Budget deficit is most commonly used indicator to assess main directions of fiscal arrangements carried out by the government and its influence on economic environment. Therefore, assessment of budget deficit on the basis of existing statistics of state finances has a crucial meaning.
Governmental Financial Statistics (GFS) system issued by International Monetary Fund is quantitative instrument that is used to classify government financial operations in many countries. Under the GFS framework outcome of the government fiscal policy can be identified, measured and monitored and on the basis of these results fiscal sustainability can be assessed. At this stage GFS 1986 and GFS 2001 manuals are available, but pre-publication draft of GFSM 2014 is also public. The aim of GFSM 2014 is to improve recording and methodological treatment of economic events and to revise the guidelines that will be more harmonized with national statistical system. Accordingly, measuring budget deficit is also adjusted in GFSM 2014. (Read complete document in Georgian)