Period of recovery and expansion | Average fiscal stance | Cyclically adjusted primary balance | Total government debt | Primary balance | Real GDP growth | Output gap | ||
Beginning | End | Beginning | End | |||||
% of GDP | Average (%) | |||||||
2011Q2-2013Q3 | 0.9 | −0.6 | 0.6 | 29.4 | 37.5 | −0.2 | 1.3 | 0.60 |
2014Q4-2016Q1 | 2.5 | 0.12 | −10.7 | 37.4 | 43.3 | 0.3 | 0.9 | 0.7 |