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COM (84) 365 
 
 
Vol. 1984/0 160 
  
 
Disclaimer  
Conformém ent au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983 
concernant l'ouverture au public des archives historiques de la Communauté économique 
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983, 
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003 
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents 
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit 
règlem ent. 
In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 
concerning the openin g to the public of the historical archives of the European Econom ic 
Communit y and the European Atom ic Energy Communit y (OJ L 43, 15.2.1983, p. 1), as 
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243, 
27.9.2003, p. 1), this fi le is open to the public. Where necessary, classified documents in this 
file have been declassified in conformity with Article 5 of the aforementioned regulation.  
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom  1. 
Februar 1983  über die Freigabe der historischen Archive der Europäischen  
Wirtschaftsgemeinschaft und der Europäischen Atomgem einschaft (ABI. L 43 vom  15.2.1983,  
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. Septem ber 2003  
(ABI. L 243 vom 27. 9.2003, S. 1), ist diese Datei der Öffentlichkeit zugänglich. Soweit  
erforderlich, wurden die Verschlusssachen in dieser Datei in Übereinstimmung mit Artikel 5  
der genannten Verordnung freigegeben.  
COMMISSION O F THE EUROPEAN COMMUNITIES
COM(84) 365 final 
Brussels, 28 june 1984
MEMBER STATES' BUDGETARY POLICIES IN 1985
Communication from the Commission to the Council
COM(84) 365 final

Foreword
This communication relates to the examination of the economic situa­
tion in the Commmunity which the Council is t-c undertake in accordance with  
Article 3 of the 'convergence' decision 1 ). At this time, on the basis of  
a proposal from the Commission, the Council sets quantitative guidelines  
for the public budgets for next year.
It begins by describing the main features of the economic outlook  
for the second half of 1984 and for 1985 and the economic problems which it  
raises. The second pare proposes common budgetary policy guidelines for  
the Member States.
(1) Council Decision (74/120/EEC) on the attainment of a high degree of  
convergence of the economic policies of the Member States·

-  2 -
I.  Economic situation in the Community and outlook for 1985  
1. Improved situation in 1984
According to the Commission's most recent estimates (see attached  
tables), the economic situation in the Community presents a more favourable  
picture on the whole than in 1983. The growth of GDP is expected to be  
between 2 % and 2.5 % in real terms, compared with less than 1  % last  
year. Furthermore, no member country should see a weakening of activity in  
1984; in three member countries, growth is expected to amount to nearly  
3%and the spread between growth rates should narrow.
Inflation has eased further; it is slowing down markedly in the  
member countries in which it has been highest and is tending to stabilise  
at low levels, or to fall, in the others.
At the same time, external constraints, which were still severe in  
some countries in 1983, are continuing to ease.
However, unemployment remains a very worrying problem. The rise in  
unemployment did slow down in 1983 in the Community as a whole and there  
was even a drop in the numbers out of work in the second half of the year  
in Germany and the United Kingdom. But more recent trends show the figures  
edging up again in these two countries and rising rapidly in France and  
Italy; thus in the six months to May 1984, the seasonally-adjusted number  
of unemployed increased by 0.4 % in Germany, by 3.1 % in the United
Kingdom, by 6.3 % in Italy and by 8.5 % in France.
The acceleration of growth in the Community is partly due to the  
recovery in world trade (forecast to increase by nearly 7%in volume terms  
in 1984 as against only 2 % in 1983), which in turn is attributable to the  
strength of activity in North America and the stabilizing of the developing  
countries' imports, which had fallen particularly sharply in 1982 and the  
first half of 1983. Although private consumption has only been growing  
slowly, there has been a sharp recovery in business investment due to the  
revival in sales prospects, the improvement in profit margins and the  
moderate trend of unit wage costs, while the higher level of financing  
costs has exerted only a limited damping effect.

- 3 -
2. prospect of a probable continuation of growth in 1985
If economic developments in the Community are not affected by any  
serious disturbances caused by external factors, the spontaneous 
development of the present cycle should allow growth to continue, in real  
terms, at a rate close to that reached in 1984 (2 % to 2.5 %) .  At the same  
time. Member States' growth rates are expected to come further into line  
with one another.
Subject to the uncertainties which will be discussed below, world  
trade is likely to grow at a still appreciable rate (4 % in volume terms in  
1985), with Community exports remaining on a favourable trend, though a  
little less buoyant than in 1984.
Conditions seem right for 1985 to be a year of recovery for business  
investment. By contrast, given the decline in the saving ratio in recent  
years and the employment situation, private consumption is unlikely to  
provide any stronger stimulus to the economy than in 1984.
The outlook on prices and balances of payments remains good.  
Because of the moderation in unit costs, the rate of increase in consumer  
prices is expected to fall further in almost all the member countries, and,  
helped by better terms of trade, external balances should gradually show an  
improvement·
·/·

- 4 -
The outlook for employment remains very unsatisfactory. Though the  
level of employment is expected to stop falling, unemployment will continue  
to rise because of the natural growth of the labour force and a greater  
propensity to enter the labour market, encouraged by the improvement in the  
economic situation.
3. The risks surrounding the economic outlook for 1985 1)
The outlook described above implicitly assumes that there will be a  
slowdown in the rate of economic activity in the United States during 1985,  
but that the slowdown will not develop into a recession. This assumption  
excludes the possibility that the combination of a large public deficit (in  
the American context) and a tightening of monetary policy might bring about  
^ tise in interest rates that could choke off the strength in investment  
and in economic activity as a whole.
The sharp rise in interest rates so far in 1984 is worrying in this  
respect. Even if the effects are tempered in the United States, because of  
tax arrangements and in a context favourable to increased profits, the rise  
is placing a considerably heavier interest burden on the developing  
countries, most of whose liabilities are contracted in dollars at variable  
interest rates. The rescheduling of debts in 1982 did prevent any defaults  
on payments but it did not solve the problem of the continuing burden of  
repayments due during the years ahead.
1) These risks are described in greater detail in the Commission'  
communication to the European Council of 25 and 26 June 1984.

- 5 -
The economic forecasts have been drawn up on the assumption that oil  
prices in dollars will remain fairly stable until 1985. Because of the  
gradual reduction achieved in the consumption of pretroleum products and  
the measures taken by various producer countries regarding stocks and  
transport, the crude oil market will probably escape major disturbances,  
but the market situation will have to be followed carefully.
Lastly, within the Community itself, there are a number of risks of  
a deterioration in the situation. The industrial disputes taking place in  
Germany and the United Kingdom have nor so far seriously affected growth,  
but were they to continue for a long time or raise production costs, they  
would, in due course, have an impact on the Cornnunity's economic  
situation. The return to a higher level of activity and to better internal  
and external equilibrium will also depend in several member countries  
(Belgium, France, Italy and Ireland) on the successful implementation of  
the stabilization policies being pursued and on consensus between the two  
sides of industry.
4. Main economic policy problems 1)
Given this outlook, unemployment is undoubtedly the most worrying  
problem, and reducing it must be the priority objective.
Policies will have to be pursued which, without creating any new  
inflationary pressures or external disequilibria, will make it possible to  
raise the growth rate of the economy and increase the employment content of  
each additional percentage point of growth.
The Commission considers that these objectives could be achieved, by  
the combined means of :
1) See also the Commission's communication to the European Council of 25  
and 26 June.

-  6 -
- greater labour market flexibility;
- growth of wage costs less rapid than that of productivity;
- a policy aimed at an accelerated expansion of capacity—increasing  
investment giving the greatest possible employment creation.
In addition, the Community should take precautions against the  
effects of possible external shocks. One of the obvious means of doing so  
is to make further progress, notably in those countries where adjustment  
has been somewhat slower, so that the convergence in economic performances  
achieved in 1983 and 1984 can continue in 1985.
II·  The general guidelines for budgetary policy
Given these problems, the general strategy of Member States'  
budgetary policies must meet three essential requirements :
- it must provide for a sufficient degree of flexibility to meet any  
external shocks;
- it must improve convergence within the Community, notably through  
continued efforts to redress the budgetary situation in a number of  
countries;
- it must help to achieve a solution to the problem of employment·

- 7 -
1. The policies pursued in 1983 and 1984
In July of last year it was recommended in particular that  
budgetary policies should continue to aim for a sounder situation in the  
medium term, but with the action of the built-in stabilizers not being  
impeded should economic activity slacken, except in those countries where  
the expansion of the public debt had become particularly disquieting (1 ).
Attention was drawn, in particular, to the constraints imposed in a  
number of member countries, given the need to redress the situation  
overall, by the growth of public debt interest charges. Tighter control of  
expenditure was also emphasized, as the favoured means of bringing budgets  
back into balance.
For 1984, the most recent estimates show :
- a fall in general government net borrowing requirement as a percentage of  
GDP, except in France where it remains stable and in Italy where it is  
increasing;
- a marked fall in public expenditure expressed as a percentage of GDP in  
half of the Member States (Denmark, Germany, Luxembourg, the Netherlands  
and the United Kingdom) , while this ratio is stabilizing in most of the  
others;
(1) Cf. Communication from the Commission to the Council of 1  July 1983,  
relating to Member States* budgetary policy in 1984 (Com (S3) 423).

-  8 -
- a continuing deceleration in the growth of tax revenue (including  
contributions), despite the introduction of new revenue-boosting measures  
and despite the stability of the GDP nominal growth rate; the relatively  
weak trend of indirect tax revenue seems to be of predominant importance  
in this respect;
- the absence of significant progress on the path of restructuring public  
expenditure in favour of more productive spending.
It appears that, with respect to the budgetary aggregates, the  
guidelines adopted by the Council last year were generally followed :  the
developments outlined do, however, still leave the public finances of  
certain Member States in a precarious position.
2. The general guidelines for budgetary policy in 1985
In 1985 it is still essential to bring down progressively the  
public deficit as a proportion of gross domestic product in Belgium,  
Denmark, Greece, Italy and Ireland. The deficit in those countries new  
stands at a level which, in the longer run, will not permit a steady fall  
in the inflation rate and a lasting equilibrium on current account. In  
most of these countries, the liquidity created to finance the budgetary  
deficit represents an excessive counterpart to monetary growth, which  
clearly impedes the efforts to moderate inflation.
Except in Greece, where the level of public debt is still  
relatively low, there is a risk that the budgetary deficits and the  
excessive volume of interest payments will end in a vicious circle, pushing  
the public debt to higher levels which could become unsustainable, if  
continuous firm measures are not taken to reduce the annual increases to  
the debt outstanding.

9
Development of public debt of general government
as a % of GDP
BDKDGR( 1 )  F IRL(1) ILNLUK(2)
197559.8 11.925.022.426.873.5 66.015.441.471.8
198076.233.531.627.724.489.0 66.911.146.058.2
1983105.7 75.639.942.432.2109.3 84.618. 163.348.6
1984
fore-112.2 80.239.544.936.9114.6 89.917.268.848.2
cast________________________________________________________________________
(1) Central government only
(2) 31 March following
Source :  European Economy, March 1984, no. 19 and estimates of
Commission staff.
In France, approximate stability of net borrowing of general  
government would be in line with the authorities’  objective of restoring  
equilibrium in the current balance of payments and reducing inflation to  
about 5 %.
In Germany and the United Kingdom, it does seem likely that  
in 1985 the budgetary deficits will reach levels which could be considered  
normal for the expected economic situation. In the Netherlands, the
authorities should remain vigilant and continue their efforts to trim the  
structural deficit.
3. Budgetary flexibility
The policy of prudent management should, however, neither  
prevent the coming into play of the automatic stabilizers, to the  
extent that some of the dangers which have been mentioned do  
materialise, nor rule out the application of measures designed to  
ensure better economic growth, for example through a simultaneous  
reduction in expenditure and taxation which would leave the budget  
balance unchanged.
/

-  1 0  -
Should the economic climate deteriorate appreciably in 1985, it  
would even be appropriate to envisage that such measures should be program­
med or put into effect earlier so as to give maximum support to economic  
activity at the right time. The conduct to be adopted in such a situation  
in countries where public deficits still remain high would depend especial­
ly on progress made in the fight against inflation, controlling costs and  
redressing the external imbalances, and on the working of the automatic  
stabilisers. In any case, budgetary strategies should in such a situation  
be closely concerted at Community level.
4. Medium-term budgetary policies, their coordination and economic  
restructuring
An appropriate flexibility in the budgetary aggregates must be  
matched by the authority having sufficiently firm outlines of medium-term  
strategies for the public finances.
Such strategies are obviously most useful in countries where the  
public deficit still represents a handicap tc reducing major imbalances. 
The working cut of medium-term financial strategies in all member coun­
tries, linked especially with the conduct of monetary policy, could consi­
derably help the coordination of monetary policies ana contribute to a  
better convergence of Member States' economic performance.
The maintenance of economic growth, which has revived in 1984, and  
particularly the rise in medium-term growth rates, in conditions of stabi­
lity, require that budgetary policy plays a role quite different from rhat  
which was often designated in the past, where its primary function appeared  
to be the regulation of demand.
The increased flexibility of economic structures, necessary tc a  
large degree for the improvement of growth and employment prospects,  
requires in certain cases less intervention by the public authorities, both  
in respect of regulations and of financial aspects. A reduction in the  
share of public expenditure allowing an easing of taxes and other

-  1 1  -
contributions would stimulate private investment and overall demand to a  
greater extent than a direct stimulus from public spending.
In addition, a gradual transformation of the composition of public  
expenditure and receipts would also help towards stronger growth.
Such transformations should promote productive public expenditure  
directly and indirectly, improve the quality of private investment and, as  
a counterpart, limit spending which has an excessive momentum and which  
crowds out the most productive expenditure. In this context, the increase  
in public debt interest charges, even though it is slowing in 1984 and  
1985, still poses an acute problem. A better structure could also be  
achieved by reviewing certain operating aids to public and private enter­
prises, particularly in traditional sectors, and by controlling certain  
social transfer payments (health expenditure).
The achievement of growth bringing about greater employment creation  
would be helped by an easing of taxes and other contributions which weigh  
heavily on wage costs, while respecting overall budgetary constraints. It  
would also be appropriate to neutralise budgetary incentives which, in cer­
tain cases, tend to excessively encourage business investment in highly  
capital-intensive production.

12
Conclusions
1. In many respects (growth, inflation, external equilibrium) the  
Community's economic situation seems to be distinctly better than in  
1983 and the current economic forecasts suggest that the improvement  
will be maintained in 1985. However, the recent trend in unemployment,  
and prospects in this respect over the next eighteen months, remain very  
worrying.
2. The cyclical upturn has, however, hardly been reflected in budget  
positions. It is true that budget deficits have contracted in relative  
terms as a proportion of GDP, but tax revenue is taking time to  
accelerate and the growth of expenditure has been contained only at the  
cost of sometimes stringent measures.  The public debt interest charges  
and expenditure on transfer payments to households have still been  
rising markedly.
3. The general line of budgetary policy guidelines for 1984 remains valid :
reduction of public deficits as a proportion of GDP, subject to  
appropriate flexibility in response to the economic trend ;  control of  
expenditure; and continuation of efforts to change the structure of  
public spending in favour of the most productive expenditure. In
addition, a fiscal policy to stimulate employment-creating investment  
and to ease wage costs as much as possible is an essential element in  
achieving more sustained growth and an increase in employment.
4. Budget management should be particularly strict in those countries where
the public debt is expanding rapidly and where less progress has been  
made towards internal and external equilibrium than in the rest of the  
Community. The countries which have advanced farthest In restoring
healthier budget positions would be best able to alter the structure of  
their revenue and expenditure so as to raise the growth, cf productive  
potential and to allow demand expansion needad to raise the degree of  
capacity utilisation.
5. A medium-term financial programme extended to all Member States is  
essential for economic policy coordination and tc define ine choices of  
short-term budgetary policy :  it would pro1  ide a suitable framework for  
concerted action in case of threat to the economic growth in the
Coitae.V- O.ity .

M A IN  e C O N O H IC  IN D IC A T O R S  FOR THE EUROPEAN C O M M U N IT Y , U N IT E D  S T A T E S  AND J A P A N  ( ^
I  TABLE 1  :  CROSS DOMESTIC PRODUCT {PERCENT. CHANCE AT CONSTANT |  ITABLE 2 :  DEFLATOR OF PRIVATE CONSUMPTION (PERCENT. CHANCE Gh }
J  PRICES ON PRECEDING YEAR, EC, USA, JAPAN, 1971-1905)1 I  PRECEDING YEAR, EC, USA, JAPAN, 1971-1905) I
I
I
I1971
I960I960 1981 1982 1963 1984i
1985 1
1i  i
i  i  
i  i1971
19001980 1981 1982 1983 198.\ 1985 ii
IB 3.2 3.2-1.1 1.1 .01  .  3 .6 1 !e 7.1 7.0 8.7 7.5 7.7 6.5 i.O
I  OK 2.3 -.4 -.7 3.6 2.5 2.7 3.0 1 1  DK 10.2 9.811.7 10.3 6.7 5.3 3.8
I0 2.0 2.0 .0-1.0 .93.0 2.5 1 ID 5.25.4 5.7 5.1 3.02. > 2.u
ICR 4.7 1  .6 -.4 .0 .21.7 1.6 1 ICR 13.422.1 22.3 21.1 19.1 19.0 18.0
,  f 3.6 1  .  1 .  31.6 .  e1.1 1.4 | IF 9.413.1 12.7 11.1 9.3 7,5 5.7
I  IRL 4. 1 3.7 1.6 1.2 .52.4 2.5 1 i  IRL 13.S 18.6 20.1 ’ 17.1 10.5 5.0 6,5
I  I 3. 1 3.9 .  1-.3-1. 3 2.4 2.9 i !  1 1H.620.3 19,2 16.7 14.S 11. 3 8.7
|L 3. 1 l  .7-1.5 -1 .  1 -1.4 .31.6 1 IL 6.7 7.7 7.710.0 0.4 7.7 6.0
|  NL 3.4 .9-.8-1.6 .82.1 1.7 1 INL 7.76.7 6.2 5.5 2.5 3.0 2.0
|  UK 1.9-2.6 -1.3 2. 3 3.5 2.7 2.1 | IUK 13. J16.8 11.1 8.3 5.L 5.2 55
(USA 
|  JAP
I2.9
2.9 
4.01  .  l  
-.2 
4.9-.3
3.0
4.0.  5 -2.4 
3.21.0
3.3
2.92.2
5.9
4.72.1 |  
2.6 1  
3.6 1
11  EC 
|  USA 
|JAP9.7
6.9
1  8.611.1
10.3
6.61C. 1  
6,9 
4.60.6
5.0
2.46.3 
3.9
1.45.1 
5. 1  
1.4L.5
5.5
1.7
I.........................................I
( T A B U  3 : NUMBER O f UNEMPLOYED AS  PERCENTAGE OF THE I
| C I V I L I A N  LABOUR FORCE (E C . U S A , J A P A N , 1 9 7 1 - 1 9 0 5 )  I
I  I  1971 I|  |  - 1900 1901 1902 1963 1904 1905 i
1 £ 0 0
1.....
10
 1 5. ? 9.1 1.213.113.4 13.7 140
IDK 1 3.6 6.7 699510.5 10.3 100
10 1 2.6 3.3 47606.4 6.4 03
|  GH t - - 157.8 0.5 92
IF 1 3.6 6.4 76889.110.3 lC
1  IRL 1 7.2 6.3102 *12414.2 16.2 174
1  1  1 5.5 6.0 88105?. 710.6 1  i
It i .  3 .710131.6 T  .9 21
INL ! 3.3 6.2 0811715.4 16.5 17 2
IUK 1 4.1 6.3 9310711.? 11.6 116
1  EC 1 4.0 6.1 789510.5 11.1 114
[USA | 6.2 5.8 769t9.7 7.5 69
IJAP | 1.0 2.1 22242.7 2.6 26II  TABLE 4 :  BALANCE ON CURRENT ACCOUNT (PER CENT Of COP. I
|  EC, USA, JAPAN, 1971-1905) '
i. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —I  
!  1971 'j  I  - i960 1901 1902 1903 1904 1905 !
;  1  1900 I
Is— 1 .0-4.5 -4.3 -3.6-1.6 6.7 1
IDK 11  -3.0 -3.7 -3.1 -4.1-2.1 -2.2-1.7 i
ID 1[  * .7 -1.8 -1.0 6.71.21.9 1
IGR : -2.0 .  3 .3-3.T-4.3 -4.7-5.3 1
SF 11  -.4 -1.4 -1.4 -3,,0-1.6 -1 .0-.6 1
i  IRL 1!  -4.9 -10.0 -13.1 -0.  3-2.3 -  .9•1  !
|  |!  -.3 -2.4 -2.3 -1.6 .  1 .2.  1 i  
35.6 i |  L1  22.5 22.6 28.2 40.2?9.0 37,,7
iNL!  1.1 -1.5 2.2 2.82.7 3.54.6
;UKi 1.8 2.5 2.0 .7 .7 .5 :
1
SEC1  -.2 -1.3 -. 6 ..5 .0 .4 .7
{USA ‘  .1 ,2 ,  t-.3"1.2 -2.5-2.0
iJAR
1■  .7 -1.1
niwincFr.5 .72.0 2.  62.6
T A B L E  5  * G E N E R A L  G O V E R N M E N T  L E N D IN G  O R  B O R R O W IN G  { - )  
j  A S  P E R C E N T A G E  O F  G O P  ( E C ,  1 9 7 1 - 1 9 8 5 )l-1  
I  
I|---
IB
 
t  OK 
ID |GR 
If|  IRL I  IIL 
INL 
| U KI--I  
EC 
I_ _ _ _19
71
1980
-i*.5 -1.0 
-1. 7 
-M.6 
-. 5 
-9. 1  -8. 7  2.0 
-1.6 -3.31980 1902 1983 1984
- 3 . 2-9.9- 12.6-11.6- M . 1-'1.1
-3.3-7.1-9.3-8.0-6.5
-3.1-3.9-3.4-1./-1..  4
-5.4-10.6-in.0-9.7-5.n
3-1  .8-2.6-3,3-3..  3
•11,0-15.0-15.6- 12.,  6-11.3
-6..  4-M..  7-12..  7-11..8-12..  8
.0-2.3-;.4 .  1 ,  4
-4.0-5.2-7.0-6.4-5..8
-3.4-2.7-2.6-3.  1-2.  6
-3 -5.4-5.6-5.5-5.21985 Ii....iSta
ble « :  money supply M2/M3 ( percentage  chance at end of yea? . !
j  ON TWELVE MONTHS EAftLiER, EC, USA, JAPAN, 19.1-1965)1
IL1DK
IDJGR -
i  IRL !  I  
!  L 
INL
|  UKI  1971I
j  1980
!  EC 
|  USA 
I  JAPI960 1981 < 9 8 2  19G 3 1 9 8 4  1 9 8 5
10.i
11.7 
10.0 
23.8—
14.8
18.4
19.5
10.61 a « .2.7
10.9
6.2
24.7
9.7
16.9
12.0
3.6
10.66.6
5 . 6
5-C
34.3 
IT .4
17.4 
16.C
5.25.9 
11.7 
7.1
29.010.0 
12.9 
17.2
7.67.1
24.2 
5.3
2 0 .2
10.9
5.6
14.6
10.7
14.6 92 10-27 . 6
10.0
5.2
21.9
7.0
12.0
12.9
9.0 
8.9
8.513.8 10.5
9.5 9.0
16.9 7.210.0
10.0
0 . 710.0
9.2
7.010.2
'p NL USA* M2* S CR, IRL:  M3; DK: M2H; UK: STERLINC 
(FISCAL YEAR);  l: M2 (71-79), M3 (00-05); JAP: M2 ANCm: .
C O .
(1) This document does not take account of revisions to the Irish National 
Accounts published subsequent, to the completion of the tables.