natgillin/translations-raw huggingface dataset:
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 . 90
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 .
Ðßíáêáò 5
81 Table 5
Ãåñìáíßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 1991 Óõíïëéêü ÷ ñÝïò (% ôïõ ÁÅÐ ) ÄéÜñèñùóç êáôÜ íüìéóìá (% óõíüëïõ ) Óå åã ÷ þñéï íüìéóìá Óå îÝíá íïìßóìáôá Åóùôåñéêü ÷ ñÝïò (% óõíüëïõ ) ÌÝóç äéÜñêåéá ( á ) ( Ýôç ) ÄéÜñèñùóç êáôÜ äéÜñêåéá ( â ) 1992 44,1 100,0 0,0 75,6 4,4 16,1 83,9
Germany : 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 ( c ) ( ≤ 1 year ) Medium and long-term (>1 year ) 1991 41.5 1992 44.1 1993 48.0 1994 50.2 1995 58.0 1996 1997 60.4 61.3
Âñá ÷ õðñüèåóìç ( ã ) ( ≤ 1 Ýôïò ) Ìåóïðñüèåóìç êáé ìáêñïðñüèåóìç (>1 Ýôïò ) ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
Source : National data except for total debt ( European Commission ( spring 1998 forecasts )) .
Óõíïëéêü ÷ ñÝïò : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
End-year data .
Ìüíï ÷ ñÝïò ïìïóðïíäéáêÞò êõâÝñíçóçò êáé åéäéêþí ôáìåßùí ( ðïõ áíôéðñïóùðåýïõí ôá 2/3 ðåñßðïõ ôïõ áêáèÜñéóôïõ ÷ ñÝïõò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ) .
Federal government and its special funds debt only ( which represent almost 2/3 of the general government gross debt ) .
Óçìåßùóç : Óôï ÄéÜãñáììá 3â ïé áñíçôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå áýîçóç ôùí åëëåéììÜôùí , åíþ ïé èåôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå ìåßùóÞ ôïõò . 91
Note : In Chart 3b negative values indicate a contribution to an increase in deficits , while positive values indicate a contribution to their reduction .
ÄéÜãñáììá 4
82 Chart 4
Ãåñìáíßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1991 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 ) .
Germany : 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 )
Óôáèåñü ðñùôïãåíÝò áðïôÝëåóìá ÉóïóêåëéóìÝíïò ðñïûðïëïãéóìüò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) êáé õðïëïãéóìïß ÅÍÉ .
Germany : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance Constant primary balance Balanced budget
Óçìåßùóç : Ôá ôñßá óåíÜñéá õðïèÝôïõí üôé ï ëüãïò ôïõ ÷ ñÝïõò èá äéáìïñöùèåß ôï 1998 óýìöùíá ìå ôçí ðñüâëåøç ( 61,2% ) êáé üôé åßôå ôï óõíïëéêü áðïôÝëåóìá (- 2,5% ) Þ ôï ðñùôïãåíÝò áðïôÝëåóìá ( 1,2% ) èá äéáôçñçèåß óôáèåñü óå üëï ôï ðáñáðÜíù äéÜóôçìá , åßôå üôé ï ðñïûðïëïãéóìüò èá åßíáé éóïóêåëéóìÝíïò áðü ôï 1999 êáé åîÞò . ¢ ëëåò ðáñáäï ÷ Ýò åßíáé : áýîçóç ðñáãìáôéêïý ÁÅÐ : 2,3% ôï 1998 , üðùò ôï åêôéìÜ ç ÅðéôñïðÞ , ðëçèùñéóìüò : 2 % êáé , óôï óåíÜñéï ôïõ óôáèåñïý ðñùôïãåíïýò áðïôåëÝóìáôïò , ïíïìáóôéêü åðéôüêéï : 6 %.
55 1998 1999 Source : European Commission ( spring 1998 forecasts ) and EMI calculations . Note : The three scenarios assume that the debt ratio of 61.2% of GDP for 1998 is as forecast and that the 1998 overall balance of - 2.5% of GDP or the primary balance of 1.2% 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 .
Ãåñìáíßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 ( á ) Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) ( á ) ÄõôéêÞ Ãåñìáíßá . 2000
Germany : Projections of elderly dependency ratio 1990 ( a ) Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 21.7 2000 23.8 2010 30.3 2020 35.4 2030 49.2
49,2 ÐçãÞ : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , ÄéåèíÞò ÔñÜðåæá , ÏõÜóéãêôïí .
Source : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , World Bank , Washington DC . ( a ) Western Germany .
( á ) Ãåñìáíßá : 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 Êïñþíáò Äáíßáò ÐåóÝôáò Éóðáíßáò ÖñÜãêïõ Ãáëëßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò Åóêïýäïõ Ðïñôïãáëßáò ÌÜñêïõ Öéëáíäßáò 0,1 1,4 0,1 2,2 3,9 1,2 0,0 0,0 1,1 - 0,2 - 0,4 - 0,2 - 2,4 - 0,2 - 10,6 - 1,8 - 0,8 - 0,1 - 2,8 - 2,9 Íáé 13 Ìáñôßïõ 1979 ¼÷ é
( a ) Germany : 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 Danish krone Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka
97 Öåâ . 98 - 0,2 - 0,2 - 0,1 - 0,1 - 0,1 - 0,1 - 0,0 - 0,0
( b ) Key indicators of exchange rate pressure for the Deutsche Mark 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 - 0.2 - 0.2 - 0.1 - 0.1 - 0.1 - 0.1 - 0.0 - 0.0
( â ) ÄéáöïñÜ äéáôñáðåæéêþí åðéôïêßùí 3 ìçíþí Ýíáíôé ôïõ óôáèìéêïý ìÝóïõ üñïõ ôùí åðéôïêßùí ôïõ Âåëãßïõ , ôçò Ãåñìáíßáò , ôçò Ãáëëßáò , ôçò Ïëëáíäßáò êáé ôçò Áõóôñßáò , óå åêáôïóôéáßåò ìïíÜäåò .
( 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 . 85
éóïôéìßåò ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) DEM / BEF DEM / DKK DEM / ESP DEM / FRF DEM / IEP
1 March 1996 to 27 February 1998 ) DEM / BEF DEM / DKK DEM / ESP DEM / FRF DEM / IEP 15 10 5 0 - 5 - 10 - 15 Q2 1996 Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1
DEM / ITL
DEM / ITL
DEM / NLG
DEM / NLG
DEM / ATS
DEM / ATS
DEM / PTE
DEM / PTE
DEM / FIM
DEM / FIM
ÌÜñêï Ãåñìáíßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ ÌÝóïò üñïò ÐñáãìáôéêÝò óôáèìéóìÝíåò óõíáëëáãìáôéêÝò éóïôéìßåò : ÂÜóåé ôïõ ÄÔÊ ÂÜóåé ôïõ Äåßêôç Ôéìþí Ðáñáãùãïý /× ïíäñéêÞò Õðüìíçóç : ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá 24,1 4,1 1,8 4,2 3,2 1,2 ÌÝóïò üñïò
Deutsche Mark : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ; percentage deviations ;
( ìçíéáßá óôïé ÷ åßá , åêáôïóôéáßåò áðïêëßóåéò , ÖåâñïõÜñéïò 1998 óå óýãêñéóç ìå äéáöïñåôéêÝò ðåñéüäïõò âÜóçò ) ÌÝóïò üñïò 1987 5,7 4,1 9,8
February 1998 compared with different benchmark periods )
Óçìåßùóç : Ôï èåôéêü ( áñíçôéêü ) ðñüóçìï óçìáßíåé áíáôßìçóç ( õðïôßìçóç ) . 95
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) .
Ðßíáêáò 10
Average Jan 87-Feb 98 3.2 1.2 4.1
Ãåñìáíßá : ÅîùôåñéêÝò åîåëßîåéò ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí óõí êßíçóç êåöáëáßùí ( â ) ÊáèáñÞ èåôéêÞ (+) Þ áñíçôéêÞ (-) åîùô . èÝóç ( ã ) ÅîáãùãÝò ( áãáèÜ êáé õðçñåóßåò ) ( ä )
Germany : External developments ( as a percentage of GDP ) Current account plus new capital account Net foreign assets (+) or liabilities (-) ( c ) Exports ( goods and services )( d ) Imports ( goods and services ) ( e )
1996 1997 ( á ) - 0,6 4,1 27,7 27,4 - 0,1 .
1996 1997 ( a ) - 0.6 - 0.1 4.1 .
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá . Ãéá åîáãùãÝò - åéóáãùãÝò : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : National data except exports and imports ( European Commission , spring 1998 forecasts ) . Western Germany up to 1990 , unified Germany thereafter .
( ä ) ÅíäïêïéíïôéêÝò åîáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åîáãùãþí áãáèþí , 1996 : 56,4% , 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 56.4% ; Direction of Trade Statistics Yearbook 1997 , IMF .
( å ) ÅíäïêïéíïôéêÝò åéóáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åéóáãùãþí áãáèþí , 1996 : 55,1% , Direction of Trade Statistics Yearbook 1997 , ÄÍÔ . 96
( e ) In 1996 the share of intra-EU imports of goods in total national imports of goods was 55.1% ; Direction of Trade Statistics Yearbook 1997 , IMF .
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11
87 IV Long-term interest rate developments Table 11
Ãåñìáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Germany : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
ÍïÝ . 97 5,6 -
Nov 97 5.6 -
Äåê . 97 5,3 -
Dec 97 5.3 -
Éáí . 98 5,1 -
Jan 98 Feb 97 - Jan 98 5.1 5.6 7.8
ÄéÜãñáììá 7 ( á ) Ãåñìáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( ìçíéáßïé ìÝóïé üñïé , ðïóïóôÜ åðß ôïéò åêáôü )
( a ) Germany : Long-term interest rate ( monthly averages ; in percentages ) 10 9 8 7 6 5 1990 1991 1992 1993 1994 1995 1996 1997
ÅËËÁÄÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôçí ÅëëÜäá Þôáí 5,2% , äçë . óçìáíôéêÜ õøçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
GREECE Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Greece was 5.2% , i.e. considerably above the reference value of 2.7% .
Ôï 1996 ï ìÝóïò ñõèìüò ðëçèùñéóìïý ( ÅíÄÔÊ ) Þôáí 7,9% ( âë . Ðßíáêá 1 ) .
In 1996 average HICP inflation was 7.9% ( see Table 1 ) .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí ìðïñåß íá äéáðéóôùèåß üôé Þäç áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ï ðëçèùñéóìüò óôçí ÅëëÜäá ðáñïõóéÜæåé óáöÞ ôÜóç åðéâñÜäõíóçò .
Looking back , a clear trend towards lower rates of inflation in Greece has been discernible since the early 1990s .
Ï ðëçèùñéóìüò ôéìþí êáôáíáëùôÞ , üðùò ìåôñÜôáé âÜóåé ôïõ ÄÔÊ , áðü 20 % êáé ðëÝïí ôï 1990 ìåéùíüôáí óôáèåñÜ êáé Ýöèáóå óôï 5,5% ôï 1997 ( âë . ÄéÜãñáììá 1 ) .
Consumer price inflation , as measured on the basis of the CPI , decreased steadily from above 20 % in 1990 to 5‰ % in 1997 ( see Chart 1 ) .
Áðü ôï 1995 êáé ìåôÜ , ïé áñ ÷ Ýò óõíÝäåóáí óôåíÜ ôç äñá ÷ ìÞ ìå ôï ECU .
since 1995 the authorities have linked the Greek drachma closely to the ECU .
Ç ìåßùóç ôïõ ðëçèùñéóìïý õðïóôçñß ÷ èçêå ôüóï áðü ðñïóáñìïãÝò óôïí ôïìÝá ôçò äçìïóéïíïìéêÞò ðïëéôéêÞò ïé ïðïßåò áðïóêïðïýóáí , ìåôáîý Üëëùí , óôç äéåýñõíóç ôçò öïñïëïãéêÞò âÜóçò êáé óôçí êáôáðïëÝìçóç ôçò öïñïäéáöõãÞò , üóï êáé áðü äéáñèñùôéêÝò 98 áëëáãÝò óôçí áãïñÜ åñãáóßáò êáé áðü ôçí áðåëåõèÝñùóç ôùí ÷ ñçìáôïðéóôùôéêþí áãïñþí .
The reduction in inflation has been supported both by adjustments in fiscal policy which aim , inter alia , at broadening the tax base and combating tax evasion , as well as by structural changes in the labour market and the liberalisation of financial markets .
Åéäéêüôåñá , óôï ðëáßóéï ôçò ýöåóçò ôïõ 1993 , ðñïÝêõøå áñíçôéêü ðáñáãùãéêü êåíü ( âë . Ðßíáêá 2 ) .
In particular , in the context of the recession in 1993 , a negative output gap emerged ( see Table 2 ) .
Áðü ôï 1996 ç ïéêïíïìéêÞ áíÜðôõîç áêïëïõèåß ðïñåßá áíÜêáìøçò êáé ôï ðáñáãùãéêü êåíü ìåéþíåôáé .
Since 1996 economic growth has recovered and the output gap has narrowed .
ÅîÜëëïõ , ï ñõèìüò áýîçóçò ôüóï ôùí ìéóèïëïãéêþí ðáñï ÷ þí áíÜ áðáó ÷ ïëïýìåíï üóï êáé ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò åðéâñáäýíèçêå , áëëÜ åîáêïëïýèçóå íá âñßóêåôáé óå ìÝóï åðßðåäï Üíù ôïõ 10 % åôçóßùò ìÝ ÷ ñé ôï 1995 .
Against this background , both growth in compensation per employee and growth in unit labour costs decelerated but still grew at over 10 % per annum on average until 1995 ;
Ôï 1997 ç Üíïäïò ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò åðéâñáäýíèçêå óå 7,5% .
in 1997 growth in unit labour costs was reduced to 7‰ %.
Ïé áõîÞóåéò ôùí ôéìþí ôùí åéóáãïìÝíùí óõãêñáôÞèçêáí óå åðßðåäï êÜôù ôïõ 3 % ôï 1997 , åíþ åß ÷ áí õðåñâåß ôï 13 % ôï 1990 .
Increases in import prices have been curbed from above 13 % in 1990 to below 3 % in 1997 .
Ç ìåßùóç ôùí ðëçèùñéóôéêþí ôÜóåùí ðñïêýðôåé êáé áðü Üëëá óõíáöÞ ìåãÝèç ìÝôñçóçò ôïõ ðëçèùñéóìïý ( âë . Ðßíáêá 2 ) .
A reduction in inflationary tendencies is also indicated by other relevant measures of inflation ( see Table 2 ) .
 Ïóïí áöïñÜ ôéò ðñüóöáôåò ôÜóåéò êáé ðñïâëÝøåéò , ïé óçìåñéíïß ñõèìïß ðëçèùñéóìïý , üðùò ìåôñïýíôáé ìå âÜóç ôï äùäåêÜìçíï ñõèìü ôïõ äåßêôç ôéìþí êáôáíáëùôÞ , ìåéþíïíôáé óôï 4,4% ( âë . Ðßíáêá 3á ) .
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 4.4% ( see Table 3a ) .
Óýìöùíá ìå ôéò ðåñéóóüôåñåò ðñïâëÝøåéò , áíáìÝíåôáé ñõèìüò ðëçèùñéóìïý ãýñù óôï 4,5% ôï 1998 êáé 3,5% ôï 1999 ( âë . Ðßíáêá 3â ) .
Most forecasts of inflation suggest a rate of around 4‰ % for 1998 and 3‰ % for 1999 ( see Table 3b ) .
7 ¼ óïí áöïñÜ ôéò åîåëßîåéò óå Ýíáí åõñýôåñï ÷ ñïíéêü ïñßæïíôá , ç äçìéïõñãßá 7 Ôï ó ÷ Ýäéï ðñïóáñìïãÞò ðïõ óõíïäåýåé ôçí åßóïäï ôçò äñá ÷ ìÞò óôï ÌÓÉ áðü 16 Ìáñôßïõ 1998 åðéäéþêåé íá ðåñéïñßóåé ôõ ÷ üí óõíáöåßò êéíäýíïõò áíüäïõ ôïõ ðëçèùñéóìïý .
7 Looking further ahead , creating an environment conducive to price stability relates in Greece 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 4,0% , äçë . õøçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 3 %, êáé ï ëüãïò ôïõ ÷ ñÝïõò 108,7% , äçë .
Fiscal developments In the reference year 1997 the general government deficit ratio was 4.0% , i.e. above the 3 % reference value , and the debt ratio was 108.7% , i.e. far above the 60 % reference value .
ðïëý ðÜíù áðü ôçí ôéìÞ áíáöïñÜò 60 %. Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ï ëüãïò ôïõ åëëåßììáôïò ìåéþèçêå êáôÜ 3,5 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò êáôÜ 2,9 åêáôïóôéáßåò ìïíÜäåò .
Compared with the previous year , the deficit ratio has been reduced by 3.5 percentage points and the 7 An adjustment plan which accompanies the entry of the drachma to the ERM effective from 16 March 1998 seeks to limit any associated inflationary risks .
Ôï 1998 ï ëüãïò ôïõ åëëåßììáôïò ðñïâëÝðåôáé íá õðï ÷ ùñÞóåé óôï 2,2% ôïõ ÁÅÐ êáé ï ëüãïò ôïõ ÷ ñÝïõò óôï 107,7% .
In 1998 the deficit ratio is forecast to decrease to 2.2% of GDP , while the debt ratio is projected to decline to 107.7% .
Ôï 1996 êáé ôï 1997 ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ðñïò ôï ÁÅÐ êáôÜ 4,5 åêáôïóôéáßåò ìïíÜäåò êáé 0,7 åêáôïóôéáßåò ìïíÜäåò , áíôßóôïé ÷ á ( âë . Ðßíáêá 4 ) .
In 1996 and 1997 the deficit ratio exceeded the ratio of public investment expenditure to GDP by 4.5 percentage points and 0.7 percentage point respectively ( see Table 4 ) .
Áðü ôçí áíáóêüðçóç ôùí åôþí 19901997 äéáðéóôþíåôáé üôé ï ëüãïò ÷ ñÝïõò / ÁÅÐ óôçí ÅëëÜäá áõîÞèçêå êáôÜ 18,6 åêáôïóôéáßåò ìïíÜäåò .
Looking back over the years 1990 to 1997 , the Greek debt-to-GDP ratio increased by 18.6 percentage points ;
Áñ ÷ éêÜ ï ëüãïò åß ÷ å óõíå ÷ Þ ôÜóç áíüäïõ , áðü 90,1% ôï 1990 óå 111,6% ôï 1993 , åíþ êáôüðéí ðåñßðïõ óôáèåñïðïéÞèçêå êáé ôï 1997 ìåéþèçêå óå 108,7% ( âë . ÄéÜãñáììá 2á ) , äçë .
initially the ratio tended to rise continuously , from 90.1% in 1990 to 111.6% in 1993 , to broadly stabilise thereafter , decreasing to 108.7% in 1997 ( see Chart 2a ) , i.e. a decline of 2.9 percentage points since the latest peak in 1996 .
êáôÜ 2,9 åêáôïóôéáßåò ìïíÜäåò áðü ôçí ôåëåõôáßá áíþôáôç ôéìÞ ôï 1996 . ¼ ðùò öáßíåôáé áíáëõôéêüôåñá óôï ÄéÜãñáììá 2â , óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ï éó ÷ õñüôåñïò ðáñÜãïíôáò ðïõ ðñïêÜëåóå ôçí áýîçóç ôïõ ëüãïõ , éäéáßôåñá ôï 1993 , áöïñïýóå ôçí  ðñïóáñìïãÞ ôùí ìåôáâëçôþí ñïÞò êáé ôùí ìåôáâëçôþí áðïèÝìáôïò  ôïõ äçìüóéïõ ÷ ñÝïõò , ðïõ
As is shown in greater detail in Chart 2b , in the early 1990s the strongest factor underlying the increase in the ratio , notably in 1993 , came from the so-called stock-flow adjustment item of public debt , reflecting the adverse effects of the depreciation of the Greek drachma and of consolidation operations .
Áíôßèåôá , áðü ôï 1994 êáé Ýðåéôá , óçìåéþíåôáé ðñùôïãåíÝò ðëåüíáóìá , ôï ïðïßï áíôéóôáèìßæåé ôç óçìáíôéêÞ åðßðôùóç ðïõ åß ÷ áí ïé ðåñáéôÝñù ðñïóáñìïãÝò ôùí ìåôáâëçôþí ñïÞò êáé áðïèÝìáôïò .
By contrast , since 1994 the primary balance has recorded a surplus , thus outweighing the sizable impact of further stock-flow adjustments .
Ç ðïñåßá ôùí äçìïóéïíïìéêþí ìåãåèþí óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ìðïñåß íá èåùñçèåß åíäåéêôéêÞ ôùí êéíäýíùí ãéá ôá äçìüóéá ïéêïíïìéêÜ , ðïõ ìðïñåß íá ðñïêýøïõí üôáí åéäéêïß ðáñÜãïíôåò áóêïýí áíïäéêÝò ðéÝóåéò óôï ÷ ñÝïò , ðéÝóåéò ðïõ ìüíï ìåñéêþò áíôéóôáèìßæïíôáé áðü éóüðïóá ðñùôïãåíÞ ðëåïíÜóìáôá .
The patterns observed in the early 1990s may be seen as indicative of the risks to public finances which can arise when special factors exert upward pressures on the debt which are only partly compensated by equivalent primary surpluses .
Ó ÷ åôéêÜ , óçìåéþíåôáé üôé ôï ðïóïóôü ôïõ âñá ÷ õðñüèåóìïõ ÷ ñÝïõò , ðïõ Þôáí ìåãÜëï óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , ìåéþíåôáé , êÜôé ðïõ óõíéóôÜ åîÝëéîç ðñïò ôç óùóôÞ êáôåýèõíóç .
In this context , it may be noted that the share of debt with a short-term maturity has been decreasing from the high levels of the early 1990s , which is a development in the right direction .
Ùò ðñïò ôï 1997 , ôï ðïóïóôü ôïõ âñá ÷ õðñüèåóìïõ ÷ ñÝïõò åîáêïëïõèåß íá åßíáé óçìáíôéêü êáé , ëáìâáíïìÝíïõ õðüøç ôïõ óçìåñéíïý åðéðÝäïõ ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá åßíáé ó ÷ åôéêÜ åõáßóèçôá óôéò ìåôáâïëÝò ôùí åðéôïêßùí .
With respect to 1997 , the proportion of debt with a short-term maturity is still noticeable , and , taking into account the current level of the debt ratio , fiscal balances are relatively sensitive to changes in interest rates .
Óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 ï ëüãïò åëëåßììáôïò / ÁÅÐ áêïëïýèçóå êáô  áñ ÷ Üò äõóìåíÞ ðïñåßá , ç ïðïßá óôç óõíÝ ÷ åéá âåëôéþèçêå .
During the 1990s a pattern of first adverse and subsequently improving outturns can 90 be observed in the deficit-to-GDP ratio .
Áñ ÷ ßæïíôáò áðü 16,1% ôïõ ÁÅÐ ôï 1990 , ï ëüãïò ôïõ åëëåßììáôïò ìåéþèçêå óå 11,5% ôï 1991 áëëÜ áõîÞèçêå êáé ðÜëé óôá äýï åðüìåíá Ýôç êáé Ýöèáóå ôï 13,8% ôï 1993 .
Starting from a ratio of 16.1% of GDP in 1990 , the deficit declined to 11.5% in 1991 , but increased again in the following two years to stand at 13.8% in 1993 .
¸ êôïôå , ôï Ýëëåéììá êÜèå ÷ ñüíï ìåéþíåôáé êáé Ýöèáóå ôï 4,0% ôï 1997 .  Ïðùò öáßíåôáé óôï ÄéÜãñáììá 3á , ôï Ýëëåéììá ìåéþèçêå åðß ôÝóóåñá óõíå ÷ Þ Ýôç êáôÜ 9,8 åêáôïóôéáßåò ìïíÜäåò óõíïëéêÜ .
Since then , the deficit has declined year by year to stand at 4.0% in 1997 As is shown in Chart 3a , it has been reduced over four consecutive years by a total of 9.8 percentage points .
Ðáñüëï ðïõ ï ëüãïò ôïõ åëëåßììáôïò Ý ÷ åé óçìåéþóåé ïõóéáóôéêÞ êáé óõíå ÷ Þ ðôþóç , äåí Ý ÷ åé ðëçóéÜóåé ôçí ôéìÞ áíáöïñÜò 3 % 99 ôïõ ÁÅÐ ôï 1997 .
Although the deficit ratio has declined substantially and continuously , it has not reached a level close to the reference value of 3 % of GDP in 1997 .
¼ ðùò öáßíåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 3â , ôï ïðïßï åðéêåíôñþíåôáé óôéò ìåôáâïëÝò ôùí åëëåéììÜôùí , ìüíï ôï 1993 ïé êõêëéêïß ðáñÜãïíôåò Ýðáéîáí ðñùôåýïíôá ñüëï .
As is shown in greater detail in Chart 3b , which focuses on changes in deficits , cyclical factors played a major role only in 1993 .
Ôá äéáèÝóéìá óôïé ÷ åßá õðïäçëþíïõí üôé ôá ìÝôñá áõôÜ ìå ðñïóùñéíÞ åðßäñáóç ìåßùóáí ôï ëüãï ôïõ åëëåßììáôïò êáôÜ 0,2% ôïõ ÁÅÐ ôï 1997 Ýíáíôé 0,3% ôïõ ÁÅÐ ôï 1996 .
Evidence available suggests that such measures with a temporary effect reduced the deficit ratio by 0.2 percentage point in 1997 , compared with 0.3 percentage point in 1996 .
ÅðåéäÞ ôá ìÝôñá áõôÜ åß ÷ áí êõñßùò  åöÜðáî  ÷ áñáêôÞñá , ôá áíôéóôáèìéóôéêÜ ìÝôñá ( Þäç Ý ÷ ïõí ðåñéëçöèåß óôïí Ðñïûðïëïãéóìü ôïõ 1998 ) èá ÷ ñåéáóôåß íá Ý ÷ ïõí ôçí áðüäïóç ðïõ áíáìÝíåôáé ôï 1998 , ðñïêåéìÝíïõ ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá íá ðáñáìåßíïõí óôçí êáôåýèõíóç ðïõ Ý ÷ åé ÷ áñá ÷ èåß .
As they were mainly of a one-off nature , the compensating measures already introduced in the 1998 budget will need to yield their expected results in 1998 in order to keep fiscal balances on the planned path .
ÄéÜãñáììá 4 ) üôé ï ëüãïò ôùí óõíïëéêþí äáðáíþí ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá , áöïý ìåéþèçêå ôï 1991 , åìöÜíéóå áíïäéêÞ êßíçóç , ìÝ ÷ ñé ôï 1993 , áíôáíáêëþíôáò êõñßùò ôçí Ýíôïíç áýîçóç ôùí äáðáíþí ãéá ôüêïõò ( âë . Ðßíáêá 6 ) ëüãù ôçò áðüôïìçò äéüãêùóçò ôïõ ÷ ñÝïõò .
Moving on to examine trends in other fiscal indicators , it can be seen from Chart 4 that the general government total expenditure ratio , after declining in 1991 , showed an upward movement until 1993 , mainly reflecting a steep increase in interest payments ( see Table 6 ) as a result of a surge in debt .
Áðü ôï 1995 åßíáé ïñáôÞ ìéá êáèïäéêÞ ôÜóç ôïõ ëüãïõ ôùí óõíïëéêþí äáðáíþí , êõñßùò ëüãù ôùí ÷ áìçëüôåñùí äáðáíþí ãéá ôüêïõò êáé ôçò ìåßùóçò ôùí êáèáñþí êåöáëáéáêþí äáðáíþí .
Since 1995 a downward trend in the total expenditure ratio has been discernible , mainly reflecting lower interest payments and a reduction in net capital expenditure .
ÓõíïëéêÜ ï ëüãïò ôùí äáðáíþí ôï 1997 Þôáí ðåñéóóüôåñï áðü 6 åêáôïóôéáßåò ìïíÜäåò ÷ áìçëüôåñïò áðü ü , ôé óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , áíôáíáêëþíôáò åéäéêüôåñá ôç ìåãÜëç ðåñéêïðÞ ôùí êáèáñþí êåöáëáéáêþí äáðáíþí , êáèþò êáé ïñéóìÝíåò ìåéþóåéò óå üëåò ôéò Üëëåò êýñéåò êáôçãïñßåò äáðáíþí , óå ó ÷ Ýóç ìå ôï ÁÅÐ .
Overall the expenditure ratio in 1997 was more than 6 percentage points lower than at the beginning of the 1990s , reflecting in particular a sharp reduction in net capital expenditure and also some reductions in all other main expenditure categories in relation to GDP .
Ìå äåäïìÝíï áõôÞ ôçí åîÝëéîç , ãéá íá óõíå ÷ éóôåß éóïññïðçìÝíá ç êáèïäéêÞ ôÜóç ôïõ ëüãïõ óõíïëéêþí äáðáíþí / ÁÅÐ , 100
Given this pattern , a balanced continuation
Ôá äçìüóéá Ýóïäá åß ÷ áí ôçí ôÜóç íá áõîÜíïíôáé óõíå ÷ þò , óå ó ÷ Ýóç ìå ôï ÁÅÐ , óôç äéÜñêåéá ôçò åîåôáæüìåíçò ðåñéüäïõ êáé ôï 1997 Þôáí ðåñßðïõ 6 åêáôïóôéáßåò ìïíÜäåò õøçëüôåñá áðü ü , ôé ôï 1990 .
Government revenue has tended to increase in relation to GDP continuously over the period considered , and was nearly 6 percentage points higher in 1997 than in 1990 .
Óýìöùíá ìå ôç ìåóïðñüèåóìç óôñáôçãéêÞ äçìïóéïíïìéêÞò ðïëéôéêÞò ôçò ÅëëÜäïò , üðùò ðáñïõóéÜæåôáé óôï Ðñüãñáììá Óýãêëéóçò 1994-99 , ôï ïðïßï áíáèåùñÞèçêå ôïí Éïýëéï 1997 , ï ëüãïò ôïõ åëëåßììáôïò áíáìÝíåôáé íá ìåéùèåß óôï 2,4% ôïõ ÁÅÐ ôï 1998 êáé ï ëüãïò ôïõ ÷ ñÝïõò óôï 107 % ôïõ ÁÅÐ .
According to the Greek medium-term fiscal policy strategy , as presented in the Convergence Programme for 1994-99 updated in July 1997 , the deficit ratio is expected to decline to 2.4% of GDP in 1998 , and the debt ratio to 107 % of GDP .
Ïé óôü ÷ ïé ôïõ ðñïûðïëïãéóìïý ãéá ôï 1998 åßíáé ãåíéêþò óýìöùíïé ìå ôï ðñüãñáììá .
The budget plan for 1998 is broadly in line with the programme .
Ç ðñïâëåðüìåíç ãéá ôï 1998 ìåßùóç ôïõ ëüãïõ ôïõ åëëåßììáôïò èá åðéôåõ ÷ èåß êõñßùò ìÝóù ôçò ìåßùóçò ôùí ôñå ÷ ïõóþí äáðáíþí êáé ìÝóù ôçò áýîçóçò ôùí äçìüóéùí åóüäùí óå ó ÷ Ýóç ìå ôï ÁÅÐ .
The reduction in the deficit ratio projected for 1998 will mainly be achieved by reducing the share of current expenditure in GDP and by increasing the share of government revenue in GDP .