Figure D
Federal budget balance as share of GDP, and 10-year real interest rate, 2003–2011
| Year | 10-year real interest rate | Federal budget as share of GDP |
|---|---|---|
| 2003Q2 | 1.72 | -0.034054997 |
| 2003Q3 | 2.206666667 | -0.040106263 |
| 2003Q4 | 2.006666667 | -0.033158706 |
| 2004Q1 | 1.706666667 | -0.035315231 |
| 2004Q2 | 2.046666667 | -0.032679016 |
| 2004Q3 | 1.893333333 | -0.030294145 |
| 2004Q4 | 1.693333333 | -0.02989962 |
| 2005Q1 | 1.713333333 | -0.023370383 |
| 2005Q2 | 1.676666667 | -0.023048 |
| 2005Q3 | 1.823333333 | -0.022579074 |
| 2005Q4 | 2.04 | -0.020749686 |
| 2006Q1 | 2.086666667 | -0.015750604 |
| 2006Q2 | 2.463333333 | -0.017208786 |
| 2006Q3 | 2.373333333 | -0.016042821 |
| 2006Q4 | 2.316666667 | -0.011999234 |
| 2007Q1 | 2.326666667 | -0.01465276 |
| 2007Q2 | 2.44 | -0.01698529 |
| 2007Q3 | 2.446666667 | -0.018773626 |
| 2007Q4 | 1.92 | -0.019413184 |
| 2008Q1 | 1.323333333 | -0.027238526 |
| 2008Q2 | 1.483333333 | -0.053026256 |
| 2008Q3 | 1.7 | -0.044397052 |
| 2008Q4 | 2.603333333 | -0.046990065 |
| 2009Q1 | 1.79 | -0.07153602 |
| 2009Q2 | 1.716666667 | -0.09405158 |
| 2009Q3 | 1.743333333 | -0.093775367 |
| 2009Q4 | 1.373333333 | -0.090108892 |
| 2010Q1 | 1.433333333 | -0.089074724 |
| 2010Q2 | 1.356666667 | -0.088334094 |
| 2010Q3 | 1.056666667 | -0.086111396 |
| 2010Q4 | 0.746666667 | -0.087245002 |
| 2011Q1 | 1.086666667 | -0.080785321 |
| 2011Q2 | 0.8 | -0.084268091 |
| 2011Q3 | 0.28 | -0.084268091 |
Source: Author's analysis of Bureau of Economic Analysis National Income and Product Accounts Tables (1.1.6 and 3.1) and Federal Reserve Economic Database public data series
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