prevention and mitigation〕○ To promote prioritized projects for disaster prevention and mitigation, convert supporting method for local governmentsof subsidy distribution to the systematic and intensive support to each project (¥150.0bn)【MLIT】
〔Promotion of farmland consolidation〕○ Regarding the cooperation fund for farmland consolidation, prioritize the objective of supporting borrowers to improveproductivity over the one of gathering farmlands from lenders (¥16.8bn)【MAFF】
〔Revision of the teacher allocation system〕○ To realize higher‐quality English education, introduce the system allocating English‐dedicated teachers as reference tothe ratio of certain‐skilled English teachers to the new‐hired.【MEXT】
〔Extension of tourism policies for utilizing the revenues generated from the International Tourist Tax〕○ To achieve the target of 40 mil tourists from abroad to Japan in 2020, while utilizing the increased revenues generatedfrom the International Tourist Tax (+¥44.0bn), accelerate the sophistication of migration procedures adopting faceauthentication gate, the development of the system for international visitors such as free Wi‐Fi and multilingual guidanceand the enhancement of sightseeing attractions using cultural assets and national parks. (FY2019 : ¥50.0bn)【MLIT, etc.】
〔Reforms of Radio spectrum system utilizing fiscal resources from revision of its usage fees〕○ To address the increased needs for Society 5.0 on radio spectrum use, including realizing 5G in 2020, raise its usage fees(+¥13.0bn), develop the radio‐use infrastructure supporting sophisticated wireless system, investigate the use conditionand establish the technology of radio frequency sharing for its efficient utilization (FY2019 : ¥74.7bn)【MIC】
14
Prioritization and streamlining of policies in FY2019 budget
Overview of the second supplementary budget for FY2018
Expenditures Revenues
1.Disaster prevention, disaster mitigation andbuilding national resilience
2.Measures to strengthen agricultural, forestryand fishery industries to address with earlyenactment of TPP agreement, etc.
3 . Support for small and medium-sizedenterprises (SMEs)
4.Countermeasures for other urgent challenges(1) Ensuring security and safety in the people’s living(2) Recovery from disasters, etc.(3) Others
¥1,072.3bn
¥325.6bn
¥206.8bn
¥1,430.4bn751.2bn213.6bn465.6bn
1.Tax Revenue
2.Non-tax Revenue
3.Surplus from the previous fiscal year
4.Government Bond Issues(1) Increase in Construction Bonds(2) Decrease in Special Deficit-
Financing Bonds
¥849.0bn
¥139.3bn
¥713.1bn
¥1,008.2bn¥1,308 .2bn
-¥300.0bn
Sub-total ¥3,035.1bn
5.Transfer of funds to the special account for the Government Bonds Consolidation Fund
6.Local Allocation Tax Grants, etc.
7.Reduction in previously approved expenses(1) National Debt Service(2) Others
¥454.7bn
¥510.8bn
‐¥1,290.9bn‐¥1,015.4bn‐¥275.6bn
Total ¥2,709.7bn Total ¥2,709.7bn
15
Overview of Expenditure of the second supplementary budget for FY2018 (1/2)
1 Disaster prevention, disaster mitigation and building national resilience ¥1,072.3bn(Measures to take into action quickly in the “Three-year Emergency Response Plan”)
○ Emergency response plan for disaster prevention and mitigation of infrastructure such as river and erosion‐control facilities and roads, etc. 〔¥618.3bn〕
○ Promoting earthquake‐resistance of school facilities 〔¥61.1bn〕○ Improvement in police’s equipment and communication infrastructure at the time of disasters 〔¥54.5bn〕○ Improvement in fire authorities’ truck and equipment at the time of disasters 〔¥4.4bn〕○ Building resilience of refineries and oil terminals 〔¥8.4bn〕○ Earthquake‐resistance measures for the Self‐Defense Forces’ facilities, etc. 〔¥13.1bn〕○ Support for introduction of power‐regeneration and storage equipment to shelters, etc. 〔¥21.0bn〕, etc.
2 Measures to strengthen agricultural, forestry and fishery industries to address with early enactment of TPP agreement, etc. ¥325.6bn
○ Further enlargement of farmland blocks〔¥90.2bn〕○ Assistance for capital investment for improving productivity in agriculture 〔¥40.0bn〕○ Support for capital investment for strengthening profitability in livestock‐raising and dairy‐farming 〔¥56.0bn〕○ Enhancement of processing facilities for accelerating competitiveness in timbers〔¥39.2bn〕○ Support for introduction of fishing vessels valuable for productivity improvement of fishery industries 〔¥20.1bn〕, etc.
3 Support for small and medium-sized enterprises (SMEs) ¥206.8bn○ Subsidies for manufacturing, ICT introduction and sustainability support 〔¥110.0bn〕○ Support for business succession 〔¥5.0bn〕○ Support for introduction of cashiers applicable to reduced tax rate 〔¥56.1bn〕, etc.
16
Overview of Expenditure of the second supplementary budget for FY2018 (2/2)
4 Countermeasures for other urgent challenges ¥1,430.4bn
○ Ensuring operational condition and improving environment by enhancing barracks of Self‐Defense Forces 〔¥386.7bn〕○ Improvement of nursery centers, etc. 〔¥42.0bn〕○ Support for start‐up expenses for free early childhood education and childcare 〔¥31.6bn〕○ Establishment of strategic coast guard system 〔¥28.2bn〕○ Development of information‐gathering satellites 〔¥16.7bn〕, etc.
(1)Ensuring security and safety in the peopleʼs living ¥751.2bn
(2)Recovery from disasters, etc. ¥213.6bn○ Disaster recovery projects for public civil engineering facilities, etc. 〔¥137.4bn〕○ Reconstruction of agricultural Greenhouses, machines and facilities 〔¥21.6bn〕○ Disaster restoration of school facilities, etc.〔¥13.3bn〕○ Construction of disaster public housings〔¥4.1bn〕, etc.
(3)Others ¥465.6bn○ International financial contributions and donations 〔¥131.9bn〕○ Impulsing PAradigm Change through disruptive Technologies program (ImPACT) 〔¥100.0bn〕○ Establishment of bases for vitalizing local economies 〔¥60.0bn〕○ Research and Development of medicines, etc. 〔¥25.0bn〕○ Transition to the production phase toward post‐”K computer” 〔¥20.9bn〕, etc.
■ Additional Expenditure ¥3,035.1bn17
Accumulated Government Bonds Outstanding
(Note1) FY1975 - FY2017: Settled Figures; FY2018: Estimated Figures, FY2019: Based on Draft Budget(Note2) Special Deficit-Financing Bonds Outstanding includes refunding bonds for long-term debts transferred from JNR Settlement Corporation, the National Forest Service, etc., Ad-hoc Special Deficit-
Financing Bonds, Tax reduction-related Special Deficit-Financing Bonds and Pension-related Special Deficit-Financing Bonds.(Note3) Government Bonds Outstanding includes Reconstruction Bonds issued (FY2011: in General Account, after FY2012: in Special Account for Reconstruction from the Great East Japan Earthquake)
as a source of funds to implement the measures for the reconstruction from the Great East Japan Earthquake in FY2011- FY2019 (FY2011: 10.7 trillion yen, FY2012: 10.3 trillion yen, FY2013: 9.0trillion yen, FY2014: 8.3 trillion yen, FY2015: 5.9 trillion yen, FY2016: 6.7 trillion yen, FY2017: 5.5 trillion yen, FY2018: 6.0 trillion yen, FY2019: 5.4 trillion yen)
(Note4) The estimate of FY2019 excluding front-loading issuance of refunding bonds is approximately 844 trillion yen.
2 5 10 15 21 28 33 40 47 53 59 64 65 65 64 65 64 63 61 64 67
77 83
108
134
158 176
199
231
258
280 288 305
321
356
390 411
445
477
506
534
555
579
601 614
13 17 22 28 35
42 49
56 63
69 75
81 87 91 97 102 108 116 131
142 158
168 175
187
197
209
216
222
226
241
247 243 237 225
238
246
248
250
258
260
266
268
269
273 277
11
10
9
8
6
7
5
6 5
0 1 2 2 2 3 4 6 8 10 15 22 32
43 56
71 82
96 110
122 134
145 152 157 161 166 172 178 193
207 225
245 258
295
332
368
392
421
457
499
527 532 541 546
594
636
670
705
744
774
805
831 853
880 897
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950
65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
(trillion yen)
(FY)
Equivalent to 14 years of General Account Tax Revenue(Tax Revenue in FY2019 General Account Budget: ¥62 trillion)
FY2019 Government Bonds Outstanding¥897 trillion (projected)
↓¥7.13 million per person
¥28.52 million per family of 4
cf. Average disposable income ofa working family 1/
¥5.21 million
Reconstruction Bonds
ConstructionBonds
Special Deficit-Financing Bonds
1/ Disposable income is based on the "FY2017 Survey of HouseholdEconomy" by the Ministry of Internal Affairs and Communications.
18
Long-Term Debt Outstanding of Central and Local Governments
(Note1) GDP: FY1990 - FY2017: Actual Figures, FY2018 and FY2019: Based on the Government Economic Outlook.Central Government debt: FY1990 - FY2017: Actual Figures, FY2018: based on the Second Supplementary Budget, FY2019: draft budget.Local Government debt: FY1990 - FY2017: Actual Figures, FY2018 and FY2019: based on Local Government Debt Plan, etc.
(Note2) Government Bonds Outstanding includes Reconstruction Bonds as a source of funds to implement the measures for the reconstruction from the Great East Japan Earthquake in FY2011- FY2019 (FY2011: 10.7 trillion yen, FY2012: 10.3 trillion yen, FY2013: 9.0 trillion yen, FY2014: 8.3 trillion yen, FY2015: 5.9 trillion yen, FY2016: 6.7 trillion yen, FY2017: 5.5 trillion yen, FY2018: 6.0 trillion yen, FY2019: 5.4 trillion yen) and Pension-related Special Deficit-Financing Bonds as a source of funds to achieve the targeted national contribution to one-half basic pension (FY2012: 2.6 trillion yen, FY2013: 5.2 trillion yen, FY2014: 4.9 trillion yen, FY2015: 4.6 trillion yen, FY2016: 4.4 trillion yen, FY2017: 4.1 trillion yen, FY2018: 3.9 trillion yen, FY2019: 3.6 trillion yen).
(Note3) Figures in parentheses (to FY2017) do not include front-loading issuance for refunding. Figures in parentheses (from FY2018) do not include front-loading limit of issuance for refunding.(Note4) The borrowings in the Special Account for Local Allocation and Local Transfer Tax are shared by the central government and local governments in accordance with their shares of redemption. The
amount of the borrowings outstanding incurred by the central government was transferred to the General Account at the beginning of FY2007, so that the borrowings outstanding in the Special Account since the end of FY2007 are the debt of the local governments (approx. 31 trillion yen in FY2019).
(Note5) Government Bonds Outstanding in the Special Account for Fiscal Investment and Loan Program are at approximately 92 trillion yen as of end-FY2019.
(Unit: trillion yen)
FY1998 FY2003 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019<Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Actual> <Estimated> <Draft Budget>
390 493 621 662 694 731 770 800 834 859 881 909 928
( 387 ) ( 484 ) ( 613 ) ( 645 ) ( 685 ) ( 720 ) ( 747 ) ( 772 ) ( 792 ) ( 815 ) ( 832 ) ( 854 ) ( 875 )
295 457 594 636 670 705 744 774 805 831 853 880 897
( 293 ) ( 448 ) ( 586 ) ( 619 ) ( 660 ) ( 694 ) ( 721 ) ( 746 ) ( 764 ) ( 786 ) ( 805 ) ( 825 ) ( 844 )
56% 88% 121% 127% 136% 143% 147% 149% 151% 155% 156% 159% 158%
( 56% ) ( 87% ) ( 119% ) ( 124% ) ( 134% ) ( 140% ) ( 142% ) ( 144% ) ( 143% ) ( 147% ) ( 147% ) ( 149% ) ( 149% )
163 198 199 200 200 201 201 201 199 197 196 196 194Percentage
of GDP 31% 38% 40% 40% 41% 41% 40% 39% 37% 37% 36% 35% 34%
553 692 820 862 895 932 972 1001 1,033 1,056 1,077 1,105 1,122
( 550 ) ( 683 ) ( 812 ) ( 845 ) ( 885 ) ( 921 ) ( 949 ) ( 972 ) ( 991 ) ( 1012 ) ( 1028 ) ( 1050 ) ( 1069 )
105% 134% 167% 173% 181% 189% 192% 193% 194% 197% 197% 200% 198%
( 105% ) ( 132% ) ( 165% ) ( 169% ) ( 179% ) ( 186% ) ( 187% ) ( 188% ) ( 186% ) ( 189% ) ( 188% ) ( 190% ) ( 189% )
Percentageof GDP
CentralGovernment
LocalGovernments
Total
GeneralBonds
Percentageof GDP
19
Trends in Interest Payments and Interest Rate
15 22
32 43 56
71 82 96
110 122
134 145 152 157 161 166 172 178 193
207 225
245 258
295
332
368 392
421
457
499 527 532 541 546
594
636
670
705
744
774
805 831
853 880
897
0.8 1.3
1.9 2.6
3.3
4.4
5.6
6.6
7.7
8.7
9.7 10.2
10.4
10.5
10.6
10.8
11.0
10.8
10.6
10.7
10.7 10.7
10.6 10.8 10.5
10.0
9.4
8.6
7.8 7.3
7.0 7.0 7.4 7.6 7.7 7.9 8.1 8.0 8.1 8.3 8.3 8.2
7.9 8.0
8.8
7.47.6
7.4
7.1 7.27.4 7.5 7.6 7.5 7.4
7.2
6.8
6.56.3
6.2 6.1 6.15.8
5.45.1
4.6
4.3
4.0 3.5
3.1 2.7
2.3
2.01.7
1.5 1.4 1.4 1.4 1.4 1.4 1.3 1.2 1.2 1.2 1.1 1.1 1.0 1.0
0
100
200
300
400
500
600
700
800
900
1000
75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
(trillion yen)(trillion yen)
(FY)
10% 25
8% 20
6% 15
4% 10
2% 5
0% 0
Interest Rate (LHS, %)
Interest Payments (LHS, trillion yen)
Government Bonds Outstanding (RHS)
(Note1) Interest Payments for FY1975 - FY2017: Settled Figures; FY2018: Based on the Second Supplementary Budget; FY2019: Based on Draft Budget.(Note2) Government Bonds Outstanding for FY1975 - FY2017: Settled Figures, FY2018: Estimated Figures, FY2019: Based on Draft Budget.
Government Bonds Outstanding includes Reconstruction Bonds as a source of funds to implement the measures for the reconstruction from the Great East Japan Earthquake in FY2011 - FY2019 (FY2011: 10.7 trillion yen, FY2012: 10.3 trillion yen, FY2013: 9.0 trillion yen, FY2014: 8.3 trillion yen, FY2015: 5.9 trillion yen, FY2016: 6.7 trillion yen, FY2017: 5.5 trillion yen, FY2018: 6.0 trillion yen, FY2019: 5.4 trillion yen), and Pension-related Special Deficit-Financing Bonds as a source of funds to achieve the targeted national contribution to one-half basic pension (FY2012: 2.6 trillion yen, FY2013: 5.2 trillion yen, FY2014: 4.9 trillion yen, FY2015: 4.6 trillion yen, FY2016: 4.4 trillion yen, FY2017: 4.1 trillion yen, FY2018: 3.9 trillion yen, FY2019: 3.6 trillion yen). 20
International Comparison of General Government Gross Debt
(%)
CY 2004 2005 2006 2007 2008 2009 2010 2011
Japan 171.7 176.8 176.4 175.4 183.4 201.0 207.9 222.1
U.S. 66.2 65.6 64.3 64.8 73.8 86.9 95.5 99.9
U.K. 38.6 39.8 40.7 41.7 49.7 63.7 75.2 80.8
Germany 64.8 67.0 66.5 63.7 65.2 72.6 80.9 78.6
France 65.9 67.4 64.6 64.5 68.8 83.0 85.3 87.8
Italy 100.1 101.9 102.6 99.8 102.4 112.5 115.4 116.5
Canada 72.1 70.9 70.1 66.8 67.8 79.3 81.1 81.5
CY 2012 2013 2014 2015 2016 2017 2018 2019Japan 229.0 232.5 236.1 231.3 235.6 237.6 238.2 236.6
U.S. 103.3 104.9 104.6 104.8 106.8 105.2 106.1 107.8
U.K. 84.1 85.2 87.0 87.9 87.9 87.5 87.4 87.2
Germany 79.8 77.5 74.6 70.9 67.9 63.9 59.8 56.0
France 90.6 93.4 94.9 95.6 96.6 96.8 96.7 96.5
Italy 123.4 129.0 131.8 131.5 132.0 131.8 130.3 128.7
Canada 84.8 85.8 85.0 90.5 91.1 89.7 87.3 84.7
(Source) IMF "World Economic Outlook Database" (October 2018).(Note1) Figures represent the general government-based data.(Note2) FY2019 draft budget data is not reflected.(Note3) Figures for Japan: FY2004-2016 are Settled Figures; and FY2017-2019 are Estimated
Figures. Figures for other countries: FY2004-2017 are Settled Figures; and FY2018-2019 are Estimated Figures.
(CY)
0
30
60
90
120
150
180
210
240
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
(%)
Japan
Italy
U.S.
FranceU.K.Canada
Germany
21
(CY)
0
20
40
60
80
100
120
140
160
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
(%)
International Comparison of General Government Net Debt
(%)
CY 2004 2005 2006 2007 2008 2009 2010 2011
Japan 95.2 96.4 95.4 97.6 108.5 122.7 131.1 142.4
U.S. 47.8 46.5 45.0 44.9 51.7 62.7 70.0 76.5
U.K. 34.7 35.8 36.3 36.6 43.9 57.0 68.1 72.5
Germany 54.5 56.9 55.8 52.9 52.6 59.4 60.9 59.2
France 56.8 59.0 58.1 58.1 59.8 69.7 73.6 76.4
Italy 92.6 93.4 94.2 92.1 94.1 102.8 104.7 106.8
Canada 32.4 28.4 25.5 22.1 18.4 24.4 26.8 27.1
CY 2012 2013 2014 2015 2016 2017 2018 2019Japan 146.7 146.4 148.5 147.6 152.8 154.9 155.7 154.8
U.S. 80.3 80.8 80.4 80.1 81.2 78.8 77.7 77.9
U.K. 75.5 76.8 78.8 79.3 78.8 77.9 78.0 77.6
Germany 58.4 57.6 54.1 51.1 48.2 44.9 41.5 38.3
France 80.0 83.0 85.5 86.4 87.5 87.5 87.4 87.2
Italy 111.6 116.7 118.9 119.5 119.5 119.5 118.3 117.0
Canada 28.3 29.3 28.0 27.7 28.5 27.7 27.7 27.2
(Source) IMF "World Economic Outlook Database" (October 2018).(Note1) Figures represent the general government-based data.(Note2) FY2019 draft budget data is not reflected.(Note3) Figures for Japan: FY2004-2016 are Settled Figures; and FY2017-2019 are Estimated
Figures. Figures for other countries: FY2004-2017 are Settled Figures; and FY2018-2019 are Estimated Figures.
Japan
Italy
U.S.
France
U.K.
Canada
Germany
22