natgillin/translations-raw huggingface dataset:
, når der ses bort fra den uafhængigt opadgående trend for det irske pund ( se tabel 9a ) .
The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 2.5% and - 3.0% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 9a ) .
Episoder med afvigelser var midlertidige , den initialt høje volatilitet over for D-mark aftog til et lavt niveau gennem referenceperioden ( se tabel 9b ) , og det korte rentespænd over for de EU-lande , der har de laveste korte renter , blev gradvist indsnævret .
The episodes in which such deviations occurred were temporary , the relatively high degree of exchange rate volatility vis - - vis the Deutsche Mark recorded initially declined to low levels during the reference period ( see Table 9b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates
Italien har ikke devalueret sin valutas bilaterale centralkurs over for noget andet medlemslands valuta siden sin genindtræden i ERM .
Since rejoining the ERM Italy has not devalued its currency s bilateral central rate against any other Member State s currency .
I en mere langsigtet sammenhæng viser mål for den reale effektive valutakurs over for de øvrige ERM-valutaer , at det nuværende niveau er noget lavere end gennemsnittet for 1987 , men generelt tæt på de historiske gennemsnitsværdier ( se tabel 10 ) .
In a longer-term context , when measured in terms of real effective exchange rates , current exchange rates of the Italian lira against other ERM participating currencies suggest that current levels are somewhat below the average of the year 1987 but generally close to historical average values ( see Table 10 ) .
Med hensyn til andre eksterne forhold har Italien haft betragtelige og stigende overskud på betalingsbalancens løbende poster siden 1993 , hvilket næsten har bragt landets nettostillinger over for udlandet i balance ( se tabel 11 ) . Der kan erindres om , at de
As regards other external developments , Italy has recorded sizable and growing current account surpluses since 1993 , which have brought the country s net external liability position near to balance ( see Table 11 ) .
senest tilgængelige data viser , at Italiens eksport udgør 28 pct . af BNP , mens importen udgør 24 pct .
It may also be recalled that , according to the most recent data available , Italy has a ratio of foreign trade to GDP of 28 % for exports and 24 % for imports , and a share of intra-EU trade of 55 % for exports and 61 % for imports .
Udviklingen i den lange rente I referenceperioden fra februar 1997 til januar 1998 har den lange rente i Italien i gennemsnit været 6,7 pct . Den var dermed under referenceværdien på 7,8 pct .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Italy were 6.7% on average , and thus stood below the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
i henhold til rentekriteriet , som er fastlagt ud fra de tre medlemslande , der har klaret sig bedst med hensyn til prisstabilitet . Mens dette også var tilfældet for 1997 som helhed , lå den lange rente ( baseret på et 12-måneders gennemsnit ) over referenceværdien i 1996 ( se tabel 12 ) .
While this was also the case for 1997 as a whole , twelve-month average long-term interest rates were above the reference value in 1996 ( see Table 12 ) ;
Den lange rente har været under referenceværdien siden februar 1997 .
they have been below the reference value since February 1997 .
Den lange rente har i hovedtræk været stabil i begyndelsen af 1990'erne . Den undergik derefter en volatil fase i 1993-94 og har fra midten af 1995 og frem været stejlt faldende ( se figur 7a ) .
Long-term interest rates were broadly stable in the early 1990s , underwent a phase of volatility in 1993-94 , and from mid-1995 onwards have been on a steeply declining trend ( see Chart 7a ) .
I begyndelsen af 1990'erne konvergerede den italienske lange rente ikke systematisk mod renterne i EU-landene med de laveste renter ( se figur 7b ) .
In the early 1990s Italian long-term interest rates did not converge systematically with those prevailing in the EU countries with the lowest bond yields ( see Chart 7b ) . 157
Siden begyndelsen af 1995 er konvergensen dog accelereret , og spændet er næsten elimineret .
However , since early 1995 the process of convergence has accelerated , and the differential has now been virtually eliminated .
Hovedårsagerne til denne udvikling har været det betydelige fald i og den endelige fjernelse af inflationsforskellen over for de lande med de laveste lange renter og senest forbedringen af de offentlige finanser .
The main factors underlying this trend were the significant decline and ultimate elimination of the inflation differential against the EU countries with the lowest long-term interest rates and the recent improvement in the country s fiscal position .
Desuden har styrkelsen af den italienske lire i slutningen af 1995 og i første halvdel af 1996 og senest dens relative stabilitet inden for rammerne af ERM også bidraget til en indsnævring af spændet .
In addition , the recovery of the exchange rate of the Italian lira in late 1995 and in the first half of 1996 as well as its relative stability more recently in the context of the ERM also account for the narrowing of the differential .
Denne underliggende udvikling vurderede de finansielle markeder som en forbedring af udsigterne for italiensk deltagelse i den tredje fase af ØMUen - et element , der på den anden side i sig selv kan have bidraget til en acceleration af indsnævringen af 156
These underlying developments were seen by markets as improving the prospects for participation in Stage Three of EMU - an element which may in turn have played an independent role in accelerating the narrowing of yield differentials , both directly and by further improving the prospects for price and exchange rate stability .
i mindre end to år forud for EMI 's undersøgelse .
the EMI .
Ud fra materialet i rapporten vurderes det ex post , at liren stort set har været stabil set over referenceperioden som helhed .
On the basis of the evidence reviewed in the Report , in an ex post assessment , the lira has been broadly stable over the reference period as a whole .
Inden for ERM er liren generelt forblevet tæt på dens uændrede centralkurser uden behov for foranstaltninger til støtte for valutakursen .
Within the ERM it has remained generally close to its unchanged central parities , without the need for measures to support the exchange rate .
Gældskvotienten ligger langt over referenceværdien på 60 pct .
The debt-toGDP ratio is far above the 60 % reference value .
Der er hurtigt behov for et signifikant og vedvarende budgetoverskud for håndfast at kunne reducere gældskvotienten til 60 pct . af BNP indenfor et passende tidsrum .
Significant and persistent overall fiscal surpluses are rapidly needed to be able to forcefully reduce the debt ratio to 60 % of GDP within an appropriate period of time .
Dette skal sammenholdes med det konstaterede offentlige underskud på 2,7 pct . af BNP i 1997 og et skønnet underskud på 2,5 pct .
This compares with a recorded fiscal deficit of 2.7% of GDP in 1997 as well as the deficit forecast for 1998 of 2.5% .
af BNP i 1998 . Stabilitets - og vækstpagten kræver også , som en mellemfristet målsætning , en budgetstilling , der er tæt på balance eller udviser overskud .
The Stability and Growth Pact also requires , as a medium-term objective , a budgetary position that is close to balance or in surplus . With regard to other factors , in 1996 and 1997 the deficit ratio exceeded the ratio of public investment to GDP , while Italy has recorded sizable and increasing current account surpluses which brought the net external liability position near to balance .
Med hensyn til andre faktorer oversteg budgetunderskuddet i 1996 og 1997 de offentlige investeringer , mens Italien opnåede betragtelige og stigende overskud på betalingsbalances løbende poster , der bragte Italien på en stort set balanceret nettostilling overfor udlandet . 157
Concluding summary Over the reference period Italy has achieved a rate of HICP inflation of 1.8% , which is well below the reference value stipulated by the Treaty . The growth of unit labour costs picked up in 1996 , before slowing to 3.1% in 1997 , and a general trend towards low rates of inflation was also apparent in terms of other relevant price indices .
Oversigt over tabeller og figurer * ITALIEN I Prisudvikling Tabel 1 Figur 1 Tabel 2 Tabel 3 Italien : HICP-inflation Italien : Prisudvikling Italien : Mål for inflation og relaterede indikatorer Italien : Seneste inflationstendenser og prognoser ( a ) Seneste tendenser i forbrugerpriserne ( b ) Prognoser for inflationen
158 List of Tables and Charts * ITALY I Price developments Table 1 Chart 1 Table 2 Table 3 Italy : HICP inflation Italy : Price developments Italy : Measures of inflation and related indicators Italy : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts
Udviklingen i de offentlige finanser Tabel 4 Figur 2 Italien : Offentlige finanser Italien : Offentlig bruttogæld ( a ) Niveau ( b ) Årlige ændringer og underliggende faktorer Italien : Den offentlige bruttogælds sammensætning Italien : Offentligt overskud (+) / underskud (-) ( a ) Niveau ( b ) Årlige ændringer og underliggende faktorer Italien : Offentlige udgifter og indtægter Italien : Offentlige sektors budgetstilling Italien : Beregninger vedr . gældskonvergens ( a ) Baseret på den offentlige sektors saldo ( b ) Baseret på den offentlige sektors primære budgetbalance Italien : Potentiel fremtidig gældskvotient under alternative antagelser Italien : Fremskrivning af forsørgerbyrden
Fiscal developments Table 4 Italy : General government financial position Chart 2 Italy : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Italy : General government gross debt - structural features Chart 3 Italy : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Italy : General government expenditure and receipts Table 6 Italy : General government budgetary position Table 7 Italy : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( b ) On the basis of primary fiscal balances Chart 5 Italy : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( a ) Real GDP growth rate : 1.8% ( b ) Real GDP growth rate : 2.5% Table 8 Italy : Projections of elderly dependency ratio
III Valutakursudviklingen Tabel 9 Figur 6 Tabel 10 Tabel 11 ( a ) Italien : Valutakursstabilitet ( b ) Væsentlige indikatorer for valutakursspændinger for italienske lire Italienske lire : Afvigelser fra de bilaterale centralkurser i ERM Italienske lire : Mål for den reale effektive valutakurs over for ERM-medlemslande Italien : Udvikling i eksterne forhold
III Exchange rate developments Table 9 ( a ) Italy : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Italian lira Chart 6 Italian lira : Deviations from ERM bilateral central rates Table 10 Italian lira : Measures of the real effective exchange rate vis - - vis ERM Member States Table 11 Italy : External developments
IV Udviklingen i den lange rente Tabel 12 Figur 7 Italien : Lang rente ( a ) Italien : Lang rente ( b ) Italien : Lang rente og forbrugerprisinflation , afvigelse fra EU-lande med laveste lange renter
IV Long-term interest rate developments Table 12 Italy : Long-term interest rates Chart 7 ( a ) Italy : Long-term interest rate ( b ) Italy : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Italien : HICP-inflation ( årlige procentvise ændringer )
Table 1 Italy : HICP inflation ( annual percentage changes )
HICP-inflation Referenceværdi Kilde : Europa-Kommissionen . 1996 4,0 2,5
1996 HICP inflation Reference value Source : European Commission .
Nov. 97 1,8 -
Nov 97 1.8 -
Dec. 97 1,8 -
Dec 97 1.8 -
Jan. 98 1,9 - Feb. 97 - Jan. 98 1,8 2,7
Jan 98 Feb 97 - Jan 98 1.9 1.8 2.7 4.0 2.5
Italien : Prisudvikling ( årlige procentvise ændringer ) Forbrugerprisindeks 14 12 10 8 6 4 2 0 - 2 - 4 1990 Kilde : Nationale data .
Italy : Price developments ( annual percentage changes ) CPI 14 12 10 8 6 4 2 0 - 2 - 4 1990 Source : National data .
Italien : Mål for inflation og relaterede indikatorer ( årlige procentvise ændringer , medmindre andet er angivet )
Italy : Measures of inflation and related indicators ( annual percentage changes unless otherwise stated )
1990 Mål for inflation Forbrugerprisindeks ( CPI ) Nettoprisindeks ( b ) Forbrugsdeflator BNP-deflator Producentpriser Relaterede indikatorer Vækst i realt BNP Produktionsgab ( procentpoint ) Ledighedsgrad ( pct . ) ( c ) Enhedslønomkostninger , hele økonomien Løn og arbejdsgiverbidrag pr. besk .
1990 Measures of inflation Consumer price index ( CPI ) CPI excluding changes in net indirect taxes ( b ) Private consumption deflator GDP deflator Producer prices Related indicators Real GDP growth Output gap ( p.pt s ) Unemployment rate (%)( c ) Unit labour costs , whole economy Compensation per employee , whole economy Labour productivity , whole economy Import price deflator Exchange rate appreciation ( d ) Broad monetary aggregate ( M3H )( e ) Stock prices House prices 6.1 5.7 6.3 7.6 4.1 2.2 2.5 9.1 9.3 10.7 1.3 - 0.5 2.6 6.9 0.7 -
1996 1997 ( a ) 3,9 3,8 4,4 5,0 1,9 0,7 - 1,2 12,1 4,9 5,5 0,6 - 1,8 9,5 - 0,7 0,6 1,7 1,7 2,2 2,6 1,3 1,5 - 1,4 12,3 3,1 4,6 1,5 - 0,1 0,7 9,9 36,9 -
1996 1997 ( a ) 3.9 3.8 4.4 5.0 1.9 0.7 - 1.2 12.1 4.9 5.5 0.6 - 1.8 9.5 - 0.7 0.6 1.7 1.7 2.2 2.6 1.3 1.5 - 1.4 12.3 3.1 4.6 1.5 - 0.1 0.7 9.9 36.9 -
( b ) Nationalt skøn .
( b ) National estimates .
( c ) Data før 1993 er justeret for brud .
( c ) Data prior to 1993 have been adjusted for breaks .
: Et positivt ( negativt ) fortegn angver en appreciering ( depreciering ) .
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) .
Italien : Seneste inflationstendenser og prognoser ( årlig procentvis ændring , medmindre andet er angivet ) ( a ) Seneste tendenser i forbrugerpriserne Sep. 97 Nationalt forbrugerprisindeks ( CPI ) Årlig procentvis ændring Ændring i gns .
Italy : Recent inflation trends and forecasts ( annual percentage change unless otherwise stated )
Okt . 97 1,6 1,4 1,4
Oct 97 1.6 1.4 1.4
Nov. 97 1,6 1,7 1,4
Nov 97 1.6 1.7 1.4
Dec. 97 1,5 1,9 1,5
Dec 97 1.5 1.9 1.5
Jan. 98 1,6 2,1 1,6
Jan 98 1.6 2.1 1.6 1.4 1.3 1.4
1,4 1,3 1,4 ( b ) Prognoser for inflationen 1998 Europa-Kommissionen ( forår 1998 ) , HICP OECD ( december 1997 ) , forbrugsdeflator IMF ( oktober 1997 ) , CPI Kilde : Europa-Kommissionen ( prognose forår 1998 ) , OECD og IMF .
( b ) Inflation forecasts European Commission ( spring 1998 ) , HICP OECD ( December 1997 ) , private consumption deflator IMF ( October 1997 ) , CPI Source : European Commission ( spring 1998 forecasts ) , OECD and IMF . 1998 1.9 2.4 2.1
Italien : Offentlige finanser ( procent af BNP )
Italy : General government f inancial position ( as a percentage of GDP )
Overskud (+) / underskud (-) Referenceværdi Overskud (+) / underskud (-) , fratrukket offentlige investeringsudgifter ( b ) Offentlig bruttogæld ( c ) Referenceværdi Kilde : Europa-Kommissionen ( prognose forår 1998 ) og EMI-beregninger .
General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt Reference value
Italien : Offentlig bruttogæld ( procent af BNP )
Italy : General government gross debt ( as a percentage of GDP )
( a ) Niveau 130 120 110 100 90 1990 1991 1992 1993 1994 1995 1996 1997
( a ) Levels 130 120 110 100 90 1990 1991 1992 1993 1994 1995 1996 1997
( b ) Årlige ændringer og underliggende faktorer Primær balance Vækst-rente forskel 15 10 5 0 - 5 - 10
( b ) Annual changes and underlying factors Primary balance 15 10 5 0 - 5 - 10 Growth / interest rate differential
Stock-flow-justeringer Samlet ændring
Stock-flow adjustment Total change
: I figur 2b angiver negative værdier bidrag fra de respektive faktorer til en nedbringelse af gældskvotienten , mens positive værdier angiver bidrag til en stigning . 161
Note : In Chart 2b negative values indicate a contribution of the respective factor to a decrease in the debt ratio , while positive values indicate a contribution to its increase .
Tabel 5 Italien : Den offentlige bruttogælds sammensætning 1990 1991 1992 1993 1994 1995 1996 1997 Gæld i alt ( pct .
162 Table 5
af total ) 94,5 93,8 92,8 88,8 86,8 85,4 82,8 79,0 Gennemsnitlig løbetid ( b ) ( år ) 2,4 2,8 2,8 3,0 4,5 4,3 4,3 4,5 ( c ) Sammensætning på løbetid ( pct . af total ) Kortfristet ( <1 år) 67,3 66,9 65,0 60,6 51,7 51,0 51,5 49,4 Mellemfristet (1-5 år) 21,1 18,2 19,4 23,0 26,8 26,6 25,6 25,8 Langfristet (> 5 år ) 11,6 15,0 15,6 16,4 21,5 22,4 22,9 24,8 Kilde : Nationale data , undtagen gæld i alt ( Europa-Kommissionen ( prognose forår 1998 )) .
Italy : General government gross debt str uctural features Total debt ( as a percentage of GDP ) Composition by currency (% of total ) In domestic currency In foreign currencies Domestic ownership (% of total ) Average maturity ( a ) ( years ) Composition by maturity ( b ) (% of total ) Short-term ( < 1 year) Medium-term (1-5 years) Long-term (> 5 years ) 1990 1991 1992 1993 1994 1995 1996 1997 98.0 101.5 108.7 119.1 124.9 124.2 124.0 121.6 94.0 6.0 94.5 2.4 67.3 21.1 11.6 94.3 5.7 93.8 2.8 66.9 18.2 15.0 93.9 6.1 92.8 2.8 65.0 19.4 15.6 93.0 7.0 88.8 3.0 60.6 23.0 16.4 93.0 7.0 86.8 4.5 51.7 26.8 21.5 92.7 7.3 85.4 4.3 51.0 26.6 22.4 93.4 6.6 82.8 4.3 51.5 25.6 22.9 93.1 6.9 79.0 4.5 49.4 25.8 24.8 Source : National data except for total debt ( European Commission ( spring 1998 forecasts )) .
Kun indenlandsk ejet gæld .
Domestic debt only .
Den kortfristede gæld inkluderer alle variabelt forrentede papirer uanset løbetid .
The short-term component includes all floating rate securities , irrespective of their residual maturities .
Italien : Offentligt overskud (+) / underskud (-) ( procent af BNP )
Italy : General government surplus (+) / deficit (-) ( as a percentage of GDP )
( a ) Niveau 0 - 4 - 8 - 12 1990 1991 1992 1993 1994 1995 1996 1997
( a ) Levels 0 - 4 - 8 - 12 1990 1991 1992 1993 1994 1995 1996 1997
Italien : Offentlige udgifter og indtægter ( procent af BNP ) Udgifter i alt 60 Løbende indtægter i alt
Italy : General government expenditure and receipts ( as a percentage of GDP ) Total expenditure 60 Total current receipts
Italien : Offentlige sektors budgetstilling ( pct . af BNP )
Italy : General government budgetary position ( as a percentage of GDP )
Løbende indtægter i alt Skatter Sociale bidrag Andre løbende indtægter Udgifter i alt Løbende overførsler Faktiske rentebetalinger Offentligt forbrug Kapitaludgifter , netto Overskud (+) or underskud (-) Primær balance Overskud (+) eller underskud (-) , fratrukket offentlige investeringsudgifter ( a )
Total current receipts Taxes Social security contributions Other current receipts Total expenditure Current transfers Actual interest payments Public consumption Net capital expenditure Surplus (+) or deficit (-) Primary balance Surplus (+) or deficit (-) , net of public investment expenditure ( a )
Italien : Beregninger vedr . gældskonvergens a ) Baseret på den offentlige sektors saldo ( procent af BNP )
Italy : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( as a percentage of GDP )
Bruttogæld
Total gross debt 1997 121.6 1998 118.1
overskud (+)) 1997 - 2,7 1998 - 2,5
surplus (+)) 1997 1998 - 2.7 - 2.5
Budgetbalance konsistent med en reduktion af gælden til 60 pct . af BNP i 2002 2007 2012 11,0 * 3,1 * 0,9 * 10,4 ** 2,5 ** 0,3 **
Overall fiscal balance consistent with reduction of debt level to 60 % of GDP in 2002 2007 2012 11.0 * 3.1 * 0.9 * ** ** 10.4 2.5 0.3 **
(*) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 og 2012 , hvis den offentlige sektors saldo i 1998 er som skønnet og derefter udviser et overskud på henholdsvis 11,0 pct .
(*) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the overall fiscal balance for 1998 is as forecast and the overall fiscal balances were maintained at 11.0% , 3.1% and 0.9% of GDP respectively , from 1999 onwards .
De underliggende antagelser er en vækst i realt BNP på 1,8 pct . i 1998 , som skønnet af Kommissionen , og en inflation på 2 pct .
The underlying assumptions are a real trend GDP growth rate of 1.8% in 1998 , as estimated by the Commission , and an inflation rate of 2 %.
(**) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 og 2012 , hvis den offentlige sektors saldo i 1998 er som skønnet og derefter udviser et overskud på henholdsvis 10,4 pct .
Stock-flow adjustments are disregarded . (**) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the overall fiscal balance for 1998 is as forecast and the overall fiscal balances were maintained at 10.4% , 2.5% and 0.3% of GDP respectively , from 1999 onwards .
De underliggende antagelser er en vækst i realt BNP på 2,5 pct . og en inflation på 2 pct .
The underlying assumptions are a real GDP growth rate of 2.5% and an inflation rate of 2 %.
Der er set bort jra stock-flow justeringer .
Stock-flow adjustments are disregarded .
Primær balance konsistent med en reduktion af gælden til 60 pct . af BNP i 2002 2007 2012 16,6 * 8,4 * 6,1 * 15,9 ** 7,8 ** 5,5 **
Primary fiscal balance consistent with reduction of debt level to 60 % of GDP in 2002 2007 2012 8.4 * 6.1 * 16.6 * 15.9 ** 7.8 ** 5.5 **
(*) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 og 2012 , hvis den offentlige sektors saldo i 1998 er som skønnet og derefter udviser et overskud på henholdsvis 16,6 pct .
(*) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the primary fiscal balance for 1998 is as forecast and the primary fiscal balances were maintained at 16.6% , 8.4% and 6.1% of GDP respectively , from 1999 onwards .
De underliggende antagelser er en vækst i realt BNP på 1,8 pct . i 1998 , som skønnet af Kommissionen , en inflation på 2 pct .
The underlying assumptions are a real trend GDP growth rate of 1.8% in 1998 , as estimated by the Commission , an inflation rate of 2 % and a nominal interest rate of 6 %.
og en nominel rente på 6 pct .
Stock-flow adjustments are disregarded .
(**) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 og 2012 , hvis den offentlige sektors saldo i 1998 er som skønnet og derefter udviser overskud et på henholdsvis 15,9 pct .
(**) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the primary fiscal balance for 1998 is as forecast and the primary fiscal balances were maintained at 15.9% , 7.8% and 5.5% of GDP respectively , from 1999 onwards .
, en inflation på 2 pct . og en nominel rente på 6 pct .
The underlying assumptions are a real GDP growth rate of 2.5% , an inflation rate of 2 % and a nominal interest rate of 6 %.
Italien : Potentiel fremtidig gældskvotient under alternative antagelser ( procent af BNP )
Italy : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP )
( a ) Vækst i realt BNP : 1,8 pct . Konstant offentlig saldo 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Konstant primær balance Balanceret budget
( a ) Real GDP growth rate : 1.8% Constant overall balance 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Constant primary balance Balanced budget