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International Monetary Fund. Western Hemisphere Dept.

depreciation. Nonetheless, credit growth has moderated for all types of credit, except for mortgage credit, which remains brisk. The 2013 structural deficit was 0.8 percent of GDP (staff estimate). The fall in copper revenue shifted the headline balance to a deficit of 0.6 percent of GDP from a surplus of equal size in 2012. However, central government net assets remained at 6.7 percent of GDP. Growth is expected to bottom out in 2014 and gradually return to trend. Growth will reach 3.2 percent in 2014 and recover to its potential level by 2016, supported by monetary

International Monetary Fund. Fiscal Affairs Dept.

fiscal outturns, and partly due to definitional differences. The basis for the projections in the World Economic Outlook and Fiscal Monitor is the IMF-defined fiscal balance, which excludes some revenue and expenditure items included in the authorities’ headline balance. United States : Cyclically adjusted balances exclude financial sector support estimated at 0.2 percent of potential GDP for 2011, 0.1 percent of potential GDP for 2012, and 0.0 percent of potential GDP for 2013. For cross-country comparability, expenditure and fiscal balances of the United States