natgillin/translations-raw huggingface dataset:
Êáèüëç ôç äéÜñêåéá ôïõ 1997 êáé ôï 1996 , âñßóêïíôáí óå åðßðåäï áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ( âë . Ðßíáêá 11 ) .
For 1997 as a whole , as well as for 1996 , they were well below the reference value ( see Table 11 ) .
Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë . ÄéÜãñáììá 6á ) .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 6a ) .
ÊáôÜ ôï ìåãáëýôåñï äéÜóôçìá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò , ôá öéëáíäéêÜ ìáêñïðñüèåóìá åðéôüêéá Ýôåéíáí íá óõãêëßíïõí ðñïò ôá áíôßóôïé ÷ á åðéôüêéá ôùí ÷ ùñþí ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí . ÁõôÞ ç äéáäéêáóßá óýãêëéóçò Ý ÷ åé åðéôá ÷ õíèåß áðü ôá ôÝëç ôïõ 1994 êáé ç äéáöïñÜ Ý ÷ åé ðëÝïí ó ÷ åäüí åîáëåéöèåß ( âë .
A trend towards the convergence of Finnish long-term interest rates with those prevailing in the EU countries with the lowest bond yields has also been observed for most of the period since the early 1990s .
Ïé êõñéüôåñïé ðáñÜãïíôåò ðïõ óõíåôÝëåóáí óôçí åîÝëéîç áõôÞ õðÞñîáí ï óõãêñéôéêÜ ÷ áìçëüò ñõèìüò ðëçèùñéóìïý , ç ó ÷ åôéêÞ óôáèåñüôçôá ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ öéëáíäéêïý ìÜñêïõ êáé ç âåëôßùóç ôùí äçìüóéùí ïéêïíïìéêþí ôçò ÷ þñáò . Óýíïøç óõìðåñáóìÜôùí ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , ç Öéëáíäßá ðÝôõ ÷ å ðëçèùñéóìü ( ÅíÄÔÊ ) 1,3% , äçë .
This process of convergence has accelerated since late 1994 , and the differential has now been virtually eliminated ( see Chart 6b ) . The main factors underlying this trend were the comparatively low rate of inflation , the relative stability of the Finnish markka s exchange rate and an improvement in the country s fiscal position .
áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ðïõ ðñïâëÝðåé ç ÓõíèÞêç . Ôï êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò ìåéþèçêå ôï 1997 , åíþ ïé ÷ áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí .
Concluding summary Over the reference period Finland has achieved a rate of HICP inflation of 1.3% , which is well below the reference value stipulated by the Treaty . Unit labour costs declined in 1997 and low rates of inflation were also apparent in terms of other relevant price indices .
ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 5,9% , äçë . êÜôù áðü ôçí áíôßóôïé ÷ ç ôéìÞ áíáöïñÜò .
The level of long-term interest rates was 5.9% , i.e. below the respective reference value .
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÖÉËÁÍÄÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Öéëáíäßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Öéëáíäßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Öéëáíäßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Öéëáíäßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * FINLAND I Price developments Table 1 Chart 1 Table 2 Table 3 Finland : HICP inflation Finland : Price developments Finland : Measures of inflation and related indicators Finland : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Öéëáíäßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Öéëáíäßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Öéëáíäßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Öéëáíäßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Öéëáíäßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Öéëáíäßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Öéëáíäßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Finland : General government financial position Chart 2 Finland : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Finland : General government gross debt - structural features Chart 3 Finland : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Finland : General government expenditure and receipts Table 6 Finland : General government budgetary position Table 7 Finland : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Öéëáíäßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï ìÜñêï Öéëáíäßáò ÄéÜãñáììá 5 ÌÜñêï Öéëáíäßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 ÌÜñêï Öéëáíäßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 10 Öéëáíäßá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 8 ( a ) Finland : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Finnish markka Chart 5 Finnish markka : Deviations from ERM bilateral central rates Table 9 Finnish markka : Measures of the real effective exchange rate vis - - vis ERM Member States Table 10 Finland : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11 Öéëáíäßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 6 ( á ) Öéëáíäßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Öéëáíäßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 11 Finland : Long-term interest rates Chart 6 ( a ) Finland : Long-term interest rate ( b ) Finland : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Öéëáíäßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Finland : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
Éáí . 98 1,8 -
Jan 98 Feb 97 - Jan 98 1.8 1.3 2.7
Öéëáíäßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) 6,2 ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) 4,6 ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò 6,0 ÁðïðëçèùñéóôÞò ÁÅÐ 5,8 ÔéìÝò ðáñáãùãïý 2,1 Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ 0,0 Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) 7,7 Ðïóïóôü áíåñãßáò (%) 3,3 Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò 8,8 Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò 9,4 Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò 0,6 ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí 1,1 1,8 Áíáôßìçóç íïìßóìáôïò ( ã ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Finland : Measures of inflation and related indicators ( annual percentage changes unless otherwise stated ) 1990 Measures of inflation Consumer price index ( CPI ) 6.2 4.6 CPI excluding changes in net indirect taxes ( b ) Private consumption deflator 6.0 GDP deflator 5.8 Producer prices 2.1 Related indicators Real GDP growth 0.0 Output gap ( p.pt s ) 7.7 Unemployment rate (%) 3.3 Unit labour costs , whole economy 8.8 Compensation per employee , whole economy 9.4 Labour productivity , whole economy 0.6 Import price deflator 1.1 1.8 Exchange rate appreciation ( c ) ( d ) Broad monetary aggregate ( M3H ) 5.3 Stock prices - 27.3 House prices - 5.5
Ì3 )( ä ) 5,3 ÔéìÝò ìåôï ÷ þí - 27,3 ÔéìÝò êáôïéêéþí - 5,5 1991 4,3 2,6 5,7 2,5 - 0,1 - 7,1 - 1,1 7,4 7,7 5,7 - 2,0 0,5 - 4,0 9,9 - 27,5 - 13,9 1992 2,9 1,6 4,1 0,7 2,5 - 3,6 - 5,8 12,7 - 1,8 1,9 3,7 7,2 - 12,9 2,4 - 19,4 - 17,0 1993 2,2 0,8 4,2 2,4 3,6 - 1,2 - 8,3 17,3 - 4,7 1,0 5,7 8,7 - 14,0 4,0 59,5 - 8,8 1994 1,1 0,5 1,4 1,3 1,6 4,5 - 5,9 17,8 - 2,2 3,5 5,7 - 0,3 7,8 0,0 49,4 6,0 1995 1,0 - 0,1 0,3 2,4 3,4 5,1 - 3,3 16,7 0,7 4,0 3,3 0,4 10,6 3,1 3,5 - 3,6 1996 1997 ( á ) 0,6 - 0,2 1,6 1,3 0,1 3,6 - 2,4 15,8 0,6 3,2 2,6 1,8 - 2,8 - 1,2 6,6 5,5 1,2 0,8 1,4 1,2 0,5 5,9 0,3 14,5 - 2,4 - 0,4 2,0 1,6 - 2,4 7,4 56,9 17,5
1995 1.0 - 0.1 0.3 2.4 3.4 5.1 - 3.3 16.7 0.7 4.0 3.3 0.4 10.6 3.1 3.5 - 3.6 1996 1997 ( a ) 0.6 - 0.2 1.6 1.3 0.1 3.6 - 2.4 15.8 0.6 3.2 2.6 1.8 - 2.8 - 1.2 6.6 5.5 1.2 0.8 1.4 1.2 0.5 5.9 0.3 14.5 - 2.4 - 0.4 2.0 1.6 - 2.4 7.4 56.9 17.5
( 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 .
( b ) Inflation forecasts European Commission ( spring 1998 ) , HICP OECD ( December 1997 ) , private consumption deflator IMF ( October 1997 ) , CPI Source : European Commission ( spring 1998 forecasts ) , OECD and IMF . 1998 2.0 2.2 2.3
Öéëáíäßá : ¸ 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 ÔéìÞ áíáöïñÜò - 3,3 - 3 - 0,6 57,6 60 1997 - 0,9 - 3 1,7 55,8 60 1998 ( á ) 0,3 - 3 .
Finland : General government financial position ( as a percentage of GDP ) General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt Reference value Source : European Commission ( spring 1998 forecasts ) and EMI calculations .
ÄéÜãñáììá 2
53.6 60 Chart 2
Öéëáíäßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 1990 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 ( á ) 1991 23,0 60,8 39,2 48,4 4,9 10,0 64,0 25,9
Finland : 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 ( a ) (% of total ) Short-term ( b ) ( < 1 year) Medium-term (1-5 years) Long-term (> 5 years ) 1990 14.5 66.1 33.9 60.2 4.6 11.3 73.8 14.9 1991 23.0 60.8 39.2 48.4 4.9 10.0 64.0 25.9 1992 41.5 45.1 54.9 38.2 5.2 12.2 59.8 28.0 1993 58.0 43.3 56.7 36.2 4.9 13.8 52.8 33.3 1994 59.6 41.0 59.0 36.3 4.7 13.7 54.2 32.1 1995 58.1 45.1 54.9 40.3 4.3 20.3 52.8 26.9 1996 1997 57.6 55.8 46.6 53.4 39.3 4.4 24.1 48.2 27.8 50.4 49.6 36.8 4.7 19.1 48.1 32.8
Âñá ÷ õðñüèåóìç ( â ) ( < 1 Ýôïò) Ìåóïðñüèåóìç (1-5 Ýôç) Ìáêñïðñüèåóìç (> 5 Ýôç ) ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
Source : National data except for total debt ( European Commission ( spring 1998 forecasts )) .
Öéëáíäßá : ¸ 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 ) .
Finland : 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 )
Öéëáíäßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 19,7 21,5 24,3 34,7 41,1 2000 2010 2020 2030
Finland : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 19.7 2000 21.5 2010 24.3 2020 34.7 2030 41.1
( á ) Öéëáíäßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( 14 Ïêôùâñßïõ 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 ÌÜñêïõ Ãåñìáíßáò ÐåóÝôáò Éóðáíßáò ÖñÜãêïõ Ãáëëßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò Åóêïýäïõ Ðïñôïãáëßáò 3,1 2,8 3,0 2,1 3,6 - 0,3 3,0 2,9 3,0 1,4 0,2 0,1 0,2 - 0,2 0,1 - 9,1 - 0,4 0,2 0,2 - 1,1 Íáé 14 Ïêôùâñßïõ 1996 ¼÷ é
( a ) Finland : Exchange rate stability ( 14 October 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 Deutsche Mark Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo
Ïé áðïêëßóåéò Ýíáíôé ôçò ëßñáò Éôáëßáò áöïñïýí ôçí ðåñßïäï áðü 25 Íïåìâñßïõ 1996 êáé åîÞò .
Deviations against the Italian lira refer to the period from 25 November 1996 onwards .
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï ìÜñêï Öéëáíäßáò 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 Finnish markka 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 4.5 0.4 4.0 0.1 2.2 - 0.1 5.3 - 0.1 4.4 - 0.2 3.5 - 0.2 2.3 - 0.0 1.1 - 0.1
98 4,5 0,4 4,0 0,1 2,2 - 0,1 5,3 - 0,1 4,4 - 0,2 3,5 - 0,2 2,3 - 0,0 1,1 - 0,1 ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÍÉ .
Source : European Commission , national data and EMI calculations .
éóïôéìßåò ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) FIM / BEF FIM / DKK FIM / DEM FIM / ESP FIM / FRF FIM / IEP
percentages ; 1 March 1996 to 27 February 1998 ) FIM / BEF 15 10 5 0 - 5 - 10 - 15 Q2 1996 FIM / ITL Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 FIM / DKK FIM / DEM FIM / ESP FIM / FRF
FIM / ITL
FIM / IEP 15 10 5 0 - 5 - 10 - 15 Q2
Óçìåßùóç : Ç êÜèåôç ãñáììÞ äçëþíåé ôçí çìåñïìçíßá Ýíôáîçò ôçò Öéëáíäßáò óôï ÌÓÉ ( 14 Ïêôùâñßïõ 1996 ) .
Note : The vertical line indicates when Finland joined the ERM ( 14 October 1996 ) .
Ïé áðïêëßóåéò ðñéí áðü ôéò 14 Ïêôùâñßïõ 1996 áöïñïýí ôç äéìåñÞ êåíôñéêÞ éóïôéìßá ôïõ ìÜñêïõ Öéëáíäßáò üðùò ïñßóôçêå êáôÜ ôçí Ýíôáîç óôï ÌÓÉ , åêôüò áðü ôçí ðåñßðôùóç ôçò ëßñáò Éôáëßáò .
Deviations prior to 14 October 1996 refer to the Finnish markka s bilateral central rates as established upon ERM entry except in the case of the Italian lira .
Ó  áõôÞí ôçí ðåñßðôùóç ïé áðïêëßóåéò ðñéí áðü ôéò 25 Íïåìâñßïõ 1996 áöïñïýí ôç äéìåñÞ êåíôñéêÞ éóïôéìßá üðùò ïñßóôçêå êáôÜ ôçí åðáíÝíôáîç ôçò ëßñáò óôï ÌÓÉ .
In this case , deviations prior to 25 November 1996 refer to the bilateral central rate established upon the lira s re-entry to the ERM .
Ðßíáêáò 9
Table 9 Finnish markka : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ;
ÌÜñêï Öéëáíäßáò : 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 - 15,2 - 7,7 - 11,3 - 8,8 - 11,1 - 5,5 ÌÝóïò üñïò
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 - 14,8 - 9,4 - 14,8 Áðñ .
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) . Average Jan 87-Feb 98 - 11.1 - 5.5 - 7.7
73 - Öåâ . 98 Éáí .
Average 1987 - 14.8 - 9.4 - 14.8
Öéëáíäßá : ÅîùôåñéêÝò åîåëßîåéò ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí óõí êßíçóç êåöáëáßùí ( â ) ÊáèáñÞ èåôéêÞ (+) Þ áñíçôéêÞ (-) åîùô . èÝóç ÅîáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( ä ) ÅéóáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( å ) ( ã )
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 ( á ) 3,8 34,9 27,6 5,3 37,4 28,5 - 5,1 - 27,4 23,1 24,6
1995 4.1 - 42.2 34.8 27.4 1996 1997 ( a ) 3.8 5.3 - 42.6 - 43.4 34.9 37.4 27.6 28.5
( ä ) ÅíäïêïéíïôéêÝò åîáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åîáãùãþí áãáèþí , 1996 : 53,4% , 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 53.4% ; Direction of Trade Statistics Yearbook 1997 , IMF .
( å ) ÅíäïêïéíïôéêÝò åéóáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí åéóáãùãþí áãáèþí , 1996 : 58,5% .
( e ) In 1996 the share of intra-EU imports of goods in total national imports of goods was 58.5% ;
Öéëáíäßá : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Finland : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
ÍïÝ . 97 5,8 -
Nov 97 5.8 -
Éáí . 98 5,3 -
Jan 98 Feb 97 - Jan 98 5.3 5.9 7.8
ÓÏÕÇÄÉÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôç Óïõçäßá Þôáí 1,9% , äçë . áñêåôÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
245 SWEDEN Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Sweden was 1.9% , i.e. well below the reference value of 2.7% .
Ôï 1996 , ï ìÝóïò ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ Þôáí 0,8% ( âë . Ðßíáêá 1 ) .
In 1996 average HICP inflation was 0.8% ( see Table 1 ) .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí ðñïêýðôåé üôé ï ðëçèùñéóìüò ôéìþí êáôáíáëùôÞ óôç Óïõçäßá , ìåôñïýìåíïò âÜóåé ôïõ ÄÔÊ , áêïëïýèçóå êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 : ï ðëçèùñéóìüò ìåéþèçêå áðüôïìá , áðü ñõèìü Üíù ôïõ 10 % óôéò áñ ÷ Ýò ôéò äåêáåôßáò , åíþ óçìáíôéêÜ ÷ áìçëüôåñïé ñõèìïß óçìåéþèçêáí áðü ôï 1994 .
Looking back , consumer price inflation in Sweden , as measured on the basis of the CPI , has followed a downward trend since the early 1990s , with inflation falling sharply from above 10 % at the start of the decade and significantly lower rates being discernible since 1994 .
ÊáôÜ ôï 1996-97 ï ðëçèùñéóìüò Þôáí êÜôù áðü 1 % êáé õðÞñîáí ãåíéêÜ ÷ áìçëÝò ðëçèùñéóôéêÝò ðéÝóåéò ( âë . ÄéÜãñáììá 1 ) .
In 1996-97 inflation was below 1 % and there were generally low inflationary pressures ( see Chart 1 ) .
Áðü ôï 1995 ï ðñïóáíáôïëéóìüò áõôüò åêöñÜóôçêå ìå ôïí êáèïñéóìü óáöïýò óôü ÷ ïõ ãéá ðëçèùñéóìü ( ÄÔÊ ) 2 %.
Since 1995 this objective has been expressed as an explicit inflation target of 2 % for the consumer price index .
Ï ãåíéêüò ðñïóáíáôïëéóìüò õðïóôçñß ÷ èçêå , ìåôáîý Üëëùí , áðü ðñïóáñìïãÝò óôïí ôïìÝá ôçò äçìïóéïíïìéêÞò ðïëéôéêÞò êáé áðü ôïí åíôïíüôåñï áíôáãùíéóìü óôçí áãïñÜ ðñïúüíôùí , ï ïðïßïò åí ìÝñåé óõíäåüôáí ìå ôçí Ýíôáîç ôçò Óïõçäßáò óôçí ÅÅ ôï 1995 êáé åõíïÞèçêå áðü ôï íïìéêü ðëáßóéï ðåñß áíôáãùíéóìïý .
This general orientation has been supported by , inter alia , adjustments in fiscal policy and greater product market competition , linked partly to Sweden s accession to the EU in 1995 and fostered by the competition law framework .
Óçìåéþíåôáé üôé óôï ðëáßóéï ôçò óïâáñÞò ýöåóçò óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 äçìéïõñãÞèçêå óçìáíôéêü áñíçôéêü ðáñáãùãéêü êåíü ( âë . Ðßíáêá 2 ) .
Notably , in the context of the severe recession in the early 1990s a considerable negative output gap emerged ( see Table 2 ) .
Áðü ôï 1994 Ý ÷ åé óçìåéùèåß áíÜêáìøç ôçò ïéêïíïìéêÞò äñáóôçñéüôçôáò êáé ôï ðáñáãùãéêü êåíü Ý ÷ åé ìåéùèåß áéóèçôÜ .
Since 1994 a recovery in economic activity has taken place and the output gap has narrowed appreciably .
¸ ôóé , åðéôá ÷ ýíèçêå ï ñõèìüò ôùí ìéóèïëïãéêþí áõîÞóåùí áíÜ áðáó ÷ ïëïýìåíï ôï 1996 êáé ôï êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò áõîÞèçêå óå 4,6% ôï 1996 , åíþ ìåéþèçêå óôï 1,2% ôï 1997 .
Against this background , there was an acceleration of growth in compensation per employee in 1996 and 246 unit labour costs rose to 4.6% in 1996 , before declining to 1.2% in 1997 .
Ç óõãêñÜôçóç ôùí ðëçèùñéóôéêþí ðéÝóåùí äéåõêïëýíèçêå áðü ìåéþóåéò Þ ìéêñÝò ìüíï áõîÞóåéò ôùí ôéìþí ôùí åéóáãïìÝíùí ôï 1996-97 êáé áðü ôçí áóèåíÞ åã ÷ þñéá æÞôçóç ìÝóá óôï ðëáßóéï ôçò ðéï ðåñéïñéóôéêÞò ðïëéôéêÞò .
Control over inflationary pressures has been facilitated by declines or only small increases in import prices in 1996-97 and weak domestic demand against the background of fiscal retrenchment .
Ï âáóéêüò ðëçèùñéóìüò12 ðëçóéÜæåé Þ åßíáé ÷ áìçëüôåñïò ôïõ 2 % áðü ôï 1992 .
Underlying inflation12 has been close to or below 2 % since 1992 .
Ïé ÷ 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 ôïõ ðëçèùñéóìïý , ìå âÜóç ôï äùäåêÜìçíï ñõèìü áýîçóçò ôïõ äåßêôç ôéìþí êáôáíáëùôÞ , åìöáíßæïõí ìåßùóç ôïõ ñõèìïý ãýñù óôï 1,5% êáé õðÜñ ÷ ïõí ìéêñÝò ìüíï 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 around 1‰ % and there is little sign of immediate upward pressure on the basis of the measures shown in Table 3a .
Ïé ðåñéóóüôåñåò ðñïâëÝøåéò ãéá ôïí ðëçèùñéóìü áíáöÝñïõí ñõèìïýò 1,5 - 2 % ãéá ôï 1998 êáé 2 % ãéá ôï 1999 ( âë . Ðßíáêá 3â ) .
Most forecasts of inflation suggest rates of 1‰-2 % for 1998 and 2 % for 1999 ( see Table 3b ) .
Ïé êßíäõíïé ðïõ åíäÝ ÷ åôáé íá áðåéëÞóïõí ôç óôáèåñüôçôá ôùí ôéìþí óôï äéÜóôçìá áõôü óõíäÝïíôáé ìå ôçí 12 Ï âáóéêüò ðëçèùñéóìüò ïñßæåôáé óôçí ðáñïýóá ¸ êèåóç ùò ï ÄÔÊ ÷ ùñßò ôïõò ôüêïõò ôùí óôåãáóôéêþí äáíåßùí êáé ÷ ùñßò ôçí åðßðôùóç ôùí Ýììåóùí öüñùí êáé ôùí åðéäïôÞóåùí .
Risks for price stability over this period are associated with wage developments in the light of the strengthening of economic activity .
ÄçìïóéïíïìéêÝò åîåëßîåéò Óôï Ýôïò áíáöïñÜò 1997 ï ëüãïò ôïõ åëëåßììáôïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Þôáí 0,8% , äçë . áñêåôÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 3 %, åíþ ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 76,6% , äçë .
Fiscal developments In the reference year 1997 the general government deficit ratio was 0.8% , i.e. well below the 3 % reference value , and the debt ratio was 76.6% , i.e. above the 60 % reference value .
õøçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 60 %. Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ï ëüãïò ôïõ åëëåßììáôïò ìåéþèçêå êáôÜ 2,7 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò ìåéþèçêå ïñéáêÜ êáôÜ 0,1 ôçò åêáôïóôéáßáò ìïíÜäáò .
Compared with the previous year , the deficit ratio has been reduced by 2.7 percentage points and the debt ratio has decreased marginally by 0.1 percentage point .
Ôï 1998 áíáìÝíåôáé ðëåüíáóìá 0,5% ôïõ ÁÅÐ , åíþ ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé íá ìåéùèåß óôï 74,1% .
In 1998 a surplus of 0.5% of GDP is expected , while the debt ratio is projected to decrease to 74.1% .
Ôï 1996 , ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ðñïò ôï ÁÅÐ , åíþ ôï 1997 Þôáí ÷ áìçëüôåñïò áðü ôï ëüãï ôùí åðåíäýóåùí ( âë . Ðßíáêá 4 ) .
In 1996 the deficit ratio exceeded the ratio of public investment expenditure to GDP , whilst in 1997 the deficit ratio was below the investment ratio ( see Table 4 ) .
Áðü ôçí áíáóêüðçóç ôçò ðåñéüäïõ 19901997 äéáðéóôþíåôáé üôé ï ëüãïò ÷ ñÝïõò / ÁÅÐ óôç Óïõçäßá áõîÞèçêå êáôÜ 33,3 åêáôïóôéáßåò ìïíÜäåò .
Looking back over the years 1990 to 1997 , the Swedish debt-to-GDP ratio increased by 33.3 percentage points ;
Áñ ÷ éêÜ , ç êáôÜóôáóç ôùí äçìüóéùí ïéêïíïìéêþí ôçò Óïõçäßáò ÷ åéñïôÝñåõóå óçìáíôéêÜ êáé ï ëüãïò ôïõ ÷ ñÝïõò áõîÞèçêå áðü 43,3% ôïõ ÁÅÐ ôï 1990 óå 79,0% ôï 1994 .
initially the situation of Sweden s government finances deteriorated sharply , and the debt ratio rose from 43.3% of GDP in 1990 to 79.0% in 1994 .