on the 2022 National Reform Programme and delivering a Council opinion on the 2022 Stability/Convergence Programme of Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden

These Fiscal Statistical Tables provide background data relevant for the assessment of the Member States’ 2022 Stability and Convergence Programmes. For each Member State, the following tables are provided:

Table 1 (Macroeconomic developments and forecasts) shows the main macroeconomic data – real GDP growth and main expenditure components, output gap, employment, unemployment, labour productivity, inflation, GDP deflator, compensation of employees, and the net borrowing/lending vis-à-vis the rest of the world.

The figures from the Stability or Convergence Programme are shown side-by side with those of the Commission 2022 spring forecast (for which the cut-off date was 29 April 2022).

Table 2 (Main indicators for fiscal surveillance) includes the relevant indicators that are used for fiscal surveillance at this stage. It also shows the standard Stability and Growth Pact indicators.

Table 3 (General government budgetary position) shows data on the main revenue and expenditure variables and the deficit/surplus in the Stability or Convergence Programme, in comparison with the Commission forecast. The table also includes a number of additional indicators used for the assessment of the budgetary projections in the Programme ().

Table 4 (General government debt developments) shows year-on-year developments in general government debt and provides a breakdown of the change in the debt ratio as per the primary balance, the snowball effect (reflecting the relationship between GDP growth and interest expenditure) and the stock-flow adjustment (i.e. other elements that have an impact on the debt, such as differences between cash and accrual recording or the net accumulation of financial assets).

Table 5 (Debt sustainability analysis and sustainability indicators) contains information on debt sustainability indicators over the short, medium and long terms (the so-called S0, S1 and S2 indicators). The figures reported in the table are based on the Commission 2022 spring forecast; they update the indicators recently published in the Fiscal Sustainability Report 2021 ().

Table 6 (RRF – Grants) presents data on grants from the Recovery and Resilience Facility included in the Programme’s revenue projections, their cash disbursements, and the expenditure categories (or other costs) financed by those grants.

Table 7 (RRF – Loans) presents data on cash disbursements and repayments of loans from/to the Recovery and Resilience Facility included in the Programme’s projections, and the expenditure categories (or other costs) financed by those loans.

Table 8 (Guarantees adopted/announced according to the Programme) presents the main guarantee schemes in place, in particular those adopted/announced since spring 2020 in response to the COVID‑19 outbreak and related economic recession, as reported by the Member State. The table also provides the take-up of those guarantee schemes, if the information is available.

The differences between the projections in the 2022 Programmes and the Commission 2022 spring forecast may result from different assumptions for the macroeconomic outlook and on the implementation of the Member State’s Recovery and Resilience Plans (RRP).









Box 1: Indicators used in the assessment of the Stability and Convergence Programmes Traditionally, the fiscal stance is defined as a measure of the year-on-year change in the general government’s budgetary position. It may serve to measure the impact of fiscal policy on aggregate demand in an economy, as well as the speed at which the underlying budgetary situation converges towards medium-term fiscal targets. Using the same indicator to gauge two different concepts was appropriate under the assumption that government expenditure was funded entirely by national revenue sources and debt financing, without large external transfers. However, in the presence of sizeable transfers from the EU budget (such as those from the Recovery and Resilience Facility or other EU grants), conventional indicators do not capture the additional fiscal impulse provided by the EU budget as the related national expenditure is offset by corresponding revenue from the EU. The fiscal stance reported in Table 2 aims to assess the economic impulse stemming from fiscal policies, both those that are nationally financed and those that are financed by the EU budget. It measures the change in primary expenditure (net of discretionary revenue measures, including changes in expenditure financed by the RRF and other EU grants). Taking into account the exceptional circumstances created by the impact of the COVID-19 pandemic, it excludes crisis-related temporary emergency measures, relative to the 10-year average potential growth rate. () () Where . The expenditure aggregate comprises primary expenditure (total expenditure G minus interest expenditure I), net of cyclical unemployment benefits U and one-off expenditure. ∆RM stands for the incremental budgetary impact of revenue measures (other than one-offs) excluding crisis-related temporary emergency measures. Table 2 also presents a fiscal stance as computed in normal times, that is without excluding crisis-related temporary emergency measures. Table 3 also monitors the growth rate of nationally financed net (primary) expenditure. In general, the net expenditure aggregate is calculated as: The aggregate is very similar to the one used for the fiscal stance, but excludes expenditure financed by the EU budget. Table 3 presents an aggregate where G is calculated as general government expenditure excluding/including changes in crisis-related temporary emergency measures, and ∆RM representing the incremental budgetary impact of discretionary revenue measures excluding/including crisis-related temporary emergency measures.

1.Belgium

2. Bulgaria

3.Czechia

4.Denmark

5.Germany

6.Estonia