2026_03

Version 2026_03

Overview

This release adds eleven new data sources, introduces two new variables, improves the methodology for splicing government finance ratios, harmonizes all ratio variables, and updates the Python and R packages to full feature parity with the Stata package.

New Sources

We added eleven new sources to the database:

• COMECON: The wiiw COMECON Dataset, covering economic time series for the command economies of Eastern Europe (1944–1994), including GDP, consumption, trade, government finance, monetary, and price data for nine countries.
• CogneauDupraz: Colonial fiscal, GDP, trade, and population data for French colonies (1833–1962), covering Algeria, Tunisia, Morocco, Madagascar, Cameroon, and Togo.
• MAFHOLA: The Monetary and Fiscal History of Latin America project, covering GDP, inflation, fiscal balances, government debt, exchange rates, and monetary base for eleven Latin American countries (1960–2017).
• Andersson: Central government revenue data from Per F. Andersson, covering revenue and GDP for multiple countries from the 1800s onwards.
• CS1_BOL: Historical real GDP for Bolivia from Herranz-Loncan & Peres-Cajias (2016), extending coverage back to the mid-nineteenth century (1846, 1890–2010).
• CS2_BOL: Bolivian public finance data from Peres-Cajias (2014), covering central and general government revenue, expenditure, and tax ratios (1882–2010).
• CS1_PER: Historical macroeconomic data from the Banco Central de Reserva del Peru, covering national accounts, prices, trade, monetary aggregates, and fiscal data for Peru (1922–2021).
• CS1_COL: Historical series from Colombia's central bank, covering government finances, trade, current account, and monetary aggregates.
• CS1_HKG: Historical data for Hong Kong including monetary aggregates, government finance, trade, GDP, exchange rates, and prices (1843–2002).
• CS2_AUT: Long-run Austrian CPI series from Hubmann, Jobst & Maier (2020), covering 1800–2018.
• CS2_GBR: UK historical public finances from HM Treasury, covering government revenue and expenditure.

New Variables

We introduced two new consumption variables: household consumption (hcons) and government consumption (gcons). These complement the existing total consumption (cons) variable and provide a finer decomposition of the expenditure side of GDP.

Improved Government Finance Ratio Splicing

We introduced a new methodology for combining government finance ratios (revenue, expenditure, tax, debt, and deficit as % of GDP). Previously, we spliced the underlying level series and then derived the ratios. We now splice the ratios directly, which avoids compounding errors that arise when the numerator and denominator are spliced separately with different chainlinking adjustments.

Ratio Harmonization

All ratio variables (e.g., govdebt_GDP, exports_GDP, CA_GDP) are now consistently expressed in percent, so that a value of 50 means 50% of GDP.

Package Updates

The Python and R packages have been updated to match the full functionality of the Stata package, including access to underlying source data and documentation features.

Data Quality

We incorporated feedback from GMD users and improved data quality across multiple variables and sources.

2026_01

Version 2026_01 - current

Overview

This release introduces significant enhancements to data accuracy and infrastructure. Key updates include a comprehensive revision of the real GDP series and the deployment of a fully automated, cloud-based data processing pipeline to ensure timely future updates.

Real GDP Improvement

We have conducted a major review of the real GDP series. The data has been rigorously corrected and is now consistently rebased to the year 2015, ensuring greater comparability and accuracy across the dataset.

Automated Pipeline

We have implemented a new automated pipeline. This system autonomously handles downloading, processing, and merging data from all sources in the cloud, ensuring the maintenance process and allowing for more frequent and reliable database updates.

Stata Package & Documentation

We have launched a dedicated repository for the official Stata package, now available at Global-Macro-Database-Stata.

Additional improvements

Additionally, we have released a comprehensive companion paper, Global_Macro_Database_Stata.pdf, which serves as a detailed guide to using the package effectively.

2025_12

Version 2025_12 – current

Overview

The 2025_12 version includes updated data as of December 2025 and introduces various important patches and improvements. We also rewrote the Stata package from scratch: get the new version by typing ssc install gmd. Lehbib and Müller (2025) provides more details.

Improved Government Finance Statistics

We further improved the construction of combined government finance statistics. Relative to before, the combined time series are now mostly based on chain-linking ratios, with some exceptions, and we more commonly use a country-specific priority ordering of sources.

Extended Technical Appendix

We considerably improved the technical appendix to enhance clarity and readability. Going forward, we will provide a dedicated technical appendix with each release.

Major Update to Stata Package

We rewrote the Stata package from scratch to make it faster and added various new functionalities, including the ability to easily access all the (cleaned) data underlying the GMD. A new companion paper (Lehbib and Müller, 2025) now describes the package in detail.

Bug Fixes

Thanks to the support of many GMD users, we were able to identify and fix many bugs. Noteworthy examples include real GDP per capita for Venezuela and the inflation rates of a few countries.

New Variable

The GMD now includes the World Bank's income classification.