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Federal Deficit (% of GDP)

The annual federal shortfall (below zero) or surplus, against the size of the economy.

-5.8%
Percent of GDP · latest, Jan 2025
vs prior month ▲ 0.4 pp
vs year ago ▲ 0.4 pp
1948-49 Recession · Nov 1948 – Oct 19491953-54 Recession · Jul 1953 – May 19541957-58 Recession · Aug 1957 – Apr 19581960-61 Recession · Apr 1960 – Feb 19611969-70 Recession · Dec 1969 – Nov 19701973-75 Recession · Nov 1973 – Mar 19751980 Recession · Jan 1980 – Jul 19801981-82 Recession · Jul 1981 – Nov 19821990-91 Recession · Jul 1990 – Mar 19912001 Recession · Mar 2001 – Nov 2001Global Financial Crisis · Dec 2007 – Jun 2009COVID-19 Recession · Feb 2020 – Apr 2020-25%-20%-15%-10%-5%0%19401960198020002020-5.8%

Hover the line to read any month. Drag across the chart to zoom; double-click to reset.

Source: FRED · FYFSGDA188S · series · Jan 1929 to Jan 2025 · latest-revised

Reading it. A negative value is a deficit (the government spent more than it collected that fiscal year); positive is a surplus. Scaled by GDP.

About the bands. Shaded spans are NBER-dated US recessions, drawn as factual overlays. They mark when the economy contracted, not why. Lining an event or policy up with a move on this chart is not evidence that it caused the move.

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