natgillin/translations-raw huggingface dataset:
Óçìåéþíåôáé åí ðñïêåéìÝíù üôé ôï áêáèÜñéóôï ÷ ñÝïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ôïõ Ëïõîåìâïýñãïõ åßíáé åêöñáóìÝíï ó ÷ åäüí áðïêëåéóôéêÜ óå åã ÷ þñéï íüìéóìá êáé ôï ìÝñïò ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá åßíáé áìåëçôÝï ( âë . Ðßíáêá 5 ) .
In this context it may be noted that Luxembourg s general government gross debt is almost entirely denominated in domestic currency and the share of debt with a short-term residual maturity is negligible ( see Table 5 ) .
Óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 ðáñáôçñÞèçêå áíÜëïãç åõíïúêÞ åîÝëéîç ùò ðñïò ôá åôÞóéá äçìïóéïíïìéêÜ áðïôåëÝóìáôá , ôá ïðïßá Þôáí ðÜíôïôå ðëåïíáóìáôéêÜ ( âë . ÄéÜãñáììá 3 êáé Ðßíáêá 6 ) .
During the 1990s a similarly sound pattern has been observed in annual fiscal balances , which have always been in surplus ( see Chart 3 and Table 6 ) .
Ùóôüóï , ôï óõíïëéêü äçìïóéïíïìéêü ðëåüíáóìá ìåéþèçêå ñáãäáßá óôéò áñ ÷ Ýò ôçò äåêáåôßáò , óçìåéþíïíôáò ðôþóç áðü 5,0% ôï 1990 óå 0,8% ôï 1992 .
However , the overall fiscal surplus decreased rapidly during the early 1990s , dropping from 5.0% in 1990 to 0.8% in 1992 .
Áêïëïýèùò , ó ÷ åäüí óôáèåñïðïéÞèçêå ãýñù óôï 2 %, êáé ôï 1997 Ýöèáóå óôï 1,7% .
It broadly stabilised at around 2 % thereafter , to reach a level of 1.7% in 1997 .
Ãé  áõôü äåí êñßíåôáé áíáãêáßá ç áíáëõôéêüôåñç åîÝôáóç 188 ôùí åðéäüóåùí ôïõ Ëïõîåìâïýñãïõ áðü ðëåõñÜò ëüãïõ ôïõ åëëåßììáôïò .
Against this background , a closer examination of Luxembourg s performance in terms of the deficit ratio is not considered necessary .
Ùò ðñïò ôç äõíçôéêÞ ìåëëïíôéêÞ ðïñåßá ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ç ¸ êèåóç ôïõ ÅÍÉ äåí åîåôÜæåé ëåðôïìåñþò áõôü ôï æÞôçìá ãéá åêåßíåò ôéò ÷ þñåò ðïõ Ý ÷ ïõí ëüãï ÷ ñÝïõò ÷ áìçëüôåñï áðü 60 % ôïõ ÁÅÐ .
With regard to the potential future course of the debt ratio , the EMI s Report does not consider this issue in detail for those countries with a debt ratio of below 60 % of GDP .
Ùóôüóï , ìáêñïðñüèåóìá ôá äçìüóéá ïéêïíïìéêÜ åíäÝ ÷ åôáé íá áíôéìåôùðßóïõí ðñïêëÞóåéò áðü ôéò åîåëßîåéò ôïõ óõíôáîéïäïôéêïý óõóôÞìáôïò , ëüãù ôçò óçìáíôéêÞò ãÞñáíóçò ôïõ ðëçèõóìïý , ç ïðïßá áíáìÝíåôáé íá åðéôá ÷ õíèåß áðü ôï 2010 ðåñßðïõ êáé Ýðåéôá ( âë . Ðßíáêá 7 ) .
However , the longer-term fiscal position might be challenged by developments in the pension system stemming from the marked ageing of the population , which is expected to accelerate from around 2010 onwards ( see Table 7 ) .
Ôï öñÜãêï ôïõ Ëïõîåìâïýñãïõ óõììåôÝ ÷ åé óôï ÌÓÉ áðü ôçí Ýíáñîç ëåéôïõñãßáò ôïõ óôéò 13 Ìáñôßïõ 1979 , äçë . åðß äéÜóôçìá ðïëý ìåãáëýôåñï áðü äýï Ýôç ðñéí áðü ôçí åîÝôáóç ( âë .
The Luxembourg franc 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 ) .
Åéäéêüôåñá ãéá ôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996 - ÖåâñïõÜñéïò 1998 ) , ôï öñÜãêï Ëïõîåìâïýñãïõ êáôÜ êáíüíá êéíÞèçêå êïíôÜ óôéò êåíôñéêÝò ôïõ éóïôéìßåò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ êáé ðïëý êïíôÜ óôéò éóïôéìßåò ôïõ Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ , ôïõ ïëëáíäéêïý öéïñéíßïõ êáé ôïõ áõóôñéáêïý óåëéíßïõ ( 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 and very close to those vis - - vis the Deutsche Mark , the Dutch guilder and the Austrian schilling ( see Chart 4 and Table 8a ) .
Ïé ìÝãéóôåò áðïêëßóåéò ðñïò ôá Üíù êáé ðñïò ôá êÜôù áðü ôéò êåíôñéêÝò éóïôéìßåò , ìå âÜóç ôïõò êéíçôïýò ìÝóïõò 10 åñãÜóéìùí çìåñþí , Þôáí 2,5% êáé - 3,0% , áíôßóôïé ÷ á , ìå åîáßñåóç ôçí áõôüíïìç áíïäéêÞ ôÜóç ôçò éñëáíäéêÞò ëßñáò ( âë . Ðßíáêá 8á ) .
The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 2.5% and - 3.0% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
Ôï Ëïõîåìâïýñãï êáôÜ ðáñÜäïóç äéáôçñåß ìåãÜëá ðëåïíÜóìáôá ôïõ éóïæõãßïõ ôñå ÷ ïõóþí óõíáëëáãþí ( âë . Ðßíáêá 9 ) .
Luxembourg has traditionally maintained large current account surpluses ( see Table 9 ) . As regards other external developments , it may be recalled that Luxembourg is a small open economy with , according to the
Ùò ðñïò ôéò ëïéðÝò åîùôåñéêÝò åîåëßîåéò , õðåíèõìßæåôáé üôé ôï Ëïõîåìâïýñãï äéáèÝôåé ìéá ìéêñÞ , áíïéêôÞ ïéêïíïìßá ôçò ïðïßáò , âÜóåé ôùí ðéï ðñüóöáôùí äéáèÝóéìùí óôïé ÷ åßùí , ï ëüãïò åîùôåñéêïý åìðïñßïõ / ÁÅÐ åßíáé 95 % ãéá ôéò åîáãùãÝò êáé 86 % ãéá ôéò åéóáãùãÝò , êáé ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 70 % ãéá ôéò åîáãùãÝò êáé 74 % ãéá ôéò åéóáãùãÝò .
most recent data available , a ratio of foreign trade to GDP of 95 % for exports and 86 % for imports , and a share of intraEU trade of 70 % for exports and 74 % for imports .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá ôïõ Ëïõîåìâïýñãïõ Þôáí 5,6% óå ìÝóï üñï , äçë .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Luxembourg were 5.6% on average , and thus stood well 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 .
áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ãéá ôá åðéôüêéá , ðïõ ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí . Áõôü óõíÝâç êáé óå üëç ôç äéÜñêåéá ôïõ 1997 êáèþò êáé ôï 1996 ( âë .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 10 ) .
Ðßíáêá 10 ) . Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 5a ) .
Ïé êõñéüôåñïé ðáñÜãïíôåò ðïõ óõíÝâáëáí óôçí ôÜóç áõôÞ Þôáí ï óõãêñéôéêÜ ÷ áìçëüò ñõèìüò ðëçèùñéóìïý êáé ç õãéÞò äçìïóéïíïìéêÞ ðïëéôéêÞ . Óýíïøç óõìðåñáóìÜôùí ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , ôï Ëïõîåìâïýñãï ðÝôõ ÷ å ðëçèùñéóìü ( ÅíÄÔÊ ) 1,4% , äçë .
A close convergence of Luxembourg s long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed for most of the period since the early 1990s ( see Chart 5b ) .
Ï ðëçèùñéóìüò ðñïâëÝðåôáé íá äéáìïñöùèåß óôï 1,5 - 2 % ôï 1998 êáé 1999 .
forecasts project inflation will stand at 1‰2 % in 1998 and 1999 .
Ôï åðßðåäï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 5,6% , äçë . áñêåôÜ ÷ áìçëüôåñï áðü ôçí áíôßóôïé ÷ ç ôéìÞ áíáöïñÜò .
The level of long-term interest rates was 5.6% , i.e. well below the respective reference value .
Ôï 1997 ôï Ëïõîåìâïýñãï óçìåßùóå ðëåüíáóìá ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 1,7% ôïõ ÁÅÐ , åðéôõã ÷ Üíïíôáò ìå Üíåóç ôçí ôéìÞ áíáöïñÜò 3 %, êáé õðÜñ ÷ åé ðñïïðôéêÞ ãéá ðëåüíáóìá 1,0% ôï 1998 .
Luxembourg achieved a general government surplus of 1.7% of GDP in 1997 , thereby comfortably meeting the 3 % reference value , and the outlook is for a surplus of 1.0% in 1998 .
ÅðéðëÝïí , ï ëüãïò ôïõ äçìüóéïõ ÷ ñÝïõò Þôáí ó ÷ åäüí áìåôÜâëçôïò óôï 6,7% ôïõ ÁÅÐ ôï 1997 , ðáñáìÝíïíôáò äçë .
In addition , the fiscal debt ratio was virtually stable at 6.7% of GDP in 1997 , i.e. remaining far below the 60 % reference value , and the outlook is for an increase to 7.1% in 1998 .
êÜôù áðü ôçí ôéìÞ áíáöïñÜò 60 %, êáé õðÜñ ÷ åé ðñïïðôéêÞ áýîçóçò óå 7,1% ôï 1998 . ¼ óïí áöïñÜ ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí óôï ìÝëëïí , åÜí ôá óçìåñéíÜ äçìïóéïíïìéêÜ ðëåïíÜóìáôá äéáôçñçèïýí ôï 1998 , ôï Ëïõîåìâïýñãï èá ðñÝðåé íá åßíáé óå èÝóç íá óõììïñöùèåß ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ôï ïðïßï èá ôåèåß óå éó ÷ ý áðü ôï 1999 , äçë .
With regard to the sustainability of fiscal developments , looking ahead , if current fiscal surpluses are maintained for 1998 , Luxembourg should 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 . With regard to other factors , Luxembourg has maintained large current account surpluses .
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ËÏÕÎÅÌÂÏÕÑÃÏ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Ëïõîåìâïýñãï : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Ëïõîåìâïýñãï : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Ëïõîåìâïýñãï : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Ëïõîåìâïýñãï : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * LUXEMBOURG I Price developments Table 1 Chart 1 Table 2 Table 3 Luxembourg : HICP inflation Luxembourg : Price developments Luxembourg : Measures of inflation and related indicators Luxembourg : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Ëïõîåìâïýñãï : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Ëïõîåìâïýñãï : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Ëïõîåìâïýñãï : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Ëïõîåìâïýñãï : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 6 Ëïõîåìâïýñãï : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Ëïõîåìâïýñãï : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Luxembourg : General government financial position Chart 2 Luxembourg : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Luxembourg : General government gross debt - structural features Chart 3 Luxembourg : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Table 6 Luxembourg : General government budgetary position Table 7 Luxembourg : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Ëïõîåìâïýñãï : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Ëïõîåìâïýñãïõ ÄéÜãñáììá 4 ÖñÜãêï Ëïõîåìâïýñãïõ : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 Ëïõîåìâïýñãï : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 8 ( a ) Luxembourg : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Luxembourg franc Chart 4 Luxembourg franc : Deviations from ERM bilateral central rates Table 9 Luxembourg : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 10 Ëïõîåìâïýñãï : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 5 ( á ) Ëïõîåìâïýñãï : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Ëïõîåìâïýñãï : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 10 Luxembourg : Long-term interest rates Chart 5 ( a ) Luxembourg : Long-term interest rate ( b ) Luxembourg : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Ëïõîåìâïýñãï : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Luxembourg : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
ÍïÝ . 97 1,5 -
Nov 97 1.5 -
Äåê . 97 1,5 -
Dec 97 1.5 -
Éáí . 98 1,5 -
Jan 98 Feb 97 - Jan 98 1.5 1.4 2.7
ÄéÜãñáììá 1 Ëïõîåìâïýñãï : Ç åîÝëéîç ôùí ôéìþí ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) ÄÔÊ Êüóôïò åñã .
Luxembourg : Price developments ( annual percentage changes ) CPI 7 6 5 4 3 2 1 0 - 1 - 2 - 3 1990 Source : National data .
Ëïõîåìâïýñãï : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) ÄÔÊ ðëçí ìåôáâïëþí êáèáñþí Ýììåóùí öüñùí ( â ) ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÁðïðëçèùñéóôÞò ÁÅÐ ÔéìÝò ðáñáãùãïý Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) Ðïóïóôü áíåñãßáò (%) Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò Áðïæçìßùóç áíÜ åñãáæüìåíï , óýíïëï ïéêïíïìßáò Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí Áíáôßìçóç íïìßóìáôïò ( ã ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Luxembourg : 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 ( e ) 3.7 3.7 4.0 3.4 - 2.0 2.2 1.0 1.3 6.6 5.5 - 1.0 2.5 1.7 25.1 - 15.7 5.2
Ì3 )( ä ) ÔéìÝò ìåôï ÷ þí ÔéìÝò êáôïéêéþí ( å ) 3,7 3,7 4,0 3,4 - 2,0 2,2 1,0 1,3 6,6 5,5 - 1,0 2,5 1,7 25,1 - 15,7 5,2 1991 3,1 3,1 2,9 1,3 - 2,5 6,1 1,5 1,4 3,5 6,4 2,7 1,9 0,3 2,1 3,3 4,8 1992 3,2 3,1 3,9 5,1 - 2,1 4,5 0,4 1,6 4,0 5,3 1,2 0,0 0,6 10,5 - 10,0 6,9 1993 3,6 2,9 3,8 0,5 - 1,7 8,7 3,6 2,1 - 2,2 5,1 7,4 - 0,5 - 0,5 13,6 121,1 1,4 1994 2,2 2,1 2,1 4,9 0,5 4,2 2,7 2,7 1,4 4,0 2,6 1,4 1,0 - 7,8 - 9,1 1,2 1995 1,9 1,8 1,8 1,8 3,7 3,8 1,7 3,0 2,2 2,2 0,1 0,1 1,2 - 1,3 0,6 1,8 1996 1997 ( á ) 1,4 1,4 1,4 1,1 - 3,1 3,0 0,1 3,3 0,7 1,8 1,1 - 0,9 - 0,7 1,3 30,0 0,9 1,4 1,4 1,2 1,7 1,2 4,1 - 0,2 3,6 1,1 2,7 1,6 0,9 - 2,0 4,9 24,7 1,5
1996 1997 ( a ) 1.4 1.4 1.4 1.1 - 3.1 3.0 0.1 3.3 0.7 1.8 1.1 - 0.9 - 0.7 1.3 30.0 0.9 1.4 1.4 1.2 1.7 1.2 4.1 - 0.2 3.6 1.1 2.7 1.6 0.9 - 2.0 4.9 24.7 1.5 4.5 8.7 0.4 3.6 1.6 2.1 4.0 - 2.2 5.3 5.1 1.2 7.4 0.0 - 0.5 0.6 - 0.5 10.5 13.6 - 10.0 121.1 6.9 1.4
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá . Áýîçóç ðñáãìáôéêïý ÁÅÐ êáé ðáñáãùãéêü êåíü : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : National data except real GDP growth and the output gap ( European Commission , spring 1998 forecasts ) .
( ã ) ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé 11 âéïìç ÷ áíéêþí ÷ ùñþí .
( c ) Nominal effective exchange rate against 11 industrialised countries .
97 Éáí . 97 Åèíéêüò äåßêôçò ôéìþí êáôáíáëùôÞ ( ÄÔÊ ) ÅôÞóéá åêáôïóôéáßá ìåôáâïëÞ ÌåôáâïëÞ ìÝóïõ üñïõ 3 ôåëåõôáßùí ìçíþí Ýíáíôé ôùí 3 ðñïçãïýìåíùí , áíçãìÝíç óå åôÞóéï ñõèìü ( á ) ÌåôáâïëÞ ìÝóïõ üñïõ 6 ôåëåõôáßùí ìçíþí Ýíáíôé ôùí 6 ðñïçãïýìåíùí , áíçãìÝíç óå åôÞóéï ñõèìü ( á ) ÐçãÞ : ÅèíéêÜ ìç åíáñìïíéóìÝíá óôïé ÷ åßá .
( a ) Recent trends in consumer price inflation Sep 97 National consumer price index ( CPI = HICP ) Annual percentage change Change in the average of latest 3 months from previous 3 months , annualised rate ( a ) Change in the average of latest 6 months from previous 6 months , annualised rate ( a ) Source : European Commission .
( 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 1.6 1.5 2.0
Ëïõîåìâïýñãï : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1996 Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò Ðëåüíáóìá (+) / Ýëëåéììá (-) , ÷ ùñßò ôç äáðÜíç ãéá äçìüóéåò åðåíäýóåéò ( â ) ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò 2,5 - 3 7,2 6,6 60 1997 1,7 - 3 6,6 6,7 60 1998 ( á ) 1,0 - 3 .
Luxembourg : 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
7.1 60 Chart 2
Ëïõîåìâïýñãï : 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 âÜóåé ôçò äéÜñêåéáò Ìåóïðñüèåóìç ( 1-5 Ýôç ) Ìáêñïðñüèåóìç (>ðÝíôå åôþí ) ( á ) 1991 4,2 97,7 2,3 93,2 .
Luxembourg : General government gross debt - structural 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 4.7 96.6 3.4 92.0 .
Âñá ÷ õðñüèåóìç ( â ) ( < åíüò Ýôïõò)</p> ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
Source : National data except for total debt ( European Commission ( spring 1998 forecasts )) .
Ëïõîåìâïýñãï : ¸ 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 ÊáèáñÞ êåöáëáéáêÞ äáðÜíç Ðëåüíáóìá (+) Þ Ýëëåéììá (-) ÐñùôïãåíÝò áðïôÝëåóìá Ðëåüíáóìá (+) Þ Ýëëåéììá (-) , ÷ ùñßò ôç äáðÜíç ãéá äçìüóéåò åðåíäýóåéò ( á ) .
Luxembourg : 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 )
Ëïõîåìâïýñãï : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 19,9 21,9 25,9 33,2 44,2 ÐçãÞ : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , ÄéåèíÞò ÔñÜðåæá , ÏõÜóéãêôïí . 2000
Luxembourg : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 19.9 2000 21.9 2010 25.9 2020 33.2 2030 44.2 Source : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , World Bank , Washington DC .
( á ) Ëïõîåìâïýñãï : 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 ) Luxembourg : 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
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Ëïõîåìâïýñãïõ ÌÝóïò üñïò 3 ìçíþí Ýùò : Ìåôáâëçôüôçôá óõíáëëáã / êÞò éóïôéìßáò ( á ) ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí ( â )
( b ) Key indicators of exchange rate pressure for the Luxembourg franc 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 0.2 - 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
ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) LUF / DKK LUF / DEM LUF / ESP LUF / FRF LUF / IEP LUF / ITL
1 March 1996 to 27 February 1998 ) LUF / DKK 15 10 5 0 - 5 - 10 - 15 Q2 1996 LUF / NLG Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 LUF / DEM LUF / ESP LUF / FRF LUF / IEP
LUF / NLG
LUF / ITL 15 10 5 0 - 5 - 10 - 15 Q2
Ëïõîåìâïýñãï : 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 )
Luxembourg : 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 ) 15,9 93,3 83,5 15,9 95,3 85,5
94.0 85.2 1996 1997 ( a ) 15.9 15.9 .
( ä ) ÅíäïêïéíïôéêÝò åîáãùãÝò åðß ôïõ óõíüëïõ ôùí åèíéêþí ( BLEU ) åîáãùãþí áãáèþí , 1996 : 70,4% , Direction 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 .
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 10
IV Long-term interest rate developments Table 10
Ëïõîåìâïýñãï : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Luxembourg : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
Äåê . 97 5,4 -
Dec 97 5.4 -
Éáí . 98 5,2 -
Jan 98 Feb 97 - Jan 98 5.2 5.6 7.8
ÄéÜãñáììá 5 ( á ) Ëïõîåìâïýñãï : Ìáêñïðñüèåóìá åðéôüêéá ( ìçíéáßïé ìÝóïé üñïé , ðïóïóôÜ åðß ôïéò åêáôü )
( a ) Luxembourg : Long-term interest rate ( monthly averages ; in percentages ) 9 8 7 6 5 1990 1991 1992 1993 1994 1995 1996 1997
ÏËËÁÍÄÉÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôçí Ïëëáíäßá Þôáí 1,8% , äçëáäÞ áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
NETHERLANDS Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in the Netherlands was 1.8% , i.e. well below the reference value of 2.7% .
Ôï ßäéï 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 1,4% ( âë . Ðßíáêá 1 ) .
In 1996 average HICP inflation was 1.4% ( see Table 1 ) .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí ðñïêýðôåé üôé ï ðëçèùñéóìüò óôçí Ïëëáíäßá , üðùò ìåôñÜôáé âÜóåé ôïõ ÄÔÊ , áíÞëèå óå 3,2% ôï 1992 åíþ ìåéþèçêå óôï 1,9% ôï 1995 .
Looking back , consumer price inflation in the Netherlands , as measured on the basis of the CPI , peaked at 3.2% in 1992 before declining to 1.9% in 1995 .
¸ êôïôå , ï ðëçèùñéóìüò ðáñïõóéÜæåé ôÜóç ãéá åëáöñÜ áýîçóç ( âë . ÄéÜãñáììá 1 ) .
Since then , inflation has tended to increase slightly ( see Chart 1 ) .
ÅðéðëÝïí , ôï ìáêñïïéêïíïìéêü ðåñéâÜëëïí óõíÝâáëå óôç óõãêñÜôçóç ôùí áíïäéêþí ðéÝóåùí óôéò ôéìÝò , ìå áñíçôéêü ðáñáãùãéêü êåíü ôï 1993 ( âë . Ðßíáêá 2 ) .
In addition , the macroeconomic environment has contributed to containing upward pressure on prices , with a negative output gap emerging in 1993 ( see Table 2 ) .
¼ ìùò , ðáñÜ ôç äçìéïõñãßá ðéï ðéåóôéêþí óõíèçêþí óôçí áãïñÜ 200 åñãáóßáò , ïé ìéóèïëïãéêÝò áõîÞóåéò ðáñÝìåéíáí ìÝôñéåò ðáñÜ ôçí åëáöñÜ åðéôÜ ÷ õíóç ðïõ óçìåéþèçêå ôï 1997 êáé ïé áõîÞóåéò ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò õðÞñîáí ÷ áìçëÝò .
However , despite a tightening of labour market conditions , wage growth has remained moderate , notwithstanding a slight acceleration in 1997 , and increases in unit labour costs have been low .
Ïé áõîÞóåéò óôéò ôéìÝò åéóáãïìÝíùí Þôáí õðïôïíéêÝò óôï ìåãáëýôåñï ìÝñïò ôçò äåêáåôßáò ôïõ 1990 , äéåõêïëýíïíôáò ôç óõãêñÜôçóç ôïõ ðëçèùñéóìïý .
Import price rises have been subdued throughout most of the 1990s , thereby facilitating control over inflation .
Ôï 1997 , ïé áíïäéêÝò ðéÝóåéò óôéò ôéìÝò êáôáíáëùôÞ áõîÞèçêáí , êõñßùò ëüãù ôçò áíüäïõ ôùí ôéìþí ôùí åéóáãïìÝíùí .
In 1997 upward pressure on consumer prices increased , not least as a result of a rise in import prices .