natgillin/translations-raw huggingface dataset:
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11 Äáíßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 6 ( á ) Äáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Äáíßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 11 Denmark : Long-term interest rates Chart 6 ( a ) Denmark : Long-term interest rate ( b ) Denmark : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Äáíßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Denmark : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
ÍïÝ . 97 1,6 -
Nov 97 1.6 -
Äåê . 97 1,6 -
Dec 97 1.6 -
Éáí . 98 1,7 -
Jan 98 Feb 97 - Jan 98 1.7 1.9 2.7
ÄéÜãñáììá 1 Äáíßá : Ç åîÝëéîç ôùí ôéìþí ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) ÄÔÊ Êüóôïò åñã .
Denmark : Price developments ( annual percentage changes ) CPI 4 3 2 1 0 - 1 - 2 - 3 - 4 1990 Source : National data .
Ðßíáêáò 2
Table 2
Äáíßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÁðïðëçèùñéóôÞò ÁÅÐ ÔéìÝò ðáñáãùãïý Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) Ðïóïóôü áíåñãßáò (%) Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí Áíáôßìçóç íïìßóìáôïò ( ã ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Denmark : Measures of inflation and related indicators ( annual percentage changes unless otherwise stated ) 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 (%) Unit labour costs , whole economy Compensation per employee , whole economy Labour productivity , whole economy Import price deflator Exchange rate appreciation ( c ) Broad monetary aggregate ( M3H )( d ) Stock prices House prices 2.6 3.1 2.7 3.4 3.8 1.4 - 0.1 9.6 2.0 4.1 2.0 - 0.9 6.6 6.0 12.1 - 7.5
Ì3 )( ä ) ÔéìÝò ìåôï ÷ þí ÔéìÝò êáôïéêéþí 2,6 3,1 2,7 3,4 3,8 1,4 - 0,1 9,6 2,0 4,1 2,0 - 0,9 6,6 6,0 12,1 - 7,5 1991 2,4 2,6 2,7 2,5 2,4 1,3 - 0,6 10,5 1,9 3,9 2,0 1,9 - 1,5 8,3 - 1,6 1,3 1992 2,1 2,1 1,2 2,2 0,2 0,2 - 2,2 11,2 1,9 4,2 2,2 - 1,3 2,5 1,8 - 12,8 - 1,6 1993 1,2 1,4 0,4 0,8 1,2 1,5 - 2,7 12,3 - 0,7 1,9 2,7 - 3,0 2,8 4,3 0,8 - 0,9 1994 2,0 1,6 2,6 2,4 1,3 4,2 - 0,7 12,2 0,0 3,8 3,8 - 0,5 - 0,0 4,1 18,7 12,1 1995 2,1 1,9 2,1 2,1 3,4 2,6 - 0,4 10,3 2,0 3,5 1,5 - 1,1 4,3 - 2,0 - 3,7 7,6 1996 1997 ( á ) 2,1 2,0 2,5 1,9 1,4 2,7 - 0,2 8,7 0,9 3,1 2,1 - 0,5 - 1,0 7,2 16,2 10,8 2,2 2,2 2,1 1,9 1,3 2,9 0,1 7,8 3,0 4,0 1,0 3,0 - 3,0 4,8 42,3 9,0
1994 2.0 1.6 2.6 2.4 1.3 4.2 - 0.7 12.2 0.0 3.8 3.8 - 0.5 - 0.0 4.1 18.7 12.1 1995 1996 1997 ( a ) 2.1 1.9 2.1 2.1 3.4 2.6 - 0.4 10.3 2.0 3.5 1.5 - 1.1 4.3 - 2.0 - 3.7 7.6 2.1 2.0 2.5 1.9 1.4 2.7 - 0.2 8.7 0.9 3.1 2.1 - 0.5 - 1.0 7.2 16.2 10.8 2.2 2.2 2.1 1.9 1.3 2.9 0.1 7.8 3.0 4.0 1.0 3.0 - 3.0 4.8 42.3 9.0
( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü 1998 ÅõñùðáúêÞ ÅðéôñïðÞ ( Üíïéîç 1998 ) , ÅíÄÔÊ ÏÏÓÁ ( ÄåêÝìâñéïò 1997 ) , áðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÄÍÔ ( Ïêôþâñéïò 1997 ) , ÄÔÊ ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) , ÏÏÓÁ êáé ÄÍÔ . 1999 2,2 2,9 .
( b ) Inflation forecasts 1998 2.1 2.6 2.6 1999 2.2 2.9 . European Commission ( spring 1998 ) , HICP OECD ( December 1997 ) , private consumption deflator IMF ( October 1997 ) , CPI Source : European Commission ( spring 1998 forecasts ) , OECD and IMF .
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4
Table 4 Denmark : General government financial position ( as a percentage of GDP )
Äáíßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1996 Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò Ðëåüíáóìá (+) / Ýëëåéììá (-) , ÷ ùñßò ôéò äáðÜíåò äçìüóéùí åðåíäýóåùí ( â ) ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ã ) ÔéìÞ áíáöïñÜò - 0,7 - 3 1,4 70,6 60 1997 0,7 - 3 2,5 65,1 60 1998 ( á ) 1,1 - 3 .
General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt ( c ) Reference value 1996 - 0.7 - 3 1.4 70.6 60
Óýìöùíá ìå ôéò äçëþóåéò 5 êáé 6 óå ó ÷ Ýóç ìå ôïí Êáíïíéóìü ôïõ Óõìâïõëßïõ ( ÅÅ ) áñéè . 3605/93 ôçò 22 Íïåìâñßïõ 1993 , ôï Óõìâïýëéï êáé ç ÅðéôñïðÞ óõìöùíïýí üôé , ãéá ôç Äáíßá , áõôÜ ôá êïíäýëéá èá åìöáíßæïíôáé óôï áêáèÜñéóôï ÷ ñÝïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá .
According to statements 5 and 6 relating to Council Regulation ( EC ) No. 3605/93 of 22 November 1993 , the Council and the Commission agree that , for Denmark , these items shall be specified in the presentation of general government gross debt .
ÓõíïëéêÜ áíÝñ ÷ ïíôáí óôï 9,6% ôïõ ÁÅÐ ôï 1996 êáé 8,0% ôïõ ÁÅÐ ôï 1997 .
They totalled 9.6% of GDP in 1996 and 8.0% of GDP in 1997 .
Åðßóçò , ôá óôïé ÷ åßá äåí Ý ÷ ïõí ðñïóáñìïóôåß ùò ðñïò ôá ðïóÜ ôïõ áíåîüöëçôïõ äçìüóéïõ ÷ ñÝïõò áðü ôç ÷ ñçìáôïäüôçóç äçìüóéùí åðé ÷ åéñÞóåùí ôá ïðïßá , óýìöùíá ìå ôç äÞëùóç 8 ðïõ ó ÷ åôßæåôáé ìå ôïí ðñïáíáöåñüìåíï Êáíïíéóìü , èá õðüêåéíôáé óå îå ÷ ùñéóôÞ ðáñïõóßáóç ãéá ôá ÊñÜôç-ÌÝëç .
In addition , the data are not adjusted for the amounts outstanding in the government debt from the financing of public undertakings , which , according to statement 3 relating to the aforementioned Regulation , will be subject to a separate presentation for the Member States .
Óôç Äáíßá , ôï êïíäýëéï áõôü áíôéóôïé ÷ ïýóå óôï 5,2% ôïõ ÁÅÐ ôï 1996 êáé 4,9% ôïõ ÁÅÐ ôï 1997 .
In Denmark this item amounted to 5.2% of GDP in 1996 and 4.9% of GDP in 1997 .
Óçìåßùóç : Âë . õðïóçìåßùóç ( ã ) óôïí Ðßíáêá 4 .
Note : See footnote ( c ) in Table 4 .
Óçìåßùóç : Óôï ÄéÜãñáììá 2â ïé áñíçôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ ôïõ áíôßóôïé ÷ ïõ ðáñÜãïíôá óå ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò , åíþ ïé èåôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå áýîçóÞ ôïõ .
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 .
Äáíßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 1990 Óõíïëéêü ÷ ñÝïò ( á ) (% ôïõ ÁÅÐ ) ÄéÜñèñùóç êáôÜ íüìéóìá (% óõíüëïõ ) Óå åã ÷ þñéï íüìéóìá Óå îÝíá íïìßóìáôá Åóùôåñéêü ÷ ñÝïò ( â ) 1991 65,5 83,6 16,4 .
Denmark : General government gross debt str uctural features Total debt ( a ) ( as a percentage of GDP ) Composition by currency (% of total ) In domestic currency In foreign currencies Domestic ownership ( b ) (% of total ) Average maturity ( c ) ( years ) Composition by maturity ( d ) (% of total ) Short-term ( e ) ( < 1 year) Medium and long-term (Ն 1 year) 1990 60.8 77.5 22.5 .</p>
( á ) Âë . õðïóçìåßùóç ( ã ) óôïí ðßíáêá 4 .
( a ) See footnote ( c ) in Table 4 .
Ôá óôïé ÷ åßá ãéá ôï 1992 áöïñïýí ìüíï ôï ôñßôï ôñßìçíï .
For 1992 data refer to the third quarter only .
( á ) Åðßðåäá 1 0 - 1 - 2 - 3 1990 1991 1992 1993 1994 1995 1996 1997
( a ) Levels 1 0 - 1 - 2 - 3 1990 1991 1992 1993 1994 1995 1996 1997
( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Êõêëéêïß ðáñÜãïíôåò Ìç êõêëéêïß ðáñÜãïíôåò Óýíïëï ìåôáâïëÞò 2,0 1,5 1,0 0,5 0,0 - 0,5 - 1,0 - 1,5 1991 1992 1993 1994 1995 1996 1997
( b ) Annual changes and underlying factors Cyclical factors 2.0 1.5 1.0 0.5 0.0 - 0.5 - 1.0 - 1.5 1991 1992 1993 1994 1995 1996 1997 Non-cyclical factors Total change
Óçìåßùóç : Óôï ÄéÜãñáììá 3â ïé áñíçôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå áýîçóç ôùí åëëåéììÜôùí , åíþ ïé èåôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå ìåßùóÞ ôïõò .
Note : In Chart 3b negative values indicate a contribution to an increase in deficits , while positive values indicate a contribution to their reduction .
ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) . 75
Source : European Commission ( spring 1998 forecasts ) .
Ðßíáêáò 6
67 Table 6
Äáíßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Óýíïëï ôñå ÷ üíôùí åóüäùí Öüñïé ÅéóöïñÝò êïéíùíéêÞò áóöÜëéóçò ¢ ëëá ôñÝ ÷ ïíôá Ýóïäá Óýíïëï äáðáíþí ÔñÝ ÷ ïõóåò ìåôáâéâÜóåéò ÊáôáâëçèÝíôåò ôüêïé Äçìüóéá êáôáíÜëùóç ÊáèáñÝò êåöáëáéáêÝò äáðÜíåò Ðëåüíáóìá (+) Þ Ýëëåéììá (-) ÐñùôïãåíÝò áðïôÝëåóìá Ðëåüíáóìá (+) Þ Ýëëåéììá (-) , ÷ ùñßò ôéò äáðÜíåò äçìüóéùí åðåíäýóåùí ( á ) .
Denmark : General government budgetary position ( as a percentage of GDP ) 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 )
Ðßíáêáò 7
( a ) A negative sign indicates that the government deficit is higher than investment expenditure . Table 7
Äáíßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 22,7 21,6 24,9 31,7 37,7 2000 2010 2020 2030
Denmark : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 22.7 2000 21.6 2010 24.9 2020 31.7 2030 37.7
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8
III Exchange rate developments Table 8
( á ) Äáíßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( 1 Ìáñôßïõ 1996 - 27 Öåâñïõáñßïõ 1998 ) Óõììåôï ÷ Þ óôï Ìç ÷ áíéóìü Óõíáëëáãìáôéêþí Éóïôéìéþí ( ÌÓÉ ) Óõììåôï ÷ Þ áðü Õðïôßìçóç äéìåñïýò êåíôñéêÞò éóïôéìßáò ìå ðñùôïâïõëßá ôçò ÷ þñáò ÌÝãéóôåò ðñïò ôá Üíù (+) êáé ðñïò ôá êÜôù (-) áðïêëßóåéò áðü ôéò êåíôñéêÝò éóïôéìßåò óôï ðëÝãìá éóïôéìéþí ôïõ ÌÓÉ (%) Ýíáíôé ( á ) ÖñÜãêïõ Âåëãßïõ ÌÜñêïõ Ãåñìáíßáò ÐåóÝôáò Éóðáíßáò ÖñÜãêïõ Ãáëëßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò Åóêïýäïõ Ðïñôïãáëßáò ÌÜñêïõ Öéëáíäßáò 0,3 0,2 - 0,2 0,9 2,6 1,2 0,3 0,3 - 0,0 - 0,1 - 1,6 - 1,4 - 3,4 - 0,4 - 10,4 - 1,7 - 2,0 - 1,4 - 2,7 - 2,7 Íáé 13 Ìáñôßïõ 1979 ¼÷ é
( a ) Denmark : Exchange rate stability ( 1 March 1996 - 27 February 1998 ) 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 ) Belgian franc Deutsche Mark Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôçí êïñþíá Äáíßáò ÌÝóïò üñïò 3 ìçíþí Ýùò : Ìåôáâëçôüôçôá óõíáëëáã / êÞò éóïôéìßáò ( á ) ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí ( â ) ÌÜé . 96 Áýã .
( b ) Key indicators of exchange rate pressure for the Danish krone Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 Feb 97 May 97 Aug 97 Nov 97 Feb 98 0.5 0.4 0.6 0.3 0.8 0.4 0.9 0.3 0.5 0.3 0.4 0.3 0.2 0.2 0.2 0.3
98 0,5 0,4 0,6 0,3 0,8 0,4 0,9 0,3 0,5 0,3 0,4 0,3 0,2 0,2 0,2 0,3 ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÍÉ .
Source : European Commission , national data and EMI calculations .
ÄéÜãñáììá 5
Chart 5
ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) DKR / BEF DKR / DEM DKR / ESP DKR / FRF DKR / IEP
1 March 1996 to 27 February 1998 ) DKR / BEF 15 10 5 0 - 5 - 10 - 15 Q2 1996 Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 DKR / DEM
DKR / ITL
DKR / ITL
Óçìåßùóç : Ïé áðïêëßóåéò Ýíáíôé ôïõ ìÜñêïõ Öéëáíäßáò áöïñïýí ôçí ðåñßïäï áðü 14 Ïêôùâñßïõ 1996 êáé åîÞò åíþ ïé áðïêëßóåéò Ýíáíôé ôçò ëßñáò Éôáëßáò áöïñïýí ôçí ðåñßïäï áðü 25 Íïåìâñßïõ 1996 êáé åîÞò .
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 .
Ðßíáêáò 9
Table 9
Êïñþíá Äáíßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ ÌÝóïò üñïò Áðñ . 73 - Öåâ .
Danish krone : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ; percentage deviations ;
98 ÐñáãìáôéêÝò óôáèìéóìÝíåò óõíáëëáãìáôéêÝò éóïôéìßåò : ÂÜóåé ôïõ ÄÔÊ ÂÜóåé ôïõ Äåßêôç Ôéìþí Ðáñáãùãïý /× ïíäñéêÞò Õðüìíçóç : ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá 0,3 3,9 3,3 3,5 1,0 4,5 ÌÝóïò üñïò Éáí . 87 - Öåâ .
February 1998 compared with different benchmark periods ) 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 .
( ìçíéáßá óôïé ÷ åßá , åêáôïóôéáßåò áðïêëßóåéò , ÖåâñïõÜñéïò 1998 óå óýãêñéóç ìå äéáöïñåôéêÝò ðåñéüäïõò âÜóçò ) ÌÝóïò üñïò 1987 1,2 7,9 5,8 ÐçãÞ : Õðïëïãéóìïß ÔÄÄ êáé ÅÍÉ .
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) . Average Jan 87-Feb 98 1.0 4.5 3.9
Ðßíáêáò 10 Äáíßá : ÅîùôåñéêÝò åîåëßîåéò ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí óõí êßíçóç êåöáëáßùí ( â ) ÊáèáñÞ èåôéêÞ (+) Þ áñíçôéêÞ (-) åîùô .
Current account plus new capital account Net foreign assets (+) or liabilities (-) ( c ) Exports ( goods and services )( d ) Imports ( goods and services ) ( e ) ( b )
èÝóç ( ã ) ÅîáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( ä ) ÅéóáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( å ) 1,0 - 41,9 35,5 30,1 1,5 - 38,7 37,7 30,9 2,8 - 35,1 38,1 31,1 3,4 - 32,1 37,3 29,7 1,8 - 26,9 38,7 32,2 1,1 38,9 33,7 1,7 38,8 33,5 0,6 - 23,9 39,4 35,2 - 26,3 - 23,7 1991 1992 1993 1994 1995 1996 1997 ( á )
1995 1.1 - 26.3 38.9 33.7 1996 1997 ( a ) 1.7 0.6 - 23.7 - 23.9 38.8 39.4 33.5 35.2
( â ) Óýìöùíá ìå ôçí 5ç Ýêäïóç ôïõ Åã ÷ åéñéäßïõ Éóïæõãßïõ Ðëçñùìþí ôïõ ÄÍÔ . ÅííïéïëïãéêÜ áíôéóôïé ÷ åß óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí üðùò áíáöåñüôáí óå ðñïçãïýìåíåò åêäüóåéò ôïõ Åã ÷ åéñéäßïõ .
( b ) According to the 5th edition of the IMF Balance of Payments Manual , which is conceptually the equivalent of the current account in previous editions of the Manual .
( ä ) ÅíäïêïéíïôéêÝò åîáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åîáãùãþí áãáèþí , 1996 : 64,4% , Direction of Trade Statistics Yearbook 1997 , ÄÍÔ .
( d ) In 1996 the share of intra-EU exports of goods in total national exports of goods was 64.4% ; Direction of Trade Statistics Yearbook 1997 , IMF .
( å ) ÅíäïêïéíïôéêÝò åéóáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åéóáãùãþí áãáèþí , 1996 : 68,9% .
( e ) In 1996 the share of intra-EU imports of goods in total national imports of goods was 68.9% ;
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11
IV Long-term interest rate developments Table 11
Äáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Denmark : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
ÍïÝ . 97 6,1 -
Nov 97 6.1 -
Äåê . 97 5,7 -
Dec 97 5.7 -
Éáí . 98 5,4 -
Jan 98 Feb 97 - Jan 98 5.4 6.2 7.8
ÄéÜãñáììá 6 ( á ) Äáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( ìçíéáßïé ìÝóïé üñïé , ðïóïóôÜ åðß ôïéò åêáôü )
( a ) Denmark : Long-term interest rate ( monthly averages ; in percentages ) 12 10 8 6 4 1990 1991 1992 1993 1994 1995 1996 1997
ÃÅÑÌÁÍÉÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôç Ãåñìáíßá Þôáí 1,5% , äçë . áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
GERMANY Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Germany was 1.4% , i.e. well below the reference value of 2.7% .
áñêåôÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò ( âë . Ðßíáêá 1 ) .
In 1996 average HICP inflation was 1.2% ( see Table 1 ) .
Áðü ôçí åîÝôáóç ôçò êáôÜóôáóçò ìÝ ÷ ñé óÞìåñá ðñïêýðôåé üôé ç åîÝëéîç ôùí ôéìþí êáôáíáëùôÞ óôç Ãåñìáíßá , âÜóåé ôïõ ÄÔÊ , åðçñåÜóôçêå áñíçôéêÜ áðü ôéò ïéêïíïìéêÝò óõíÝðåéåò ôçò åíïðïßçóçò óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 .
Looking back , consumer price developments in Germany , as measured on the basis of the CPI , were adversely affected by the economic consequences of unification in the early 1990s .
Ï ñõèìüò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ êïñõöþèçêå óôï 5,1% ôï 1992 ( ôï ðñþôï Ýôïò ãéá ôï ïðïßï õðÜñ ÷ ïõí äéáèÝóéìá óôáôéóôéêÜ óôïé ÷ åßá ÄÔÊ ãéá ôçí åíïðïéçìÝíç Ãåñìáíßá ) .
Consumer price inflation reached a peak of 5.1% in 1992 ( the first year for which CPI statistics for unified Germany are available ) .
Ôá åðüìåíá Ýôç , ï ðëçèùñéóìüò óôç Ãåñìáíßá áêïëïýèçóå êáèïäéêÞ ôÜóç êáé Ýöèáóå óå åðßðåäï ìüëéò êÜôù ôïõ 2 % ôï 1995 êáé ìåôÜ ( âë . ÄéÜãñáììá 1 ) .
In subsequent years inflation in Germany has followed a downward trend , falling to just below 2 % in 1995 and thereafter ( see Chart 1 ) .
ÌåôÜ ôçí åðéâñÜäõíóç ôïõ ñõèìïý ôçò ïéêïíïìéêÞò áíÜðôõîçò ôï 1993 , ïðüôå ç ðáñáãùãÞ ìåéþèçêå ðåñéóóüôåñï áðü 1 %, óçìåéþèçêå áíÜêáìøç , ü ÷ é üìùò åðáñêÞò þóôå íá áðïôñÝøåé ôç äçìéïõñãßá áñíçôéêïý ðáñáãùãéêïý êåíïý ( âë . Ðßíáêá 2 ) .
Following the slowdown in the economy in 1993 , when output declined by over 1 %, economic growth recovered , but not sufficiently to prevent the emergence of a negative output gap ( see Table 2 ) .
Ì  áõôÜ ôá äåäïìÝíá , áðü ôá ìÝóá ôçò äåêáåôßáò ôïõ 1990 ï ìåôñéáóìüò ôùí ìéóèïëïãéêþí áõîÞóåùí êáé ç óôáèåñÞ Üíïäïò ôçò ðáñáãùãéêüôçôáò âïÞèçóáí íá óõãêñáôçèåß ç áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , ôï ïðïßï åß ÷ å áõîçèåß êáôáêüñõöá óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 .
Against this background , since the mid-1990s wage moderation and consistent productivity growth have helped to contain the rise in unit labour costs , which had increased sharply in the early 1990s .
ÌÝ ÷ ñé ôï 1996 ç áðïêëéìÜêùóç ôïõ ðëçèùñéóìïý åðùöåëÞèçêå åðßóçò áðü ôéò ãåíéêþò óôáèåñÝò ôéìÝò åéóáãïìÝíùí , åíþ óçìáíôéêÞ åðéôÜ ÷ õíóç óçìåéþèçêå ôï 1997 .
Until 1996 control over inflation also benefited from broadly stable import prices , whereas a marked acceleration was seen in 1997 .
× áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí ( âë . Ðßíáêá 2 ) .
Low rates of inflation are also apparent when it is measured in terms of other relevant price indices ( see Table 2 ) .
¼ óïí áöïñÜ ôéò ðñüóöáôåò ôÜóåéò êáé ðñïâëÝøåéò , ôá óçìåñéíÜ óôïé ÷ åßá ãéá ôïí ðëçèùñéóìü ìå âÜóç ôï äùäåêÜìçíï ñõèìü áýîçóçò ôïõ äåßêôç ôéìþí êáôáíáëùôÞ åìöáíßæïõí ìåßùóç ôïõ ñõèìïý ðëçèùñéóìïý óå åðßðåäï ðåñßðïõ 1 % êáé , üðùò ðñïêýðôåé áðü ôïõò äåßêôåò ôïõ Ðßíáêá 3á , äåí õðÜñ ÷ ïõí åíäåßîåéò üôé èá åêäçëùèïýí Üìåóåò áíïäéêÝò ðéÝóåéò .
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 around 1 % and there are no signs of immediate upward pressure on the basis of the measures shown in Table 3a .
Ïé ðñïâëÝøåéò ãéá ôïí ðëçèùñéóìü õðïäçëþíïõí ñõèìü ðåñßðïõ 2 % ãéá ôï 1998 êáé ôï 1999 ( âë . Ðßíáêá 3â ) .
Forecasts of inflation suggest a rate of around 2 % for 1998 and 1999 ( see Table 3b ) .
¼ óïí áöïñÜ ôéò åîåëßîåéò óå Ýíá åõñýôåñï ÷ ñïíéêü ïñßæïíôá , ç äéáôÞñçóç ðåñéâÜëëïíôïò ðïõ èá óõìâÜëëåé óôç óôáèåñüôçôá ôùí ôéìþí ó ÷ åôßæåôáé óôç Ãåñìáíßá , ìåôáîý Üëëùí , ìå ôçí Üóêçóç ôçò ìåóïìáêñïðñüèåóìçò äçìïóéïíïìéêÞò 81
Looking further ahead , maintaining an environment conducive to price stability relates in Germany to , inter alia , the conduct of fiscal policies over the medium to long term ;
ÄçìïóéïíïìéêÝò åîåëßîåéò Óôï Ýôïò áíáöïñÜò 1997 ï ëüãïò ôïõ åëëåßììáôïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Þôáí 2,7% , äçë . ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 3 %, êáé ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 61,3% , äçë .
Fiscal developments In the reference year 1997 the general government deficit ratio was 2.7% , i.e. below the 3 % reference value , and the debt ratio was 61.3% , i.e. just above the 60 % reference value .
ìüëéò õøçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 60 %. Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ï ëüãïò ôïõ åëëåßììáôïò ìåéþèçêå êáôÜ 0,7 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò áõîÞèçêå êáôÜ 0,9 åêáôïóôéáßåò ìïíÜäåò .
Compared with the previous year , the deficit ratio has been reduced by 0.7 percentage point and the debt ratio increased by 0.9 percentage point .
Ôï 1998 , ï ëüãïò ôïõ åëëåßììáôïò ðñïâëÝðåôáé íá ìåéùèåß óå 2,5% ôïõ ÁÅÐ , åíþ ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé íá ìåéùèåß ïñéáêÜ óå 61,2% .
In 1998 the deficit ratio is forecast to decrease to 2.5% of GDP , while the debt 73 ratio is projected to decline marginally to 61.2% .
Ôï 1996 êáé ôï 1997 , ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ðñïò ôï ÁÅÐ ( âë . Ðßíáêá 4 ) .
In 1996 and 1997 the deficit ratio exceeded the ratio of public investment expenditure to GDP ( see Table 4 ) .
Óôï äéÜóôçìá áðü ôï 1991 ( ôï ðñþôï Ýôïò ãéá ôï ïðïßï õðÜñ ÷ ïõí äéáèÝóéìá äçìïóéïíïìéêÜ óôïé ÷ åßá ãéá ôçí åíïðïéçìÝíç Ãåñìáíßá ) ìÝ ÷ ñé ôï 1997 , ï ëüãïò ôïõ ÷ ñÝïõò ðñïò ôï ÁÅÐ óôç Ãåñìáíßá áõîÞèçêå êáôÜ 19,8 åêáôïóôéáßåò ìïíÜäåò .
Looking back over the years 1991 ( the first year for which fiscal data for unified Germany are available ) to 1997 , the German debt-to-GDP ratio increased by 19.8 percentage points .
Óôç äéÜñêåéá ôùí ðñþôùí åôþí ðïõ åîåôÜæïíôáé , ï ëüãïò áõîÞèçêå óôáèåñÜ , áðü 41,5% ôïõ ÁÅÐ ôï 1991 óå 50,2% ôï 1994 , åíþ ôï 1995 ðñáãìáôïðïßçóå Üëìá óôï 58,0% .
During the first years considered the ratio increased steadily , from 41.5% of GDP in 1991 to 50.2% in 1994 , while in 1995 it jumped to 58.0% .
Ôï 1996 ï ëüãïò õðåñÝâç ãéá ðñþôç öïñÜ ôçí ôéìÞ áíáöïñÜò 60 % êáé ôï 1997 áõîÞèçêå ðåñáéôÝñù öèÜíïíôáò ôï 61,3% ôïõ ÁÅÐ ( âë . ÄéÜãñáììá 2á ) .
In 1996 the ratio exceeded the 60 % reference value for the first time and in 1997 it increased further to reach 61.3% of GDP ( see Chart 2a ) .
¼ ðùò öáßíåôáé ðéï áíáëõôéêÜ óôï ÄéÜãñáììá 2â , ôá ðñùôïãåíÞ ðëåïíÜóìáôá Þôáí åí ãÝíåé ìéêñÜ êáé óõíåðþò ü ÷ é åðáñêÞ ãéá íá åîïõäåôåñþóïõí ôçí áýîçóç ôïõ ÷ ñÝïõò ðïõ Þôáí áðïôÝëåóìá ôçò áñíçôéêÞò äéáöïñÜò ìåôáîý ïéêïíïìéêÞò áíÜðôõîçò êáé åðéôïêßùí .
As is shown in greater detail in Chart 2b , primary surpluses were generally small and thus not sufficient to outweigh the debt-increasing effects of a negative growth / interest rate differential .
MÝ ÷ ñé ôï 1995 üìùò , ïé óçìáíôéêüôåñïé 82 ðáñÜãïíôåò ðïõ óõíÝâáëáí óôç äéáìüñöùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò Þôáí  ïé ðñïóáñìïãÝò ìåôáâëçôþí ñïÞò êáé ìåôáâëçôþí áðïèÝìáôïò , ðïõ ðåñéëáìâÜíïõí åéäéêüôåñá ôá ÷ ñÝç ðïõ áíÝëáâå ç ÏìïóðïíäéáêÞ ÊõâÝñíçóç ëüãù ôçò åíïðïßçóçò .
However , until 1995 , the most important underlying factors were stock-flow adjustment items , including in particular unification-related debt assumptions by the Federal Government .
Ï éó ÷ õñüôåñïò áíôßêôõðïò óçìåéþèçêå ôï 1995 , êõñßùò åðåéäÞ ï åõñýôåñïò êõâåñíçôéêüò ôïìÝáò áíÝëáâå ôï ÷ ñÝïò ôïõ ïñãáíéóìïý Treuhand , ôï ïðïßï óõíåðÜãåôáé äéáñêÞ åðéâÜñõíóç ôçò äçìïóéïíïìéêÞò ðïëéôéêÞò .
The strongest impact was recorded in 1995 , mainly reflecting the assumption by general government of the debt of the Treuhand agency , which will be a lasting burden on fiscal policy .
Ç åîÝëéîç ôïõ ÷ ñÝïõò êáôÜ ôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , ç ïðïßá åðçñåÜæåôáé áêüìç áðü ôéò ðñüóèåôåò ðéÝóåéò ðïõ áóêåß óôá äçìüóéá ïéêïíïìéêÜ ç ãåñìáíéêÞ åíïðïßçóç , ìðïñåß íá èåùñçèåß åíäåéêôéêÞ ôçò áíÜãêçò íá õéïèåôçèïýí åãêáßñùò äéïñèùôéêÜ ìÝôñá ðñïêåéìÝíïõ íá áíôéìåôùðéóôïýí ïé äçìïóéïíïìéêÝò åðéðôþóåéò êëïíéóìþí ôçò ïéêïíïìßáò , áêüìá êáé üôáí ïé áñ ÷ éêÝò äçìïóéïíïìéêÝò áíéóïññïðßåò äåí åßíáé õðåñâïëéêÝò .
The patterns observed during the 1990s , which continue to be affected by the additional strain placed on public finances by German unification , may be seen as indicative of the need to adopt early corrective measures to deal with the budgetary consequences of adverse shocks , even when initial budgetary imbalances are not excessive .
Óôï ðëáßóéï áõôü , óçìåéþíåôáé üôé ôï ðïóïóôü ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá áõîÜíåôáé óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , åíþ ç ìÝóç äéÜñêåéá Ý ÷ åé ðáñáìåßíåé ðåñßðïõ óôáèåñÞ ( âë . Ðßíáêá 5 ) .
In this context , it may be noted that the share of debt with a short-term residual maturity has been increasing during the 1990s , while the average maturity has remained broadly stable ( see Table 5 ) .