natgillin/translations-raw huggingface dataset:
ÌÝ ÷ ñé ôï 1993 , ôï ìáêñïéêïíïìéêü ðåñéâÜëëïí óõíÝâáëëå óôç óõãêñÜôçóç ôùí áíïäéêþí ðéÝóåùí óôéò ôéìÝò , êáèþò ôï ÁÅÐ áõîáíüôáí ìå ó ÷ åôéêÜ ÷ áìçëïýò , áí êáé óõíå ÷ þò èåôéêïýò ñõèìïýò ( âë . Ðßíáêá 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 ) .
Ìïëïíüôé ç Äáíßá åðçñåÜóôçêå áðü ôçí ïéêïíïìéêÞ ýöåóç ôïõ 1993 ëéãüôåñï áðü ü , ôé Üëëá ÊñÜôç-ÌÝëç , ôï áñíçôéêü ðáñáãùãéêü êåíü äéåõñýíèçêå ôï 1992-93 .
Although Denmark was less affected by the 1993 recession than other Member States , the negative output gap widened in 1992-93 .
Áðü ôï 1994 , üìùò , ðáñáôçñåßôáé éó ÷ õñÞ áíÜêáìøç ðïõ óõíïäåýåôáé áðü êëåßóéìï ôïõ 64 ðáñáãùãéêïý êåíïý .
However , since 1994 a robust recovery has been under way , accompanied by a closing of the output gap .
Ç áðïêëéìÜêùóç ôïõ ðëçèùñéóìïý ùöåëÞèçêå áðü ôç ìÝôñéá áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò êáé ôéò ìåéïýìåíåò Þ ðåñßðïõ óôáèåñÝò ôéìÝò åéóáãïìÝíùí êáôÜ ôï ìåãáëýôåñï ìÝñïò ôçò äåêáåôßáò ôïõ 1990 .
Control over inflation has benefited from modest growth in unit labour costs and falling or broadly stable import prices during most of the 1990s .
Ôï 1997 , üìùò , ïé ñõèìïß áýîçóçò ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò êáé ôùí ôéìþí ôùí åéóáãïìÝíùí åðéôá ÷ ýíèçêáí .
However , in 1997 growth in both unit labour costs and import prices accelerated .
Ïé ÷ áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò óáöþò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ðëçèùñéóìïý , áí êáé ï ÄÔÊ ÷ ùñßò ôç ìåôáâïëÞ ôùí êáèáñþí Ýììåóùí öüñùí áõîÞèçêå ìå óôáèåñïýò ñõèìïýò áðü ôï 1993 êáé õðåñÝâç ôï 2 % ôï 1997 ( âë . Ðßíáêá 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 ) .
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 ÷ áìçëüôåñï áðü 2 % êáé äåí õðÜñ ÷ ïõí åíäåßîåéò üôé èá áóêçèïýí Üìåóåò áíïäéêÝò ðéÝóåéò , üðùò ðñïêýðôåé áðü ôïõò äåßêôåò ôïõ 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 below 2 % and there are no signs of immediate upward pressure on the basis of the measures shown in Table 3a .
ÐñïâëÝðåôáé üôé ï ðëçèùñéóìüò èá áõîçèåß ôá äýï åðüìåíá Ýôç óå åðßðåäï êÜðùò õøçëüôåñï áðü 2 % ôï 1998 êáé åëáöñþò õøçëüôåñï ôï 1999 ( âë . Ðßíáêá 3â ) .
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 ) .
ÄçìïóéïíïìéêÝò åîåëßîåéò Óôï Ýôïò áíáöïñÜò 1997 ï ðñïûðïëïãéóìüò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ðáñïõóßáóå ðëåüíáóìá 0,7% ôïõ ÁÅÐ , Ýôóé ç ôéìÞ áíáöïñÜò 3 % ãéá ôï ëüãï ôïõ åëëåßììáôïò åðéôåý ÷ èçêå Üíåôá , åíþ ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 65,1% , äçë . Üíù ôçò ôéìÞò áíáöïñÜò 60 %.
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 .
Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ôï äçìïóéïíïìéêü áðïôÝëåóìá âåëôéþèçêå êáôÜ 1,4 åêáôïóôéáßåò ìïíÜäåò êáé ìåôáôñÜðçêå óå ðëåüíáóìá , åíþ ï ëüãïò ôïõ ÷ ñÝïõò ìåéþèçêå êáôÜ 5,5 åêáôïóôéáßåò ìïíÜäåò .
Compared with the previous year , the fiscal balance has improved by 1.4 57 percentage points , moving into surplus , while the debt ratio has fallen by 5.5 percentage points .
Ôï 1998 ðñïâëÝðåôáé üôé ôï ðëåüíáóìá èá áõîçèåß óå 1,1% ôïõ ÁÅÐ , åíþ ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé üôé èá ìåéùèåß óå 59,5% äçë . ìüëéò êÜôù áðü ôçí ôéìÞ áíáöïñÜò .
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 .
Ôï 1996 , ï ëüãïò ôïõ åëëåßììáôïò Þôáí ÷ áìçëüôåñïò áðü ôï ëüãï ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ðñïò ôï ÁÅÐ ( âë . Ðßíáêá 4 ) .
In 1996 the deficit ratio was below the ratio of public investment expenditure to GDP ( see Table 4 ) .
Áðü ôçí åîÝôáóç ôùí åôþí 1990-97 ðñïêýðôåé üôé ï ëüãïò ôïõ ÷ ñÝïõò ðñïò ôï ÁÅÐ óôç Äáíßá áõîÞèçêå êáôÜ 4,3 åêáôïóôéáßåò ìïíÜäåò .
Looking back over the years 1990 to 1997 , the Danish debt-to-GDP ratio increased by 4.3 percentage points ;
Áñ ÷ éêÜ , ï ëüãïò áõîÞèçêå áðü 60,8% ôïõ ÁÅÐ ôï 1990 óå 81,6% ôïõ ÁÅÐ ôï 1993 .
initially the ratio rose , from 60.8% of GDP in 1990 to 81.6% of GDP in 1993 ;
Áêïëïýèùò ìåéùíüôáí óôáèåñÜ áðü Ýôïò óå Ýôïò êáé äéáìïñöþèçêå óå 65,1% ôï 1997 ( âë . ÄéÜãñáììá 2á ) , äçë .
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 .
ìåéþèçêå êáôÜ 16,5 åêáôïóôéáßåò ìïíÜäåò óå äéÜóôçìá ôåóóÜñùí åôþí . ¼ ðùò áðåéêïíßæåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 2â , óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ôï ðñùôïãåíÝò ðëåüíáóìá ó ÷ åäüí áíôéóôÜèìéóå ôç óçìáíôéêÞ áýîçóç ôïõ ÷ ñÝïõò ðïõ ïöåéëüôáí óôçí áñíçôéêÞ äéáöïñÜ ìåôáîý áíÜðôõîçò êáé åðéôïêßùí .
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 .
YðÞñîå üìùò Ýíôïíç Üíïäïò ôïõ ëüãïõ ôïõ ÷ ñÝïõò ùò áðïôÝëåóìá ôùí  ðñïóáñìïãþí ôùí ìåôáâëçôþí ñïÞò êáé ôùí ìåôáâëçôþí áðïèÝìáôïò , éäéáßôåñá ôï 1993 .
However , there was a strong upward effect on the debt ratio as a result of stock-flow adjustments , most notably in 1993 .
ÌåôÜ ôï 1993 , Ýíáò ñõèìüò áíÜðôõîçò Üíù ôïõ 3 % êáé áñãüôåñá ìéá âåëôßùóç ôïõ ðñïûðïëïãéóìïý óõíÝâáëáí óôç ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò .
After 1993 a growth rate of above 3 %, and later an improvement in the budget , contributed to reducing the debt ratio .
Ôá ðñüôõðá ðïõ ðáñáôçñÞèçêáí óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ìðïñïýí íá èåùñçèïýí ùò åíäåéêôéêÜ ôùí êéíäýíùí ðïõ åíäÝ ÷ åôáé íá ðñïêýøïõí áðü ìéá áðñïóäüêçôç åðéäåßíùóç ôïõ ïéêïíïìéêïý ðåñéâÜëëïíôïò , óõìðåñéëáìâáíïìÝíùí ôùí ðéÝóåùí óôï íüìéóìá , üôáí ïé åðéäñÜóåéò áõôÝò äåí áíôéóôáèìßæïíôáé áðü åðáñêþò õøçëü ðñùôïãåíÝò ðëåüíáóìá .
The patterns observed in the early 1990s may be seen as indicative of the risks which can arise from an unforeseen deterioration in the economic environment , including pressure on the currency , when such effects are not counterbalanced by a sufficiently high primary surplus .
Óôï ðëáßóéï áõôü , óçìåéþíåôáé üôé ôï ðïóïóôü ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá Þôáí ÷ áìçëü êáôÜ ôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 êáé ç ìÝóç äéÜñêåéá åìöÜíéóå áíïäéêÞ ðïñåßá ( âë . Ðßíáêá 5 ) .
In this context , it may be noted that the share of debt with a shortterm residual maturity has been low over the 1990s , and the average maturity has tended to increase ( see Table 5 ) .
ÅðéðëÝïí , ôï ðïóïóôü ôïõ ÷ ñÝïõò óå óõíÜëëáãìá óôç Äáíßá Ý ÷ åé ìåéùèåß ôüóï þóôå ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ó ÷ åôéêÜ íá 65 ìçí åìöáíßæïõí åõáéóèçóßá óôéò ìåôáâïëÝò ôùí åðéôïêßùí .
In addition , the proportion of foreign currency debt in Denmark has declined to levels which make fiscal balances relatively insensitive to changes in exchange rates .
Óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 ðáñáôçñÞèçêå áñ ÷ éêÜ åðéäåßíùóç êáé áêïëïýèùò âåëôßùóç ôïõ ëüãïõ åëëåßììáôïò / ÁÅÐ , ìå áðïôÝëåóìá ï ëüãïò íá ðáñáìåßíåé óôáèåñÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò ôïõ 3 %.
During the 1990s a pattern of first deteriorating and subsequently improving results can be observed in the deficit-toGDP ratio , whereby the ratio remained consistently below the 3 % reference value .
Îåêéíþíôáò áðü 1,5% ôï 1990 , ï ëüãïò ôïõ åëëåßììáôïò Ýöèáóå ôï 2,8% ôï 1993 .
Starting from a ratio of 1.5% in 1990 , the deficit reached 2.8% in 1993 ;
Áðü ôüôå , ôï Ýëëåéììá ìåéþíåôáé áðü ÷ ñüíï óå ÷ ñüíï êáé ôï 1997 ìåôáôñÜðçêå óå ðëåüíáóìá 0,7% ( âë . ÄéÜãñáììá 3á ) .
since then , the deficit has declined year by year and became a surplus of 0.7% in 1997 ( see Chart 3a ) .
¼ ðùò öáßíåôáé áíáëõôéêüôåñá óôï ÄéÜãñáììá 3â , ôï ïðïßï åðéêåíôñþíåôáé óôéò ìåôáâïëÝò ôùí åëëåéììÜôùí , êõêëéêïß ðáñÜãïíôåò óõíÝâáëáí óçìáíôéêÜ óôçí áýîçóç ôïõ åëëåßììáôïò ìÝ ÷ ñé ôï 1993 , üðùò åðßóçò êáé óôç ìåßùóÞ ôïõ ôï 1994 , áëëÜ ï ñüëïò ôïõò ðåñéïñßóôçêå ôá åðüìåíá Ýôç .
As is shown in greater detail in Chart 3b , which focuses on changes in deficits , cyclical factors contributed considerably to the increase in the deficit until 1993 , as well as to its reduction in 1994 , but played a minor role thereafter .
Åíôïýôïéò , ôá äéáèÝóéìá óôïé ÷ åßá õðïäçëþíïõí üôé ôá ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç âåëôßùóáí ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ôï 1997 óå ðïóïóôü ü ÷ é ìåãáëýôåñï áðü 0,1% ôïõ ÁÅÐ .
However , evidence available suggests that measures with a temporary effect did not improve fiscal balances in 1997 by more than 0.1% of GDP .
¼ óïí áöïñÜ ôéò ôÜóåéò Üëëùí äçìïóéïíïìéêþí äåéêôþí , áðü ôï ÄéÜãñáììá 4 ðñïêýðôåé üôé ï ëüãïò ôùí óõíïëéêþí äáðáíþí ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá áõîÞèçêå ìåôáîý 1990 êáé 1994 .
Moving on to examine trends in other fiscal indicators , it can be seen from Chart 4 that the general government total expenditure ratio rose between 1990 and 1994 .
Ìå äåäïìÝíç ôçí õøçëÞ êáé áõîáíüìåíç áíåñãßá , ïé ôñÝ ÷ ïõóåò ìåôáâéâáóôéêÝò ðëçñùìÝò ðñïò ôá íïéêïêõñéÜ áõîÞèçêáí , áðïôåëþíôáò ôçí êýñéá áéôßá ôçò áýîçóçò ôùí óõíïëéêþí äáðáíþí , åíþ ïé äáðÜíåò ãéá ôüêïõò óçìåßùóáí ìéêñÞ ðôþóç ùò ðïóïóôü ôïõ ÁÅÐ ( âë . Ðßíáêá 6 ) .
Against the background of high and rising unemployment , current transfers to households increased , accounting for most of the increase in total expenditure , while the interest payments ratio diminished slightly ( see Table 6 ) .
ÌåôÜ ôï 1994 ï ëüãïò ôùí óõíïëéêþí äáðáíþí ðñïò ôï ÁÅÐ ìåéþèçêå , áíôáíáêëþíôáò ôç ìåßùóç ôùí ìåôáâéâáóôéêþí ðëçñùìþí ðñïò ôá íïéêïêõñéÜ , ôùí äáðáíþí ãéá ôüêïõò êáé ôçò äçìüóéáò êáôáíÜëùóçò , ùò 66 ðïóïóôþí ôïõ ÁÅÐ .
After 1994 the ratio of total expenditure to GDP declined , reflecting a reduction in transfers to households , interest payments and public consumption relative to GDP .
ÓõíïëéêÜ , ï ëüãïò ôùí äáðáíþí ôï 1997 Þôáí ÷ áìçëüôåñïò áðü ü , ôé óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , åíþ ïé ìåôáâéâáóôéêÝò ðëçñùìÝò Ý ÷ ïõí áõîçèåß .
On balance , the expenditure ratio in 1997 was lower than at the beginning of the 1990s , while transfer payments have increased .
Ï ëüãïò ôùí äçìüóéùí åóüäùí ðñïò ôï ÁÅÐ ôï 1997 Þôáí 1,6 åêáôïóôéáßåò ìïíÜäåò õøçëüôåñïò ôï 1997 áðü ü , ôé ôï 1990 êáé åíäÝ ÷ åôáé íá âñßóêåôáé óå Ýíá åðßðåäï ðïõ åßíáé åðéâëáâÝò ãéá ôçí ïéêïíïìéêÞ áíÜðôõîç .
Government revenue in relation to GDP was 1.6 percentage points higher in 1997 than in 1990 and it may be at a level which is detrimental to economic growth .
Óýìöùíá ìå ôç ìåóïðñüèåóìç óôñáôçãéêÞ äçìïóéïíïìéêÞò ðïëéôéêÞò óôç Äáíßá , üðùò ðáñïõóéÜæåôáé óôï Ðñüãñáììá Óýãêëéóçò , ôï ïðïßï áíáèåùñÞèçêå ôï ÌÜéï 1997 , ãéá ôï 1998 áíáìÝíåôáé ðåñßðïõ óôáèåñü ðëåüíáóìá ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá , êÜðùò ìéêñüôåñï ôïõ 1 % ôïõ ÁÅÐ , êáé ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé üôé èá ìåéùèåß óå 64 % ôïõ ÁÅÐ .
Looking at the Danish medium-term fiscal policy strategy , as presented in the Convergence Programme updated in May 1997 , a broadly stable general government surplus of somewhat less than 1 % of GDP is expected in 1998 , and the debt ratio is projected to decline to 64 % of GDP .
Ï ðñïûðïëïãéóìüò ôïõ 1998 åìöáíßæåé Ýíá ìåãáëýôåñï ðëåüíáóìá áðü ü , ôé ðñïÝâëåðå ôï ðñüãñáììá .
The budget plan for 1998 shows a larger surplus in the financial balance than envisaged in the programme .
Åðß ôïõ ðáñüíôïò , äåí õðÜñ ÷ ïõí åíäåßîåéò üôé ï ðñïûðïëïãéóìüò ôïõ 1998 ðåñéÝ ÷ åé óçìáíôéêÜ ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç .
Currently , there is no evidence of significant measures with a temporary effect in the 1998 budget .
ÌÝ ÷ ñé ôï Ýôïò 2000 ó ÷ åäéÜæåôáé ðåñáéôÝñù áýîçóç ôïõ ðëåïíÜóìáôïò ôïõ ðñïûðïëïãéóìïý .
By the year 2000 a further increase in the budget surplus is planned .
ÁõôÝò ïé ðñïâëÝøåéò äåß ÷ íïõí âñáäýôåñç âåëôßùóç óôç äçìïóéïíïìéêÞ êáôÜóôáóç ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá áðü ü , ôé ðñïâëåðüôáí óôï ðñïçãïýìåíï ðñüãñáììá , áí êáé ï íÝïò óôü ÷ ïò ãéá ôï áðïôÝëåóìá ôïõ ðñïûðïëïãéóìïý ôï 1998 åßíáé êÜðùò ðéï öéëüäïîïò êáé áíáìÝíåôáé åõíïúêüôåñç åîÝëéîç ôïõ ëüãïõ ôïõ ÷ ñÝïõò .
These projections show a slower improvement in the general government budget balance position than envisaged in the previous programme , although the new target for the budget balance in 1998 is somewhat more ambitious and a more favourable development of the debt ratio is now expected .
äéáìïñöùèåß ôåëéêÜ üðùò ðñïâëÝðåé ôï Ðñüãñáììá Óýãêëéóçò 1999-2000 , ç Äáíßá èá ìðïñïýóå íá óõììïñöùèåß ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ôï ïðïßï èá áñ ÷ ßóåé íá éó ÷ ýåé áðü ôï 1999 . ÂÜóåé ôïõ óôü ÷ ïõ , ç ÷ þñá ðñÝðåé íá äéáèÝôåé ðñïûðïëïãéóìü ó ÷ åäüí éóïóêåëéóìÝíï Þ ðëåïíáóìáôéêü .
If fiscal balances turn out as projected in the Convergence Programme for 1999-2000 , Denmark would comply with the medium-term objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
ÁíáöïñéêÜ ìå ôç äõíçôéêÞ ìåëëïíôéêÞ ðïñåßá ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ç ¸ êèåóç ôïõ ÅÍÉ äåí åîåôÜæåé ëåðôïìåñþò ôï åí ëüãù æÞôçìá ãéá ôéò ÷ þñåò ãéá ôéò ïðïßåò ðñïâëÝðåôáé ëüãïò ÷ ñÝïõò êÜôù áðü 60 % ôïõ ÁÅÐ ôï 1998 .
With regard to the potential future course of the debt ratio , the EMI s Report does not consider this issue in detail for countries forecast to have a debt ratio of below 60 % of GDP in 1998 .
Ïé ðñïâëåðüìåíåò åîåëßîåéò õðïãñáììßæïõí ôá ïöÝëç ðïõ áðïññÝïõí áðü ôï ðëåüíáóìá ðïõ åðéôåý ÷ èçêå ôï 1997 , êáé ôï ïðïßï ðñïâëÝðåôáé üôé èá áõîçèåß ôï 1998 , ãéá ôçí ôá ÷ åßá ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò .
Projected developments underline the benefits of the surplus position achieved in 1997 , and forecast to increase in 1998 , for rapidly reducing the debt ratio .
ÅðéðëÝïí , üðùò öáßíåôáé óôïí Ðßíáêá 7 , áðü ôï 2010 êáé ìåôÜ áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý .
In addition , as is highlighted in Table 8 , from around 2010 onwards a marked ageing of the population is expected .
Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ç äáíéêÞ êïñþíá óõììåôÝ ÷ åé óôï ÌÓÉ áðü ôçí ßäñõóÞ ôïõ óôéò 13 Ìáñôßïõ 1979 , äçë . ãéá ðïëý ìåãáëýôåñï ÷ ñïíéêü äéÜóôçìá áðü ôá äýï ÷ ñüíéá ðñéí áðü ôçí åîÝôáóç ( âë .
Exchange rate developments The Danish krone has been participating in the ERM since its inception on 13 March 1979 , i.e. for much longer than two years prior to the examination ( see Table 8a ) .
Óôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996ÖåâñïõÜñéïò 1998 ) , ç êïñþíá êéíÞèçêå êáôÜ êáíüíá êïíôÜ óôéò êåíôñéêÝò éóïôéìßåò ôçò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ ( âë .
Focusing on the reference period from March 1996 to February 1998 , the currency has normally traded close to its central rates against other ERM currencies ( see Chart 5 and Table 8a ) .
Ïé ìÝãéóôåò ðñïò ôá Üíù êáé ðñïò ôá êÜôù áðïêëßóåéò áðü ôéò êåíôñéêÝò éóïôéìßåò , ìå âÜóç ôïõò êéíçôïýò ìÝóïõò 10 åñãÜóéìùí çìåñþí , Þôáí 1,2% êáé - 3,4% áíôßóôïé ÷ á , ìå åîáßñåóç ôçí áõôüíïìç áíïäéêÞ ðïñåßá ôçò ëßñáò Éñëáíäßáò ( âë . Ðßíáêá 8á ) .
upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 1.2% and - 3.4% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
Ôá åðåéóüäéá êáôÜ ôá ïðïßá óõíÝâçóáí áõôÝò ïé áðïêëßóåéò Þôáí ðñïóùñéíÜ , ï âáèìüò ìåôáâëçôüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ Þôáí óõíå ÷ þò ðïëý ÷ áìçëüò êáé öèßíùí ( âë . Ðßíáêá 8â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá Þôáí ìéêñÝò .
The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis - - vis the Deutsche Mark was continuously very low and decreasing ( see Table 8b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates were small .
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , äåßêôåò ôçò ðñáãìáôéêÞò óôáèìéóìÝíçò éóïôéìßáò ôçò äáíéêÞò êïñþíáò Ýíáíôé ôùí íïìéóìÜôùí ôùí Êñáôþí-Ìåëþí ðïõ óõììåôÝ ÷ ïõí óôï ÌÓÉ , üðùò áðåéêïíßæïíôáé óôïí Ðßíáêá 9 , õðïäçëþíïõí üôé ôá óçìåñéíÜ åðßðåäá åßíáé ðáñáðëÞóéá ìå ôéò ôéìÝò ðïõ Ý ÷ ïõí êáôÜ êáéñïýò óçìåéùèåß .
In a longer-term context , measures of the real effective exchange rate of the Danish krone vis - - vis the currencies of ERM participating Member States depicted in Table 9 suggest that current levels are close to historical values .
¼ óïí áöïñÜ Üëëåò åîùôåñéêÝò åîåëßîåéò , ç Äáíßá Ý ÷ åé äéáôçñÞóåé ðëåüíáóìá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí óå ïëüêëçñç ôç äåêáåôßá ôïõ 1990 , ãåãïíüò ðïõ áíôáíáêëÜôáé óôç âåëôßùóç ôçò áñíçôéêÞò êáèáñÞò åîùôåñéêÞò èÝóçò ôçò ( âë .
As regards other external developments , Denmark has maintained current account surpluses over the 1990s , a situation which has been reflected in a reduction in the net external liability position ( see Table 10 ) .
Ðßíáêá 10 ) . Õðåíèõìßæåôáé åðßóçò üôé ç Äáíßá äéáèÝôåé ìéá ìéêñÞ áíïéêôÞ ïéêïíïìßá êáé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ï ëüãïò ôïõ åîùôåñéêïý åìðïñßïõ ôçò ðñïò ôï ÁÅÐ åßíáé 39 % ãéá ôéò åîáãùãÝò êáé 35 % ãéá ôéò åéóáãùãÝò êáé ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 64 % ãéá ôéò åîáãùãÝò êáé 69 % ãéá ôéò åéóáãùãÝò .
It may also be recalled that Denmark is a small open economy with , according to the most recent data available , a ratio of foreign trade to GDP of 39 % for exports and 35 % for imports , and a share of intra-EU trade of 64 % for exports and 69 % for imports . Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 6a ) .
ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí , áí êáé ôá ìáêñïðñüèåóìá åðéôüêéá äåí Ý ÷ ïõí óõãêëßíåé åíôåëþò ðñïò ôá ÷ áìçëüôåñá åðßðåäá ðïõ ðáñáôçñïýíôáé óôçí ¸ íùóç ( âë . ÄéÜãñáììá 6â ) .
At the same time , a comparatively close convergence of Danish long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed since the early 1990s , although long-term interest rates have not converged completely towards the lowest levels observed in the Union ( see Chart 6b ) .
Óýíïøç óõìðåñáóìÜôùí Ç Äáíßá , óýìöùíá ìå ôïõò üñïõò ôïõ Ðñùôïêüëëïõ áñéè . 12 ôçò ÓõíèÞêçò , Ý ÷ åé ãíùóôïðïéÞóåé óôï Óõìâïýëéï ôçò ÅÅ üôé äåí ðñïôßèåôáé íá óõììåôÜó ÷ åé óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ .
Concluding summary Denmark , in accordance with the terms of Protocol No. 12 of the Treaty , has given notification to the EU Council that it will not participate in Stage Three of EMU .
Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò , ç Äáíßá ðÝôõ ÷ å ñõèìü ðëçèùñéóìïý ( ÅíÄÔÊ ) 1,9% , äçë . áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ðïõ ïñßæåé ç ÓõíèÞêç .
Over the reference period Denmark has achieved a rate of HICP inflation of 1.9% , which is well below the reference value stipulated by the Treaty .
Ç áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò åðéôá ÷ ýíèçêå ðñüóöáôá êáé ìåñéêïß Üëëïé óõíáöåßò äåßêôåò ðëçèùñéóìïý õðåñÝâçóáí ôï 2 % ôï 1997 .
The increase in unit labour costs has picked up recently and some other relevant indicators of inflation exceeded 2 % in 1997 .
Óýìöùíá ìå ôéò ðñïâëÝøåéò ï ðëçèùñéóìüò èá áõîçèåß óå åðßðåäï êáôÜ ôé áíþôåñï áðü 2 % ôï 1998 êáé ëßãï áêüìç ôï 1999 .
forecasts project inflation will rise to somewhat above 2 % in 1998 and slightly higher in 1999 .
Ôï åðßðåäï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 6,2% , äçë .
The level of long-term interest rates was 6.2% , i.e. below the respective reference value .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôç Äáíßá Þôáí 6,2% óå ìÝóï üñï , äçë . ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ãéá ôá åðéôüêéá , ç ïðïßá ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Denmark were 6.2% 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 .
Áõôü óõíÝâç êáé ôï 1997 ( óýíïëï Ýôïõò ) , êáèþò êáé ôï 1996 ( âë . Ðßíáêá 11 ) .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 11 ) .
Ùò ðñïò ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí , ç ðñïïðôéêÞ ãéá ôï ëüãï ôïõ ÷ ñÝïõò åßíáé íá ìåéùèåß óå 59,5% ôïõ ÁÅÐ ôï 1998 , äçë . íá âñåèåß ìüëéò êÜôù áðü ôçí ôéìÞ áíáöïñÜò .
Regarding the sustainability of fiscal developments , the outlook is for a decrease in the debt ratio to 59.5% of GDP in 1998 , i.e. just below the reference value .
ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò ôï ïðïßï èá ôåèåß óå éó ÷ ý áðü ôï 1999 , äçë . íá äéáèÝôåé ó ÷ åäüí éóïóêåëéóìÝíï Þ ðëåïíáóìáôéêü ðñïûðïëïãéóìü , åíþ ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß áêüìç ÷ áìçëüôåñá áðü 60 %.
and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus , and the debt ratio would fall further below 60 %.
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÄÁÍÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Äáíßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Äáíßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Äáíßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Äáíßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * DENMARK I Price developments Table 1 Chart 1 Table 2 Table 3 Denmark : HICP inflation Denmark : Price developments Denmark : Measures of inflation and related indicators Denmark : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Äáíßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Äáíßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Äáíßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Äáíßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Äáíßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Äáíßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Äáíßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Chart 2 Denmark : General government financial position Denmark : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Denmark : General government gross debt - structural features Denmark : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Denmark : General government expenditure and receipts Denmark : General government budgetary position Denmark : Projections of elderly dependency ratio Table 5 Chart 3
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Äáíßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôçí êïñþíá Äáíßáò ÄéÜãñáììá 5 Êïñþíá Äáíßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 Êïñþíá Äáíßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 10 Äáíßá : ÅîùôåñéêÝò åîåëßîåéò
Chart 4 Table 6 Table 7 III Exchange rate developments Table 8 ( a ) Denmark : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Danish krone Chart 5 Danish krone : Deviations from ERM bilateral central rates Table 9 Danish krone : Measures of the real effective exchange rate vis - - vis ERM Member States Table 10 Denmark : External developments