natgillin/translations-raw huggingface dataset:
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 ÂÝëãéï : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 ÂÝëãéï : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 ÂÝëãéï : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 ÂÝëãéï : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 ÂÝëãéï : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 ÂÝëãéï : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 ÂÝëãéï : Õðïëïãéóìïß óýãêëéóçò ôïõ ÷ ñÝïõò ( á ) ÂÜóåé ôùí óõíïëéêþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ( â ) ÂÜóåé ôùí ðñùôïãåíþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ÄéÜãñáììá 5 ÂÝëãéï : ÄõíçôéêÞ åîÝëéîç ôïõ ÷ ñÝïõò ìå åíáëëáêôéêÝò ðáñáäï ÷ Ýò ãéá ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá Ðßíáêáò 8 ÂÝëãéï : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Belgium : General government financial position Chart 2 Belgium : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Belgium : General government gross debt structural features Chart 3 Belgium : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Belgium : General government expenditure and receipts Table 6 Belgium : General government budgetary position Table 7 Belgium : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( b ) On the basis of primary fiscal balances Chart 5 Belgium : Potential future debt ratios under alternative assumptions for fiscal balance ratios Table 8 Belgium : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 9 ( á ) ÂÝëãéï : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Âåëãßïõ ÄéÜãñáììá 6 ÖñÜãêï Âåëãßïõ : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 10 ÖñÜãêï Âåëãßïõ : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 11 ÂÝëãéï : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 9 ( a ) Belgium : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Belgian franc Chart 6 Belgian franc : Deviations from ERM bilateral central rates Table 10 Belgian franc : Measures of the real effective exchange rate vis - - vis ERM Member States Table 11 Belgium : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 12 ÂÝëãéï : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 7 ( á ) ÂÝëãéï : Ìáêñïðñüèåóìá åðéôüêéá ( â ) ÂÝëãéï : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 12 Belgium : Long-term interest rates Chart 7 ( a ) Belgium : Long-term interest rate ( b ) Belgium : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Ðßíáêáò 1
Table 1
ÂÝëãéï : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Belgium : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
ÍïÝ . 97 1,3 -
Nov 97 1.3 -
Äåê . 97 0,9 -
Dec 97 0.9 -
Éáí . 98 0,5 -
Jan 98 Feb 97 - Jan 98 0.5 1.4 2.7
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá . 53
1990 Source : National data .
Ðßíáêáò 2
46 Table 2
ÂÝëãéï : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) 3,4 ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) 3,1 ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò 3,3 ÁðïðëçèùñéóôÞò ÁÅÐ 3,1 ÔéìÝò ðáñáãùãïý 0,0 Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ 3,0 Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) 2,9 Ðïóïóôü áíåñãßáò (%) 6,7 Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò 3,8 Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò 6,1 Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò 2,3 ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí - 1,5 Áíáôßìçóç íïìßóìáôïò ( ã ) 4,9 ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Belgium : 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 3.4 3.1 3.3 3.1 0.0 3.0 2.9 6.7 3.8 6.1 2.3 - 1.5 4.9 10.2 - 8.2 9.2
Ì3 )( ä ) 10,2 ÔéìÝò ìåôï ÷ þí - 8,2 ÔéìÝò êáôïéêéþí 9,2 1991 3,2 3,1 3,3 3,2 - 1,0 1,6 2,4 6,6 6,8 7,9 1,1 - 0,6 - 0,2 5,9 - 7,6 6,6 1992 2,4 2,3 2,3 3,6 - 0,0 1,5 2,0 7,3 4,0 5,9 1,8 - 2,9 2,0 4,4 - 1,5 9,1 1993 2,8 2,4 3,5 4,2 - 1,5 - 1,5 - 1,4 8,8 5,7 5,1 - 0,6 - 2,6 1,0 9,2 10,5 6,6 1994 2,4 1,6 2,8 2,3 1,7 2,4 - 1,0 10,0 0,3 3,6 3,4 0,9 1,6 7,6 11,5 7,7 1995 1996 1997 ( á ) 1,5 1,5 1,7 1,7 2,3 2,1 - 0,9 9,9 1,2 3,2 2,0 1,0 4,2 - 6,0 - 2,2 4,6 2,1 1,5 2,3 1,6 0,7 1,5 - 1,5 9,8 - 0,2 1,1 1,3 2,0 - 1,9 6,8 20,5 4,5 1,6 1,4 1,6 1,4 1,9 2,7 - 1,0 9,5 0,5 2,8 2,3 4,5 - 4,0 6,4 33,9 3,5
1995 1.5 1.5 1.7 1.7 2.3 2.1 - 0.9 9.9 1.2 3.2 2.0 1.0 4.2 - 6.0 - 2.2 4.6 1996 1997 ( a ) 2.1 1.5 2.3 1.6 0.7 1.5 - 1.5 9.8 - 0.2 1.1 1.3 2.0 - 1.9 6.8 20.5 4.5 1.6 1.4 1.6 1.4 1.9 2.7 - 1.0 9.5 0.5 2.8 2.3 4.5 - 4.0 6.4 33.9 3.5
Áýîçóç ðñáãìáôéêïý ÁÅÐ êáé ðáñáãùãéêü êåíü : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) . ÓõíáëëáãìáôéêÞ éóïôéìßá : ÔÄÄ .
Source : National data except real GDP growth and the output gap ( European Commission , spring 1998 forecasts ) and exchange rate ( BIS ) .
( ã ) ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé 25 âéïìç ÷ áíéêþí ÷ ùñþí .
( c ) Nominal effective exchange rate against 25 industrialised countries .
Ðßíáêáò 3
Table 3
97 Éáí . 98 Åèíéêüò äåßêôçò ôéìþí êáôáíáëùôÞ ( ÄÔÊ ) ÅôÞóéá åêáôïóôéáßá ìåôáâïëÞ ÌåôáâïëÞ ìÝóïõ üñïõ 3 ôåëåõôáßùí ìçíþí Ýíáíôé ôùí 3 ðñïçãïýìåíùí , åðï ÷ éêÜ äéïñèùìÝíç , áíçãìÝíç óå åôÞóéï ñõèìü ÌåôáâïëÞ ìÝóïõ üñïõ 6 ôåëåõôáßùí ìçíþí Ýíáíôé 6 ðñïçãïýìåíùí , åðï ÷ éêÜ äéïñèùìÝíç , áíçãìÝíç óå åôÞóéï ñõèìü ÐçãÞ : ÅèíéêÜ ìç åíáñìïíéóìÝíá óôïé ÷ åßá .
( a ) Recent trends in consumer price inflation Sep 97 National consumer price index ( CPI ) Annual percentage change Change in the average of latest 3 months from previous 3 months , annualised rate , seasonally adjusted Change in the average of latest 6 months from previous 6 months , annualised rate , seasonally adjusted Source : National non-harmonised data .
( 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 1.3 1.6 1.9
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4
Table 4 Belgium : General government financial position ( as a percentage of GDP )
ÂÝëãéï : ¸ 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 - 3,2 - 3 - 2,0 126,9 60 1997 - 2,1 - 3 - 0,7 122,2 60 1998 ( á ) - 1,7 - 3 .
General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt Reference value 1996 - 3.2 - 3 - 2.0 126.9 60
ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) êáé õðïëïãéóìïß ÅÍÉ .
Source : European Commission ( spring 1998 forecasts ) and EMI calculations .
ÄéÜãñáììá 2
Chart 2
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 . 55
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
48 Table 5
ÂÝëãéï : 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 ) (% óõíüëïõ ) Âñá ÷ õðñüèåóìç ( â ) ( < 1 Ýôïò) Ìåóïðñüèåóìç (1-5 Ýôç) Ìáêñïðñüèåóìç (> 5 Ýôç ) 39,3 31,8 28,9 33,6 37,1 29,3 31,6 36,9 31,5 34,3 30,5 35,2 30,7 31,0 38,3 24,9 33,1 42,0 23,6 37,3 39,1 24,6 35,7 39,7 86,2 13,8 80,3 .
Belgium : 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 1991 1992 1993 1994 1995 1996 1997 125.7 127.5 129.0 135.2 133.5 131.3 126.9 122.2 86.2 13.8 80.3 .
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá . Óõíïëéêü ÷ ñÝïò : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : National data except for total debt ( European Commission ( spring 1998 forecasts )) .
ÄéÜãñáììá 3
Chart 3
ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : European Commission ( spring 1998 forecasts ) .
Óçìåßùóç : Óôï ÄéÜãñáììá 3â ïé áñíçôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå áýîçóç ôùí åëëåéììÜôùí , åíþ ïé èåôéêÝò ôéìÝò óçìáßíïõí óõìâïëÞ óå ìåßùóÞ ôïõò . 56
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
49 Chart 4
Ðßíáêáò 6
Table 6
ÂÝëãéï : ¸ 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 ) .
Belgium : 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 )
áðïôÝëåóìá ( Ýëëåéììá : (-) , ðëåüíáóìá (+)) 1997 122,2 1998 118,1 1997 - 2,1 1998 - 1,7 2002 10,6 Óõíïëéêü áðïôÝëåóìá ðïõ åðéôñÝðåé ìåßùóç ôïõ ÷ ñÝïõò óôï 60 % ôïõ ÁÅÐ ôï Ýôïò ( á ) 2007 2,7 2012 0,5
surplus (+)) 1997 1998 - 2.1 - 1.7 Overall fiscal balance consistent with reduction of debt level to 60 % of GDP in ( a ) 2002 2007 2012 10.6 2.7 0.5
( á ) Ïé õðïëïãéóìïß õðïäçëþíïõí üôé ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß óôï 60 % ôï 2002 , 2007 êáé 2012 áíôßóôïé ÷ á , åÜí ôá óõíïëéêÜ äçìïóéïíïìéêÜ áðïôåëÝóìáôá äéáìïñöùèïýí ôï 1998 óýìöùíá ìå ôçí ðñüâëåøç êáé áðü ôï 1999 êáé åîÞò äéáôçñçèïýí óôï 10,6% , 2,7% êáé 0,5% ôïõ ÁÅÐ áíôßóôïé ÷ á .
( a ) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the overall fiscal balance for 1998 is as forecast and the overall fiscal balances were maintained at 10.6% , 2.7% and 0.5% of GDP respectively , from 1999 onwards .
Ïé õðïëïãéóìïß âáóßæïíôáé óôéò åîÞò ðáñáäï ÷ Ýò : áýîçóç ðñáãìáôéêïý ÁÅÐ ôï 1998 : 2,3% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ , êáé ðëçèùñéóìüò : 2 %.
The underlying assumptions are a real trend GDP growth rate of 2.3% in 1998 , as estimated by the Commission , and an inflation rate of 2 %.
â ) ÂÜóåé ôùí ðñùôïãåíþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ( ùò ðïóïóôü ôïõ ÁÅÐ ) Óõíïëéêü áêáèÜñéóôï ÷ ñÝïò ÐñùôïãåíÝò áðïôÝëåóìá ÐñùôïãåíÝò áðïôÝëåóìá ðïõ åðéôñÝðåé ìåßùóç ôïõ ÷ ñÝïõò óôï 60 % ôïõ ÁÅÐ ôï Ýôïò ( á ) 1997 122,2 1998 118,1 1997 5,8 1998 6,0 2002 16,2 2007 8,0 2012 5,7
Primary fiscal balance 1997 5.8 1998 6.0 Primary fiscal balance consistent with reduction of debt level to 60 % of GDP in ( a ) 2002 2007 2012 16.2 8.0 5.7
( á ) Ïé õðïëïãéóìïß äçëþíïõí üôé ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß óôï 60 % ôï 2002 , 2007 êáé 2012 áíôßóôïé ÷ á , åÜí ôá ðñùôïãåíÞ äçìïóéïíïìéêÜ áðïôåëÝóìáôá äéáìïñöùèïýí ôï 1998 óýìöùíá ìå ôçí ðñüâëåøç êáé áðü ôï 1999 êáé åîÞò äéáôçñçèïýí óôï 16,2% , 8,0% êáé 5,7% ôïõ ÁÅÐ áíôßóôïé ÷ á .
( a ) Calculations indicate that the debt ratio would fall to 60 % in 2002 , 2007 and 2012 respectively , if the primary fiscal balance for 1998 is as forecast and the primary fiscal balances were maintained at 16.2% , 8.0% and 5.7% of GDP respectively , from 1999 onwards .
Ïé õðïëïãéóìïß âáóßæïíôáé óôéò åîÞò ðáñáäï ÷ Ýò : áýîçóç ðñáãìáôéêïý ÁÅÐ ôï 1998 : 2,3% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ , ðëçèùñéóìüò : 2 % êáé ïíïìáóôéêü åðéôüêéï : 6 %.
The underlying assumptions are a real trend GDP growth rate of 2.3% in 1998 , as estimated by the Commission , an inflation rate of 2 % and a nominal interest rate of 6 %.
Óçìåßùóç : Ôá ôñßá óåíÜñéá õðïèÝôïõí üôé ï ëüãïò ôïõ ÷ ñÝïõò èá äéáìïñöùèåß ôï 1998 óýìöùíá ìå ôçí ðñüâëåøç ( 118,1% ) êáé üôé åßôå ôï óõíïëéêü áðïôÝëåóìá (- 1,7% ) Þ ôï ðñùôïãåíÝò áðïôÝëåóìá ( 6,0% ) èá äéáôçñçèåß óôáèåñü óå üëï ôï ðáñáðÜíù äéÜóôçìá , åßôå üôé ï ðñïûðïëïãéóìüò èá åßíáé éóïóêåëéóìÝíïò áðü ôï 1999 êáé åîÞò .
Note : The three scenarios assume that the debt ratio of 118.1% of GDP for 1998 is as forecast and that the 1998 overall balance of - 1.7% of GDP or the primary balance of 6.0% of GDP will be kept constant over the period considered ( as a percentage of GDP ) , or , alternatively , that a balanced budget is maintained from 1999 onwards .
¢ ëëåò ðáñáäï ÷ Ýò åßíáé : áýîçóç ðñáãìáôéêïý ÁÅÐ : 2,3% ôï 1998 , üðùò ôï åêôéìÜ ç ÅðéôñïðÞ , ðëçèùñéóìüò : 2 % êáé , óôï óåíÜñéï ôïõ óôáèåñïý ðñùôïã .
The underlying assumptions are a real trend GDP growth rate in 1998 of 2.3% as estimated by the Commission ;
áðïôåëÝóìáôïò , ïíïìáóôéêü åðéôüêéï : 6 %.
and , in the constant primary balance scenario , a nominal interest rate of 6 %.
Ðßíáêáò 8
Table 8
ÂÝëãéï : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 22,4 25,1 25,6 31,9 41,1 2000 2010 2020 2030
Belgium : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 22.4 2000 25.1 2010 25.6 2020 31.9 2030 41.1
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 .
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 9
III Exchange rate developments Table 9
( á ) ÂÝëãéï : 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 ) Êïñþíáò Äáíßáò ÌÜñêïõ Ãåñìáíßáò ÐåóÝôáò Éóðáíßáò ÖñÜãêïõ Ãáëëßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò Åóêïýäïõ Ðïñôïãáëßáò ÌÜñêïõ Öéëáíäßáò 1,6 0,4 0,2 2,5 4,2 1,1 0,1 0,4 1,4 - 0,2 - 0,3 - 0,1 - 2,0 - 0,3 - 10,6 - 1,9 - 0,5 - 0,1 - 2,7 - 3,0 Íáé 13 Ìáñôßïõ 1979 ¼÷ é
( a ) Belgium : 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 ) Danish krone Deutsche Mark Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka
( á ) ÇìåñÞóéá óôïé ÷ åßá , êéíçôüò ìÝóïò 10 åñãÜóéìùí çìåñþí .
( a ) Daily data at business frequency ; 10-day moving average .
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 .
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 .
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Âåëãßïõ ÌÝóïò üñïò 3 ìçíþí Ýùò : Ìåôáâëçôüôçôá óõíáëëáã / êÞò éóïôéìßáò ( á ) ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí ( â )
( b ) Key indicators of exchange rate pressure for the Belgian franc Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2 Feb 97 May 97 Aug 97 Nov 97 Feb 98 0.3 - 0.1 0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.0
98 0,2 - 0,2 0,2 - 0,2 0,2 - 0,2 0,3 - 0,1 0,1 0,0 0,1 0,2 0,2 0,2 0,1 0,0 ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÍÉ .
Source : European Commission , national data and EMI calculations .
( á ) Ìçíéáßá ôõðéêÞ áðüêëéóç (%) ôùí çìåñÞóéùí åêáôïóôéáßùí ìåôáâïëþí ôçò éóïôéìßáò ìå DEM , áíçãìÝíç óå åôÞóéï ðïóïóôü .
( a ) Annualised monthly standard deviation of daily percentage changes of the exchange rate against the DEM , in percentages .
( 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 .
ÄéÜãñáììá 6
Chart 6
éóïôéìßåò ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) BEF / DKK BEF / DEM BEF / ESP BEF / FRF BEF / IEP BEF / ITL
percentages ; 1 March 1996 to 27 February 1998 ) BEF / DKK 15 10 5 0 - 5 - 10 - 15 Q2 1996 BEF / NLG Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 BEF / DEM BEF / ESP BEF / FRF BEF / IEP
BEF / NLG
BEF / ITL 15 10 5 0 - 5 - 10 - 15 Q2
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 10
Table 10
ÖñÜãêï Âåëãßïõ : 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 3,2 2,3 - 2,9 - 8,6 - 0,3 0,5 ÌÝóïò üñïò
Belgian franc : 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 - 0,4 0,9 5,6
February 1998 compared with different benchmark periods )
98 ÐçãÞ : Õðïëïãéóìïß ÔÄÄ êáé ÅÍÉ .
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 .
Óçìåßùóç : Ôï èåôéêü ( áñíçôéêü ) ðñüóçìï óçìáßíåé áíáôßìçóç ( õðïôßìçóç ) . 61
Note : A positive ( negative ) sign indicates an appreciation ( depreciation ) .
Ðßíáêáò 11
54 Table 11
ÂÝëãéï : 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 )
Belgium : 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 )
1995 1996 1997 ( á ) 4,2 16,2 79,6 75,8 4,2 17,9 81,0 76,8 4,7 21,9 83,6 78,9
1995 4.2 16.2 79.6 75.8 1996 1997 ( a ) 4.2 4.7 17.9 21.9 81.0 83.6 76.8 78.9
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá . Ãéá åîáãùãÝò - åéóáãùãÝò : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : National data except exports and imports ( European Commission , spring 1998 forecasts ) .
( 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 acco unt in previous editions of the Manual .
Ôá óôïé ÷ åßá Ýùò êáé ôï 1994 ðåñéëáìâÜíïõí êáé ôï Ëïõîåìâïýñãï .
Data up to and including 1994 include Luxembourg .
( ã ) ÄéåèíÞò åðåíäõôéêÞ èÝóç ( ÄÅÈ ) , üðùò ïñßæåôáé áðü ôï ÄÍÔ ( âë . Balance of Payments Yearbook , Part 1 , 1994 ) , Þ ôï ðëçóéÝóôåñï äõíáôü õðïêáôÜóôáôï .
( c ) International investment position ( IIP ) as defined by the IMF ( see Balance of Payments Yearbook , Part 1 , 1994 ) , or the closest possible substitute .
( ä ) ÅíäïêïéíïôéêÝò åîáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí ( BLEU ) åîáãùãþí áãáèþí , 1996 : 70,4% , Direcction of Trade Statistics Yearbook 1997 , ÄÍÔ .
( d ) In 1996 the share of intra-EU exports of goods in BLEU national exports of goods was 70.4% ; Direction of Trade Statistics Yearbook 1997 , IMF .
( å ) ÅíäïêïéíïôéêÝò åéóáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí ( BLEU ) åéóáãùãþí áãáèþí , 1996 : 73,6% .
( e ) In 1996 the share of intra-EU imports of goods in BLEU national imports of goods was 73.6% ;
Direction of Trade Statistics Yearbook 1997 , ÄÍÔ .
Direction of Trade Statistics Yearbook 1997 , IMF .
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 12
IV Long-term interest rate developments Table 12
ÂÝëãéï : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Belgium : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
ÍïÝ . 97 5,7 -
Nov 97 5.7 -
Äåê . 97 5,5 -
Dec 97 5.5 -
Éáí . 98 5,2 -
Jan 98 Feb. 97 - Jan 98 5.2 5.7 7.8
ÄéÜãñáììá 7
Chart 7
ÄÁÍÉÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôç Äáíßá Þôáí 1,9% , äçë . áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
56 DENMARK Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Denmark was 1.9% , i.e. well below the reference value of 2.7% .
Áõôü óõíÝâç êáé óå üëç ôç äéÜñêåéá ôïõ 1997 .
This was also the case in 1997 as a whole .
Ôï 1996 ï ìÝóïò ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ Þôáí 2,1% ( âë . Ðßíáêá 1 ) .
In 1996 average HICP inflation was 2.1% ( see Table 1 ) .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí ðñïêýðôåé üôé ï ðëçèùñéóìüò ôéìþí êáôáíáëùôÞ óôç Äáíßá , üðùò ìåôñÜôáé âÜóåé ôïõ ÄÔÊ , ðáñÝìåéíå óôáèåñüò ãýñù óôï 2 % áðü ôï 1992 ( âë . ÄéÜãñáììá 1 ) .
Looking back , consumer price inflation in Denmark , as measured on the basis of the CPI , has remained steady at around 2 % since 1992 ( see Chart 1 ) .
Ç óôáèåñïðïßçóç ôïõ ðëçèùñéóìïý óå ÷ áìçëÜ åðßðåäá õðïóôçñß ÷ èçêå åðßóçò êáé áðü ôéò ìåôáññõèìßóåéò ðïõ Ýëáâáí ÷ þñá óôçí áãïñÜ åñãáóßáò ôéò äåêáåôßåò ôïõ 1980 êáé ôïõ 1990 .
The stabilisation of inflation at a low level has also been supported by , inter alia , labour market reforms in both the 1980s and the 1990s .