natgillin/translations-raw huggingface dataset:
i 2001 ( se figur 5 ) . Den ventede udvikling for Sverige understreger fordelene ved det budgetoverskud , der blev opnået i 1998 , og som ventes fastholdt i den nærmeste fremtid med henblik på hurtigt at reducere gældskvotienten .
Projected developments for Sweden underline the benefits of the surplus position achieved in 1998 , which is forecast to be maintained in the near future , for rapidly reducing the debt ratio . However , it is also appropriate to stress the need for Sweden to maintain sound fiscal balances .
Det er dog også hensigtsmæssigt at understrege Sveriges behov for at fasthol - de sunde offentlige finanser .
As has been seen in the past , unexpected shocks can substantially increase the debt ratio .
Tidligere erfaringer viser , at uventede stød kan medføre en betydelig stigning i gældskvotienten . Desuden forventes , som angivet i tabel 8 , en betydelig stigning i andelen af ældre i befolkningen fra omkring 2010 .
In addition , as is highlighted in Table 8 , from around 2010 onwards a marked ageing of the population is expected . Therefore , public pension expenditure would increase in relation to GDP if policies regarding benefits were to continue unchanged .
Derfor vil udgifterne til de offentlige pensioner stige i forhold til BNP , hvis understøttelsespolitikken fortsætter uændret .
The Swedish pension system is partly funded , but is basically of the pay-asyou-go type .
Pensionssystemet i Sverige er til dels opsparingsfinansieret , men er grundlæggende skattefinansieret . Det offentlige pensionssystem suppleres gradvis med et mere robust system , som tager højde for økonomisk vækst og demografiske ændringer , hvilket reducerer presset på de offentlige finanser .
The public pension system is gradually being supplemented by a more robust system linked to economic growth and demographic variations , which will reduce the pressure on public finances . The funded part of the pension system currently invests a large part of its surpluses in government paper , thereby reducing the consolidated general government gross debt .
Den opsparingsfinansierede del af pensionssystemet investerer for tiden en stor del af overskuddet i statsobligationer , hvorved den offentlige sektors konsoliderede bruttogæld reduceres .
As a result , any change in this investment policy would introduce a measure of uncertainty for the future course of the gross debt ratio . The demographic trend over the next few decades will have an adverse effect on the current surpluses in the pension system , thereby
Som følge heraf vil ethvert skift i denne investeringspolitik indebære en vis usikkerhed vedrørende bruttogældens fremtidige forløb .
The overall burden of population ageing will be alleviated if public finances have created sufficient room for manoeuvre before entering the period during which the demographic situation is set to worsen .
Den demografiske udvikling i de næste årtier får en negativ indvirkning på pensionssystemets nuværende overskud , hvorved en forbedring af de andre komponenter i den offentlige budgetsaldo bliver afgørende .
differentials against the weighted average of euro area interbank deposit bid rates narrowed significantly in the course of 1998 and in the first quarter of 1999 , before rising slightly again in mid-1999 to around 0.5 percentage point higher than the euro area average in the first quarter of 2000 ( see Table 9b ) .
Den samlede byrde af befolkningens aldring kan afhjælpes , hvis der skabes tilstrækkeligt råderum i de offentlige finanser , før den demografiske situation forværres .
As regards other external developments , Sweden has maintained a sizeable current account surplus since 1994 against the background of a relatively large net external liability position ( see Table 11 ) . It may also be recalled that Sweden is a small open economy with , according to the most recent data available for 1999 , a ratio of foreign trade to GDP of 43.7% for exports and 38 % for imports , and a share of intra-EU trade of 56 % for exports and 67.8% for imports in 1998 .
2.3 Valutakursudviklingen Den svenske krone deltog hverken i ERM eller ERM2 i referenceperioden fra april 1998 til marts 2000 ( se tabel 9a ) .
2.3 Exchange rate developments During the reference period from April 1998 to March 2000 the Swedish krona did not participate in either the ERM or ERM II ( see Table 9a ) .
Prisstabilitet har været det primære mål i den svenske pengepolitik med et eksplicit inflationsmål på 2 pct . for forbrugerprisindekset under en fleksibel valutakursordning .
Swedish monetary policy is oriented towards the primary objective of price stability by means of an explicit inflation target of 2 % of the CPI under a flexible exchange rate regime .
Den svenske krone blev i referenceperioden i første omgang handlet til en kurs under de gennemsnitlige bilaterale valutakurser i april 1998 i forhold til de fleste øvrige EU-valutaer , der i mangel på centralkurser som illustration benyttes som benchmark ( se figur 6 og tabel 9a ) .
During the reference period the krona initially traded at a weaker level than its April 1998 average bilateral exchange rates against most other EU currencies , which are used as a benchmark for illustrative purposes in the absence of central rates ( see Chart 6 and Table 9a ) .
ECB Konvergensrapport -* 2000 lensen på det globale marked , som var forårsaget af krisen i de nye vækstøkonomier i august 1998 .
In the second half of 1998 the krona depreciated significantly , by around 8 % as measured by daily exchange rates , against most ERM currencies amid the global market turbulence caused by the emerging market crisis in August 1998 .
Efter indførelsen af euroen i januar 1999 apprecierede den svenske krone med omkring 14,4 pct . over for euroen frem til slutningen af marts 2000 .
After the launch of the euro in January 1999 , the krona appreciated by 14.4% against the euro throughout 1999 and until the end of March 2000 .
Denne styrkelse afspejler en normalisering af situationen efter den globale krise i efteråret 1998 , samt at Sveriges økonomi udviklede sig bedre end forventet .
This strengthening reflects a normalisation of the situation after the global crisis in autumn 1998 and Sweden 's stronger than expected economic performance .
I størstedelen af 1998 var den svenske krones volatilitet over for ERM-valutaerne , målt ved de daglige procentvise ændringers årlige standardafvigelser , fortsat ca . 5 pct .
For most of 1998 the volatility of the Swedish krona 's exchange rate against the ERM currencies , measured by annualised standard deviations of daily percentage changes , remained around 5 %, but increased to over 12 % on a quarterly basis in the last quarter of 1998 and remained high until the end of the first quarter of 1999 .
kvartal 2000 under gennemsnittet for den nuværende referenceperiode ( se tabel 9b ) . Det korte rentespænd over for det vægtede gennemsnit af bidrenter for interbankmellemværender i euroområdet indsnævredes betydeligt i 1998 og 1 .
Since then , the volatility of the krona against the euro has mostly fluctuated between 3 % and 6 %, and in the first quarter of 2000 it was below the average for the current reference period ( see Table 9b ) . Short-term interest rate
Den lå dermed et godt stykke under rentekriteriets referenceværdi på 7,2 pct . , der defineres som gennemsnittet af den lange rente i de tre medlemslande , der har nået de bedste resultater med hensyn til prisstabilitet , plus 2 procentpoint .
2.4 Long-term interest rate developments Over the reference period from April 1999 to March 2000 long-term interest rates in Sweden were 5.4% on average , and thus stood well below the reference value for the interest rate criterion of 7.2% , defined as the average long-term interest rate of the three best-performing Member States in terms of price stability plus 2 percentage points .
Den lange rente i Sverige lå også et godt stykke under referenceværdien i 1998 og i 1999 som helhed ( se tabel 12 ) .
Swedish long-term interest rates were also well below the reference value in 1998 as well as in 1999 as a whole ( see Table 12 ) .
Med undtagelse af 1994 har den lange rente været faldende fra starten af 1990'erne til begyndelsen af 1999 , hvor obligationsrenten i euroområdet var den laveste i 50 år ( se figur 7a ) .
With the exception of 1994 , long-term interest rates were on a declining trend between the early 1990s and the beginning of 1999 , when euro area bond yields reached the lowest levels observed in 50 years ( see Chart 7a ) .
Den svenske obligationsrente er efterfølgende begyndt at stige stort set i overensstemmelse med de lange renter i euroområdet .
Subsequently , Swedish bond yields began to increase broadly in line with longterm interest rates in the euro area .
Denne stigning i den lange svenske obligationsrente afspejlede de stigende internationale obligationsrenters indflydelse samt en gradvis forbedring af de økonomiske udsigter i Sverige .
increase in long-term Swedish yields reflected influences from rising international yields as well as a gradual improvement in the economic outlook in Sweden .
Fra starten af 1990'erne indtil omkring 1998 nærmede den lange obligationsrente sig renten i de EU-lande , der havde de laveste obligationsrenter .
From the early 1990s and until around 1998 Swedish longterm bond yields tended to converge towards the rates of those EU countries with the lowest bond yields .
I 1998 og 1999 var rentespændet forholdsvis stabilt tæt på 0,5 pct . , selv om det i de seneste måneder er indsnævret yderligere ( se figur 7b ) .
During 1998 and 1999 the differential remained relatively stable at levels close to 0.5% , while in recent months the differential has narrowed further ( see Chart 7b ) .
Hovedårsagerne til denne rentekonvergens var den forholdsvis lave inflationstakt og en forbedring i de offentlige finanser . Rentespændet har dog haft tendens til at udvides en anelse i perioder med global finansiel uro , hvilket fx var tilfældet under krisen i de nye vækstøkonomier i 2 .
The main factors underlying the observed convergence trend were the comparatively low rates of inflation and the improvement in the country 's public finances .
I de senere år har Sverige oplevet en periode med kraftig vækst , som hovedsagelig kan tilskrives den indenlandske efterspørgsel . Samtidig er den finanspolitiske linje blevet mere neutral , hvilket hurtigt har elimineret produktionsga -
However , the interest rate differential has displayed a tendency to widen somewhat during episodes of global financial turbulence , as was the case during the emerging market crisis in the second half of 1998 , for example .
Sverige er et medlemsland med dispensation , og der er ingen bestemmelse om , at Sverige kan vælge ikke at være med i tredje fase af ØMU .
Furthermore , a weakening of the Swedish krona has typically been associated with a widening of the interest rate differential .
Sverige er dermed i henhold til traktaten forpligtet til at indføre euroen , hvilket indebærer , at Sverige skal stræbe efter at opfylde alle konvergenskriterierne , herunder valutakurskriteriet .
euro , which implies that it must strive to fulfil all the convergence criteria , including the exchange rate criterion .
I starten af referenceperioden blev den svenske krone i første omgang handlet til under de gennemsnitlige bilaterale kurser i april 1998 i forhold til de fleste øvrige EUvalutaer , der af mangel på centralkurser som illustration benyttes som benchmark . Efter en betydelig depreciering i 2 .
During the reference period the Swedish krona initially traded at a weaker level than its April 1998 average bilateral exchange rates against most other EU currencies , these being used as a benchmark for illustrative purposes in the absence of central rates .
Med hensyn til holdbarheden af udviklingen i de offentlige finanser skønnes gældskvotienten at falde til 61,3 pct . i 2000 .
With regard to the sustainability of fiscal developments , the outlook is for a decline in the debt ratio to 61.3% in 2000 .
På baggrund af den seneste udvikling i budgetsaldoen i de senere år forventes Sverige at leve op til målsætningen på mellemlangt sigt i stabilitets - og vækstpagten , om at de offentlige finanser er tæt på balance eller i overskud i henhold til Europa-Kommissionens vurdering , der er bekræftet af ECOFIN-rådet .
Against the background of the trends in the budget balance ratio in recent years , Sweden is expected to comply with the medium-term objective of the Stability and Growth Pact of having a budgetary position which is close to balance or in surplus , according to the assessment undertaken by the European Commission , and as confirmed by the ECOFIN Council .
ECB Konvergensrapport -* 2000 Oversigt over tabeller og figurer Sverige I Prisudvikling Tabel 1 Sverige : Figur 1 Sverige : Tabel 2 Sverige : Tabel 3 Sverige : ( c ) ( d )
2.5 Concluding summary Over the reference period Sweden achieved a 12-month average rate of HICP inflation of 0.8% , which is well below the reference value stipulated by the Treaty . Sweden has entered a period of high growth in recent years , led predominantly by domestic demand ;
HICP-inflation Prisudvikling Mål for inflation og relaterede indikatorer Seneste inflationstendenser og - prognoser Seneste tendenser i det harmoniserede forbrugerprisindeks Prognoser for inflationen II
The closing of the output gap as well as relevant price indices point in the direction of increasing upward pressure on prices and costs . Looking ahead , forecasts indicate that inflation will be around 1.5% in 2000 and around 2 % in 2001 .
Udviklingen i de offentlige finanser Tabel 4 Sverige : Offentlige finanser Figur 2 Sverige : Offentlig bruttogæld ( c ) Niveau ( d ) Årlige ændringer og underliggende faktorer Tabel 5 Sverige : Den offentlige bruttogælds sammensætning Figur 3 Sverige : Offentligt overskud (+) / underskud (-) ( c ) Niveau ( d ) Årlige ændringer og underliggende faktorer Tabel 6 Sverige : Offentlig underskuds -/ gældsjustering Figur 4 Sverige : Offentlige udgifter og indtægter Tabel 7 Sverige : Den offentlige sektors budgetstilling Figur 5 Sverige : Potentiel fremtidig gældskvotient under alternative antagelser Tabel 8 Sverige : Fremskrivning af forsørgerbyrden
ECB Convergence Report -* 2000 List of Tables and Charts Sweden I Price developments Table 1 Sweden : HICP inflation Chart 1 Sweden : Price developments Table 2 Sweden : Measures of inflation and related indicators Table 3 Sweden : Recent inflation trends and forecasts ( a ) Recent trends in harmonised index of consumer prices ( b ) Inflation forecasts Fiscal developments Table 4 Sweden : General government financial position Chart 2 Sweden : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Sweden : General government gross debt -- structural features Chart 3 Sweden : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Table 6 Sweden : General government deficit-debt adjustment Chart 4 Sweden : General government expenditure and receipts Table 7 Sweden : General government budgetary position Chart 5 Sweden : Potential future debt ratios under alternative assumptions for fiscal balance ratios Table 8 Sweden : Projections of elderly dependency ratio
III Valutakursudviklingen Tabel 9 ( a ) Sverige : Valutakursstabilitet ( b ) Sverige : Væsentlige indikatorer for valutakursspændinger for den svenske krone Figur 6 ( a ) Svensk krone : Bilaterale valutakurser 1998 ( b ) Svensk krone : Valutakurs over for euroen januar 1999-marts 2000 ( c ) Svensk krone : Valutakurs over for ECU / euro april 1998-marts 2000 Tabel 10 Sverige : Mål for den reale effektive valutakurs over for EU-landene Tabel 11 Sverige : Udvikling i eksterne forhold IV Udviklingen i den Tabel 12 Sverige : Figur 7 ( a ) ( b ) lange rente Lang rente Sverige : Lang rente Sverige : Lang rente og forbrugerprisinflation , afvigelse fra EU-lande med laveste lange renter
III Exchange rate developments Table 9 ( a ) Sweden : Exchange rate stability ( b ) Sweden : Key indicators of exchange rate pressure for the Swedish krona Chart 6 ( a ) Swedish krona : Bilateral exchange rates 1998 ( b ) Swedish krona : Exchange rate against the euro from January 1999 to March 2000 ( c ) Swedish krona : Exchange rate against the ECU / euro from April 1998 to March 2000 Table 10 Sweden : Measures of the real effective exchange rate vis-à-vis EU Member States Table 11 Sweden : External developments IV Long-term interest rate developments Table 12 Sweden : Long-term interest rates Chart 7 ( a ) Sweden : Long-term interest rate ( b ) Sweden : Long-term interest rate and CPI inflation differentials vis-à-vis EU Member States with lowest long-term interest rates
Sverige : HICP-inflation ( Ændring i pct . år / år )
Sweden : HICP inflation ( annual percentage changes )
1996 HICP-inflation 1 ) Referenceværdi 2 ) Gennemsnit for euroområdet 3 ) 0,8 2,5 2,2
1996 HICP inflation 1 ) Reference value 2 ) Euro area average 3 ) 0.8 2.5 2.2
2000 Jan. 1,0 .
2000 Jan. 1.0 .
2000 Feb. 1,4 .
2000 Feb. 1.4 .
1 ) Bemærk , at HICP fra og med januar 2000 er udvidet og yderligere harmoniseret , jf .
1 ) Please note that as from January 2000 the coverage of the HICP has been extended and further harmonised .
bilaget om statistik .
See the statistical annex for details .
Sverige : Prisudvikling ( Ændring i pct . år / år )
Sweden : Price developments ( annual percentage changes )
Forbrugerprisindeks 14 12 10 8 6 4 2 0 - 2 - 4 - 6 1990 1991 1992 1993
CPI 14 12 10 8 6 4 2 0 - 2 - 4 - 6 1990 1991 1992 unit labour costs
HICP 14 12 10 8 6 4 2 0 - 2 - 4
HICP 14 12 10 8 6 4 2 0 - 2 - 4
Sverige : Mål for inflation og relaterede indikatorer ( Ændring i pct . år / år , medmindre andet er anført )
Sweden : Measures of inflation and related indicators ( annual percentage changes , unless otherwise stated )
1990 Mål for inflation Harmoniseret forbrugerprisindeks ( HICP ) Forbrugerprisindeks ( CPI ) Nettoprisindeks 1 ) Forbrugsdeflator 2 ) BNP-deflator 2 ) Producentpriser 3 ) Relaterede indikatorer Vækst i realt BNP 2 ) Produktionsgab ( procentpoint ) Arbejdsløshedsprocent 4 ) Enhedslønomkostninger , hele økonomien 2 ) Lønsum pr. ansat , hele økonomien 2 ) Arbejdskraftsproduktivitet , hele økonomien 2 ) Importpriser Valutakursappreciering 5 ) Pengemængde ( M4N ) Aktiekurser 6 ) Huspriser 7 )
1990 Measures of inflation Harmonised index of consumer prices ( HICP ) Consumer price index ( CPI ) CPI excluding changes in net indirect taxes 1 ) Private consumption deflator 2 ) GDP deflator 2 ) Producer prices 3 )
Kilder : Nationale data , undtagen HICP , producentpriser , vækst i realt BNP og arbejdsløshedsprocent ( Eurostat ) , produktionsgab ( Europa-Kommissionen ) og valutakurser ( BIS ) .
Related indicators Real GDP growth 2 ) 1.4 Output gap ( percentage points ) 3.6 Unemployment rate (%) 4 ) 1.7 Unit labour costs , whole economy 2 ) 10.6 Compensation per employee , 11.3 whole economy 2 ) Labour productivity , whole economy 2 ) 0.6 Import price deflator Exchange rate appreciation 5 ) - 1.3 Broad money ( M4N ) 9.1 Stock prices 6 ) - 31.1 House prices 7 ) 11.8 Sources : National data except the HICP , producer prices , real GDP growth and the unemployment rate ( Eurostat ) , the output gap ( European Commission ) and the exchange rate ( BIS ) .
2 ) National definition før 1994 , derefter ENS95 .
2 ) Prior to 1994 national definition , ESA 95 data thereafter .
5 ) Nominel effektiv valutakurs over for 26 industrialiserede lande . Anm .
5 ) Nominal effective exchange rate against 26 industrialised countries .
7 ) Huspriser , ejerboliger .
7 ) Residential property prices , owner occupied dwellings .
Sverige : Seneste inflationstendenser og - prognoser ( Ændring i pct . år / år , medmindre andet er anført )
Sweden : Recent inflation trends and forecasts ( annual percentage changes , unless otherwise stated )
1999 Dez .
1999 Dec.
2000 Jan.
2000 Jan.
2000 Feb.
2000 Feb.
1,4 ( b ) Prognoser for inflationen 2000 Europa-Kommissionen ( forår 2000 ) , HICP OECD ( december 1999 ) , forbrugsdeflator IMF ( maj 2000 ) , CPI Kilder : Europa-Kommissionen ( prognose forår 1999 ) , OECD og IMF .
( b ) Inflation forecasts 2000 European Commission ( spring 2000 ) , HICP OECD ( December 1999 ) , private consumption deflator IMF ( May 2000 ) , CPI Sources : European Commission ( spring 2000 forecasts ) , the OECD and the IMF .
Sverige : Offentlige finanser ( I pct . af BNP )
Sweden : General government financial position ( as a percentage of GDP )
1998 Offentligt overskud (+) / underskud (-) Referenceværdi Overskud (+) / underskud (-) , fratrukket offentlige investeringsudgifter 2 ) Offentlig bruttogæld Referenceværdi 1,9 - 3,0 4,6 72,4 60,0
1998 General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure 2 ) General government gross debt Reference value 1.9 - 3.0 4.6 72.4 60.0
2000 1 ) 2,4 - 3,0 4,9 61,3 60,0
2000 1 ) 2.4 - 3.0 4.9 61.3 60.0
1 ) Europa-Kommissionens prognose 2 ) Et negativt fortegn indikerer , at det offentlige underskud er større end investeringsudgifterne .
1 ) European Commission forecast . 2 ) A negative sign indicates that the government deficit is higher than investment expenditure .
Sverige : Offentlig bruttogæld ( I pct . af BNP )
Sweden : General government gross debt ( as a percentage of GDP )
( a ) Niveau 80 70 60 50 40 80 70 60 50 40
( a ) Levels 80 70 60 50 40 80 70 60 50 40
( b ) Årlige ændringer og underliggende faktorer Primær balance Vækst -/ renteforskel 15 10 5 0 - 5 - 10 Underskuds -/ gældsjustering Ændring i alt 15 10 5 0 - 5 - 10
( b ) Annual changes and underlying factors primary balance growth / interest rate differential 15 10 5 0 - 5 - 10 deficit-debt adjustment total change 15 10 5 0 - 5 - 10
Sverige : Den offentlige bruttogælds sammensætning 1990 Gæld i alt ( pct . af BNP ) 42,1 Sammensætning efter valuta ( pct .
Sweden : General government gross debt -- structural features 1990 Total debt ( as a percentage of GDP ) Composition by currency (% of total ) In domestic currency In foreign currencies Participating foreign currencies Non participating foreign currencies Domestic ownership (% of total ) Average maturity Composition by maturity (% of total ) Short-term ( <1 year) Medium and long-term (> 1 year ) 1 )
18,5 81,5 Kilder : ESCB , 1999 , undtagen gæld i alt ( Europa-Kommissionen ( prognose forår 2000 )) .
Sources : ESCB , 1999 , except for total debt ( European Commission ( spring 2000 forecasts )) .
Sverige : Offentligt overskud (+) / underskud (-) ( I pct . af BNP )
Sweden : General government surplus (+) / deficit (-) ( as a percentage of GDP )
( a ) Niveau 5 0 - 5 - 10 - 15 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 5 0 - 5 - 10 - 15
( a ) Levels 5 0 - 5 - 10 - 15 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 5 0 - 5 - 10 - 15
( b ) Årlige ændringer og underliggende faktorer Konjunkturafhængige faktorer Konjunkturuafhængige faktorer 6 4 2 0 - 2 - 4 - 6 - 8 1991 1992 1993 1994 1995 1996 1997 1998 1999 Kilde : Europa-Kommissionen ( prognose forår 2000 ) .
( b ) Annual changes and underlying factors cyclical factors non-cyclical factors 6 4 2 0 - 2 - 4 - 6 - 8 1991 1992 1993 1994 1995 1996 1997 1998 1999 total change 6 4 2 0 - 2 - 4 - 6 - 8 Source : European Commission ( spring 2000 forecasts ) .
: I figur 3 ( b ) angiver negative værdier bidrag til en stigning i underskuddet , mens positive værdier angiver bidrag til et fald . Ændring i alt 6 4 2 0 - 2 - 4 - 6 - 8
Note : In Chart 3 ( b ) negative values indicate a contribution to an increase in deficits , while positive values indicate a contribution to their reduction .
Sverige : Den offentlige underskuds -/ gældsjustering ( Pct . af BNP )
Sweden : General Government deficit-debt adjustment ( as a percentage of GDP )