natgillin/translations-raw huggingface dataset:
Kilde : Europa-Kommissionen ( prognose forår 1998 ) .
Source : European Commission ( spring 1998 forecasts ) .
Anm . : I figur 3b angiver negative værdier bidrag til en stigning i underskuddet , mens positive værdier angiver bidrag til et fald .
Note : In Chart 3b negative values indicate a contribution to an increase in deficits , while positive values indicate a contribution to their reduction .
Belgien : Offentlige udgifter og indtægter ( procent af BNP ) Udgifter i alt 60 55 50 45 1990 1991 1992 1993 1994 1995 1996 1997 Indtægter i alt
Belgium : General government expenditure and receipts ( as a percentage of GDP ) Total expenditure 60 55 50 45 1990 1991 1992 1993 1994 1995 1996 1997 Total current receipts
Belgien : Den offentlige sektors budgetstilling ( procent af BNP )
Belgium : General government budgetary position ( as a percentage of GDP )
Indtægter i alt Skatter Sociale bidrag Andre løbende indtægter Udgifter i alt Løbende overførsler Faktiske renteudgifter Offentligt forbrug Kapitaludgifter , netto Overskud (+) eller 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 )
( a ) Et negativt fortegn angiver , at det offentlige underskud er højere end investeringsudgifterne .
( a ) A negative sign indicates that the government deficit is higher than investment expenditure .
Belgien : Beregninger vedr . gældskonvergens ( a ) Baseret på den offentlige sektors saldo ( procent af BNP )
Belgium : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( as a percentage of GDP )
Bruttogæld
Total gross debt 1997 122.2 1998 118.1
Offentlige sektors saldo ( underskud : (-) ;
Overall fiscal balance ( deficit : (-) ;
overskud (+)) 1997 - 2,1 1998 - 1,7
surplus (+)) 1997 1998 - 2.1 - 1.7
Budgetbalance konsistent med en reduktion af gælden til 60 pct . af BNP i ( a ) 2002 2007 2012 10,6 2,7 0,5
Overall fiscal balance consistent with reduction of debt level to 60 % of GDP in ( a ) 2002 2007 2012 10.6 2.7 0.5
( a ) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 and 2012 , hvis den offentlige sektors saldo i 1998 er som skønnet og derefter udviser et overskud på henholdsvis 10,6 pct .
( a ) 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 10.6% , 2.7% and 0.5% of GDP respectively , from 1999 onwards .
De underliggende antagelser er en vækst i realt BNP på 2,3 pct . i 1998 , som skønnet af Kommissionen , og en inflation på 2 pct .
The underlying assumptions are a real trend GDP growth rate of 2.3% in 1998 , as estimated by the Commission , and an inflation rate of 2 %.
Der er set bort fra stock-flow justeringer .
Stock-flow adjustments are disregarded .
( b ) Baseret på den offentlige sektors primære balance ( procent af BNP )
( b ) On the basis of primary fiscal balances ( as a percentage of GDP )
Primær balance konsistent med en reduktion af gælden til 60 pct . af BNP i ( a ) 2002 2007 2012 16,2 8,0 5,7
Primary fiscal balance consistent with reduction of debt level to 60 % of GDP in ( a ) 2002 2007 2012 16.2 8.0 5.7
( a ) Beregningerne viser , at gældskvotienten vil falde til 60 pct . i henholdsvis 2002 , 2007 and 2012 , hvis den primære balance i 1998 er som skønnet og derefter udviser et overskud på henholdsvis 16,2 pct .
( a ) 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 16.2% , 8.0% and 5.7% of GDP respectively , from 1999 onwards .
i 1998 , som skønnet af Kommissionen , og en inflation på 2 pct . og en nominel rente på 6 pct .
The underlying assumptions are a real trend GDP growth rate of 2.3% in 1998 , as estimated by the Commission , an inflation rate of 2 % and a nominal interest rate of 6 %.
Figur 5
Chart 5
Belgien : Potentiel fremtidig gældskvotient under alternative antagelser ( procent af BNP ) 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
Belgium : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) 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
Kilde : Europa-Kommissionen ( prognose forår 1998 ) og EMI-beregninger . Anm .
Source : European Commission ( spring 1998 forecasts ) and EMI calculations .
af BNP , eller en primær balance på 6,0 pct . af BNP , eller alternativt at budgettet balancerer fra og med 1999 .
Note : The three scenarios assume that the debt ratio of 118.1% of GDP for 1998 is as forecast and that the 1998 overall balance of - 1.7% of GDP or the primary balance of 6.0% of GDP will be kept constant over the period considered ( as a percentage of GDP ) , or , alternatively , that a balanced budget is maintained from 1999 onwards .
De underliggende antagelser er en fortsat vækst i realt BNP som i 1998 på 2,3 pct . som skønnet af Kommissionen ;
The underlying assumptions are a real trend GDP growth rate in 1998 of 2.3% as estimated by the Commission ;
en inflation på 2 pct .;
an inflation rate of 2 %;
og i tilfældet med en konstant primær balance en nominel rente på 6 pct .
and , in the constant primary balance scenario , a nominal interest rate of 6 %.
Belgien : Fremskrivning af forsørgerbyrden 1990 Forsørgerbyrden ( andel af befolkningen over 64 år i forhold til andelen mellem 15 og 64 år ) 22,4 2000 25,1 2010 25,6 2020 2030 31,9 41,1
Belgium : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 22.4 2000 25.1 2010 25.6 2020 31.9 2030 41.1
Kilde : Bos , E. og andre ( 1994 ) , World population projections 1994-95 , Verdensbanken , Washington DC .
Source : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , World Bank , Washington DC .
III Valutakursudviklingen Tabel 9
III Exchange rate developments Table 9
( a ) Belgien : Valutakursstabilitet ( 1 . marts 1996 - 27 .
( a ) Belgium : Exchange rate stability ( 1 March 1996 - 27 February 1998 )
Medlemsskab af ERM Medlem siden Devaluering af bilateral centralkurs på landets eget initiativ Maksimal afvigelse opad (+) og nedad (-) fra centralkurserne i ERM-båndet , pct . mod ( a ) danske kroner D-mark spanske pesetas franske franc irske pund italienske lire hollandske gylden østrigske schilling portugisiske escudos finske mark
Membership of the Exchange Rate Mechanism ( ERM ) Membership since Devaluation of bilateral central rate on country 's own initiative Maximum upward (+) and downward (-) deviations from central rates in the ERM grid (%) against ( a ) Danish krone Deutsche Mark Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka
Ja 13 . marts 1979 Nej
Yes 13 March 1979 No
Kilde : Europa-Kommissionen og EMI-beregninger .
Source : European Commission and EMI calculations .
( a ) Daglige observationer , glidende gennemsnit over 10 bankdage .
( a ) Daily data at business frequency ; 10-day moving average .
Afvigelser over for finske mark vedrører perioden fra 14 . oktober 1996 og frem mens afvigelserne over for italienske lire vedrører perioden fra 25 .
Deviations against the Finnish markka refer to the period from 14 October 1996 onwards , while deviations against the Italian lira refer to the period from 25 November 1996 onwards .
( b ) Væsentlige indikatorer for valutakursspændinger for belgiske franc 3-måneders gennemsnit til ultimo : Valutakursvolatilitet ( a ) Spænd mellem Korte renter ( b ) Maj 96 Aug . 96 Nov. 96 Feb. 97 Maj 97 Aug .
( b ) Key indicators of exchange rate pressure for the Belgian franc Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2 Feb 97 May 97 Aug 97 Nov 97 Feb 98 0.3 - 0.1 0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.0
Kilde : Europa-Kommissionen , nationale data og EMI-beregninger .
Source : European Commission , national data and EMI calculations .
( a ) Månedlige standardafvigelser på daglige procentvise ændringer i valutakursen i forhold til D-mark , årsniveau i pct .
( a ) Annualised monthly standard deviation of daily percentage changes of the exchange rate against the DEM , in percentages .
( b ) Forskel mellem 3-mdrs . pengemarkedsrenter og et vejet gennemsnit af tilsvarende renter i Belgien , Tyskland , Frankrig , Holland og Østrig , procentpoint .
( b ) Differential of three-month interbank interest rates against a weighted average of interest rates in Belgium , Germany , France , the Netherlands and Austria , in percentage points .
Figur 6
Chart 6
Belgiske franc : Afvigelser fra de bilaterale centralkurser i ERM ( daglige observationer ;
Belgian franc : Deviations from ERM bilateral central rates ( daily data ;
procent ;
percentages ;
marts 1996 til 27 . februar 1998 ) BEF / DKK 15 10 5 0 - 5 - 10 - 15 2 .
1 March 1996 to 27 February 1998 ) BEF / DKK 15 10 5 0 - 5 - 10 - 15 Q2 1996 BEF / NLG Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 BEF / DEM BEF / ESP BEF / FRF BEF / IEP
BEF / ITL 15 10 5 0 - 5 - 10 - 15 2 .
BEF / ITL 15 10 5 0 - 5 - 10 - 15 Q2
BEF / ATS
BEF / ATS
BEF / PTE
BEF / PTE
BEF / FIM
BEF / FIM
kv . 1996
1996 Q3
kv .
Q1
kv . 1997
1997 Q3
: Afvigelserne over for den finske mark vedrører perioden fra 14 . oktober 1996 og frem , mens afvigelser over for italienske lire vedrører perioden fra 25 .
Note : Deviations against the Finnish markka refer to the period from 14 October 1996 onwards , while deviations against the Italian lira refer to the period from 25 November 1996 onwards .
Belgiske franc : Mål for den reale effektive valutakurs over for ERM-medlemslande ( månedlige data ;
Belgian franc : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ;
procentvise afvigelser ;
percentage deviations ;
februar 1998 sammenlignet med forskellige benchmark-perioder )
February 1998 compared with different benchmark periods )
Gennemsnit apr. 73-feb . 98 Reale effektive valutakurser : Baseret på forbrugerpriser Baseret på producent -/ engrospriser Memo : Nominel effektiv valutakurs Kilde : BIS og EMI-beregninger .
Average Apr 73-Feb 98 Real effective exchange rates : CPI-based PPI / WPI-based Memo item : Nominal effective exchange rate Source : BIS and EMI calculations .
Anm . : Et positivt ( negativt ) fortegn angiver en appreciering ( depreciering ) .
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) .
Gennemsnit Gennemsnit jan. 87-feb . 98 1987 - 0,3 0,5 2,3 - 0,4 0,9 5,6
Average Jan 87-Feb 98 - 0.3 0.5 2.3 Average 1987 - 0.4 0.9 5.6
Belgien : Udvikling i eksterne forhold ( procent af BNP ) 1990 Bet .
Belgium : External developments ( as a percentage of GDP )
løbende saldo plus ny kapitalpost 1,8 Nettotilgodehavende i (+) eller gæld til (-) i udl . ( c ) 4,2 Eksport ( varer og tjenester )( d ) 68,2 65,9 Import ( varer og tjenester )( e ) ( b )
Current account plus new capital account Net foreign assets (+) or liabilities (-) ( c ) Exports ( goods and services ) ( d ) Imports ( goods and services ) ( e ) ( b )
1996 1997 ( a ) 4,2 4,7 17,9 21,9 81,0 83,6 76,8 78,9
1996 1997 ( a ) 4.2 4.7 17.9 21.9 81.0 83.6 76.8 78.9
Kilde : Nationale data , bortset fra eksport og import ( Europa-Kommissionen , prognose forår 1998 ) .
Source : National data except exports and imports ( European Commission , spring 1998 forecasts ) .
5 . udgave af IMFs betalingsbalancemanual , hvilket begrebsmæssigt svarer til betalingsbalancens løbende poster i manualens tidligere udgaver .
( b ) According to the 5th edition of the IMF Balance of Payments Manual , which is conceptually the equivalent of the current acco unt in previous editions of the Manual .
Data til og med 1994 inkluderer Luxemburg .
Data up to and including 1994 include Luxembourg .
( c ) International investeringsposition ( IIP ) som defineret af IMF ( se Balance of Payments Yearbook , Part 1 , 1994 ) , eller nærmest mulige substitut .
( c ) International investment position ( IIP ) as defined by the IMF ( see Balance of Payments Yearbook , Part 1 , 1994 ) , or the closest possible substitute .
( d ) I 1996 var andelen af vareeksport til EU-lande 70,4 pct . af den samlede BLEU nationale vareeksport ;
( d ) In 1996 the share of intra-EU exports of goods in BLEU national exports of goods was 70.4% ;
Direction of Trade Statistics Yearbook 1997 , IMF .
Direction of Trade Statistics Yearbook 1997 , IMF .
( e ) I 1996 var andelen af vareimport fra EU-lande 73,6 pct . af den samlede BLEU nationale vareimport ;
( e ) In 1996 the share of intra-EU imports of goods in BLEU national imports of goods was 73.6% ;
IV Udviklingen i den lange rente Tabel 12
IV Long-term interest rate developments Table 12
Belgien : Lang rente ( procent )
Belgium : Long-term interest rates ( percentages )
Lang rente Referenceværdi Kilde : Europa-Kommissienon . 1996 6,5 9,1
1996 Long-term interest rate Reference value Source : European Commission .
Nov. 97 5,7 -
Nov 97 5.7 -
Dec. 97 5,5 -
Dec 97 5.5 -
Jan. 9 8 5,2 - Feb. 97 - jan. 98 5,7 7,8
Jan 98 Feb. 97 - Jan 98 5.2 5.7 7.8 6.5 9.1
Figur 7
Chart 7
( a ) Belgien : Lang rente ( månedsgennemsnit ;
( a ) Belgium : Long-term interest rate ( monthly averages ;
procent ) 11 10 9 8 7 6 5 1990 1991 1992 1993 1994 1995 1996 1997
in percentages ) 11 10 9 8 7 6 5 1990 1991 1992 1993 1994 1995 1996 1997
( b ) Belgien : Lang rente og forbrugerprisinflation , afvigelse fra EU-lande med laveste renter * ( månedsgennemsnit , procentpoint ) Lang rente 2 1 0 - 1 - 2 - 3 1990 1991 1992 1993 1994 1995 1996 1997 Forbrugerprisinflation Kilde : Renter : Europa-Kommissionen ( hvor disse ikke er tilgængelige er bedst sammenlignelige data anvendt ) ;
( b ) Belgium : Long-term interest rate and CPI inflation differentials against EUcountries with lowest long-term interest rates * ( monthly averages ; in percentage points ) Long-term interest rate differential 2 1 0 - 1 - 2 - 3 1990 1991 1992 1993 1994 1995 1996 1997 Source : Interest rates : European Commission ( where these are not available the most comparable data have been used ) ;
de anvendte forbrugerprisdata er ikke-harmoniserede nationale data .
the CPI data used are non-harmonised national data .
* Vejet gennemsnit for Belgien , Tyskland , Frankrig , Holland og Østrig .
* Weighted average of data for Belgium , Germany , France , the Netherlands and Austria .
DANMARK Prisudvikling I referenceperioden fra februar 1997 til januar 1998 var den gennemsnitlige inflation i Danmark , målt ved det harmoniserede forbrugerprisindeks ( HICP ) , 1,9 pct .
DENMARK Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Denmark was 1.9% , i.e. well below the reference value of 2.7% .
I 1996 var den gennemsnitlige HICP-inflation 2,1 pct . ( se tabel 1 ) .
In 1996 average HICP inflation was 2.1% ( see Table 1 ) .
Set over de seneste to år har HICP-inflationen i Danmark været på et niveau , der normalt anses som foreneligt med prisstabilitet .
Seen over the past two years , HICP inflation in Denmark has been at levels which are generally considered to be consistent with price stability .
I tilbageblik har inflationen i Danmark , målt ved det nationale forbrugerprisindeks , ligget stabilt omkring 2 pct . siden 1992 ( se figur 1 ) .
Looking back , consumer price inflation in Denmark , as measured on the basis of the CPI , has remained steady at around 2 % since 1992 ( see Chart 1 ) .
Denne generelt lave inflation afspejler en række vigtige politik-valg herunder især , at pengepolitikken har været tilrettelagt med henblik på at holde kronekursen stabil over for de stærkeste ERM-valutaer .
This experience of generally low inflation reflects a number of important policy choices , most notably the orientation of monetary policy towards keeping the exchange rate of the Danish krone stable vis - - vis the strongest ERM currencies .
Derudover har finanspolitikken i de seneste år bidraget til at mindske risikoen for inflation .
Moreover , in recent years fiscal policy has contributed to reducing the risks to inflation .
Også arbejdsmarkedsreformer , både i 1980'erne og i 1990'erne , har medvirket til en stabilisering af den lave inflation .
The stabilisation of inflation at a low level has also been supported by , inter alia , labour market reforms in both the 1980s and the 1990s .
Frem til 1993 bidrog den makroøkonomiske udvikling til at mindske det opadgående pres på priserne , idet væksten i BNP var lav om end positiv ( se tabel 2 ) .
Until 1993 the macroeconomic environment contributed to containing upward pressure on prices , as GDP grew at relatively low , albeit continuously positive rates ( see Table 2 ) .
Selvom Danmark var mindre påvirket af lavkonjunkturen i 1993 end de øvrige medlemslande , øgedes det negative produktionsgab i 1992-93 .
Although Denmark was less affected by the 1993 recession than other Member States , the negative output gap widened in 1992-93 .
Siden 1994 har et robust opsving imidlertid taget form , ledsaget af en eliminering af produktionsgabet .
However , since 1994 a robust recovery has been under way , accompanied by a closing of the output gap .
En moderat vækst i enhedslønomkostningerne og faldende eller stort set stabile importpriser gennem størstedelen af 1990'erne har medvirket til at holde inflationen under kontrol .
Control over inflation has benefited from modest growth in unit labour costs and falling or broadly stable import prices during most of the 1990s .
Imidlertid er væksten i både enhedslønomkostninger og importpriser accelereret i 1997 .
However , in 1997 growth in both unit labour costs and import prices accelerated .
Den lave inflationstakt ses også i andre relevante prisindeks , selvom nettoprisindekset er steget støt siden 1993 og oversteg 2 pct . i 1997 ( se tabel 2 ) .
Low rates of inflation are also apparent when it is measured in terms of other relevant indicators of inflation , although the CPI excluding changes in net indirect taxes has risen steadily since 1993 and exceeded 2 % in 1997 ( see Table 2 ) .
Tendenser og prognoser for forbrugerprisinflationen ( målt som den procentvise ændring i forhold til samme måned året før ) viser et fald til under 2 pct . og ingen tegn på et opadgående pres i den nærmeste fremtid med baggrund i indikatorerne vist i tabel 3a .
Looking at recent trends and forecasts , current outturns for consumer price inflation ( measured as a percentage change over the corresponding month a year earlier ) have been decreasing to below 2 % and there are no signs of immediate upward pressure on the basis of the measures shown in Table 3a .
Prognoser tyder på en stigning i inflationen til noget over 2 pct . i 1998 og lidt højere i 1999 ( se tabel 3b ) .
Forecasts of inflation suggest a rise over the next two years to somewhat above 2 % in 1998 and slightly higher in 1999 ( see Table 3b ) .
I denne periode er truslerne mod prisstabilitet knyttet til en indsnævring af produktionsgabet , et stramt arbejdsmarked og udviklingen i ejendomspriserne og priserne på finansielle aktiver .
Risks for price stability over this period are associated with a narrowing of the output gap , tight labour market conditions and trends in asset prices .
På længere sigt , og uanset at Danmark ikke har til hensigt at deltage i den fælles pengepolitik , må landets tætte valutariske og økonomiske tilknytning til andre EUlande formodes at rimeliggøre , at både pengepolitikken og den øvrige økonomiske politik er indrettet tæt efter den førte politik i euroområdet , med opnåelsen af prisstabilitet via stabile valutakurser som den mest passende politiske målsætning .
Looking further ahead , although Denmark does not intend to participate in the single monetary policy , its close exchange rate and economic links with other EU countries are likely to warrant national monetary and economic policies which are aligned closely with those of the euro area , with the pursuit of price stability via stable exchange rates providing the most appropriate policy objective .
Lav indenlandsk inflation skal også understøttes af en passende finanspolitik og af økonomisk-politiske tiltag , der sigter mod at øge konkurrencen på produktmarkederne og yderligere mindske stivhederne på arbejdsmarkedet .
The environment of low domestic inflation also needs to be supported by the conduct of appropriate fiscal policies as well as by measures aimed at further enhancing competition in product markets and further reducing rigidities in the labour market .
Udviklingen i de offentlige finanser I referenceåret 1997 var der et overskud på de offentlige budgetter på 0,7 pct .
Fiscal developments In the reference year 1997 the general government budget balance showed a surplus of 0.7% of GDP , hence the 3 % reference value for the deficit ratio was comfortably met , while the debt ratio was 65.1% , i.e. above the 60 % reference value .
Referenceværdien for budgetunderskud på 3 pct . af BNP blev således rigeligt overholdt , mens gælden var 65,1 pct .
Compared with the previous year , the fiscal balance has improved by 1.4 57
Sammenlignet med året før blev de offentlige budgetter forbedret med 1,4 procentpoint , mens gældskvotienten faldt med 5,5 procentpoint .
percentage points , moving into surplus , while the debt ratio has fallen by 5.5 percentage points .
1998 ventes budgetoverskuddet at stige til 1,1 pct . af BNP , mens gælden forventes at aftage til 59,5 pct .
In 1998 the surplus is forecast to increase to 1.1% of GDP , while the debt ratio is projected to decline to 59.5% i.e. just below the reference value .
lige under referenceværdien . I 1996 lå budgetunderskuddet under niveauet for de offentlige investeringer ( se tabel 4 ) .
In 1996 the deficit ratio was below the ratio of public investment expenditure to GDP ( see Table 4 ) .
I perioden fra 1990 til 1997 under ét er den danske gældskvotient forøget med 4,3 procentpoint . Først steg gældskvotienten fra 60,8 pct .
Looking back over the years 1990 to 1997 , the Danish debt-to-GDP ratio increased by 4.3 percentage points ;
i 1990 til 81,6 pct . i 1993 , hvorefter den aftog kontinuerligt år for år til 65,1 pct .
initially the ratio rose , from 60.8% of GDP in 1990 to 81.6% of GDP in 1993 ;
i 1997 ( se figur 2a ) , dvs . et fald på 16,5 procentpoint i løbet af fire år .
thereafter it declined steadily year by year to stand at 65.1% in 1997 ( see Chart 2a ) , i.e. a decline of 16.5 percentage points over four years .
Som det fremgår mere detaljeret af figur 2b , var det primære budgetoverskud i begyndelsen af 1990'erne næsten tilstrækkeligt til at opveje de betydelige gældsforøgende effekter fra den negative vækst-rente forskel .
As is shown in greater detail in Chart 2b , in the early 1990s the primary surplus was close to outweighing the sizable debtincreasing effects of a negative growth / interest rate differential .
Imidlertid bidrog « stock-flow-justeringer » kraftigt til at forøge gælden , specielt i 1993 .
However , there was a strong upward effect on the debt ratio as a result of stock-flow adjustments , most notably in 1993 .
Denne gældsforøgelse afspejlede bl . a. opbygningen af betydelige indskud i Nationalbanken i forbindelse med forøgelse af valutareserverne .
These upward adjustments reflected , inter alia , the creation of sizable deposits at the central bank to boost foreign exchange reserves .
Efter 1993 bidrog en vækst på over 3 pct . og senere en forbedring af den offentlige saldo til at reducere gældskvotienten .
After 1993 a growth rate of above 3 %, and later an improvement in the budget , contributed to reducing the debt ratio .