SOVEREIGN
Primary Balance
Shows the fiscal balance before debt-service costs.
Formula
Primary balance = Revenue - Non-interest expenditure
Variables: Government revenue; spending excluding interest
What it means
Shows the fiscal balance before debt-service costs.
Example
Revenue 500 and non-interest spending 480 imply a primary surplus of 20.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Formulas
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.