Fiscal year 2018 (FY 2018) ran from October 1, 2017 through September 30, 2018. It was the first fiscal year budgeted by President Trump. The Treasury department reported on October 15, 2018 that the budget deficit rose from $666 billion in FY2017 to $779 billion in FY2018, an increase of $113 billion or 17.0%. In dollar terms, tax receipts increased 0.4%, while outlays increased 3.2%. Revenue fell from 17.2% GDP in 2017 to 16.4% GDP in 2018, below the 50-year average of 17.4%. Outlays fell from 20.7% GDP in 2017 to 20.3% GDP in 2018, equal to the 50-year average. The 2018 deficit was an estimated 3.9% of GDP, up from 3.5% GDP in 2017.