natgillin/translations-raw huggingface dataset:
äçìüóéùí åðåíäýóåùí êáé ôùí ëïéðþí êåöáëáéáêþí äáðáíþí ùò ðïóïóôïý ôïõ ÁÅÐ êáôÜ ôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , ç óõíÝ ÷ éóç ôçò êáèïäéêÞò ðïñåßáò ôùí óõíïëéêþí äáðáíþí ùò ðïóïóôïý ôïõ ÁÅÐ öáßíåôáé üôé áðáéôåß ìåãáëýôåñåò ðñïóðÜèåéåò ðñïóáñìïãÞò óôéò Üëëåò êáôçãïñßåò äáðáíþí .
Given the successive reduction in public investment and other capital expenditure as a percentage of GDP during the 1990s , a continuation of the downward trend of total expenditure to GDP would appear to require greater adjustments in other expenditure items .
Áíôßèåôá ìå ôéò áõîïìåéþóåéò ôùí äáðáíþí , ôá äçìüóéá Ýóïäá ùò ðïóïóôü ôïõ ÁÅÐ êõìÜíèçêáí ãýñù óôï 40 % êáôÜ ôï ìåãáëýôåñï äéÜóôçìá ôçò åîåôáæüìåíçò ðåñéüäïõ .
In contrast to the swings in expenditure , government revenue in relation to GDP has tended to fluctuate around 40 % over most of the period considered .
Óýìöùíá ìå ôç ìåóïðñüèåóìç óôñáôçãéêÞ äçìïóéïíïìéêÞò ðïëéôéêÞò ôçò Éóðáíßáò , üðùò ðáñïõóéÜæåôáé óôï Ðñüãñáììá Óýãêëéóçò 1997-2000 , ôï ïðïßï áíáèåùñÞèçêå ôïí Áðñßëéï 1997 , óôü ÷ ïò ãéá ôï 1998 åßíáé ç ðôùôéêÞ ðïñåßá ôùí ëüãùí ôïõ åëëåßììáôïò êáé ôïõ ÷ ñÝïõò .
According to the Spanish medium-term fiscal policy strategy , as presented in the Convergence Programme for 1997-2000 updated in April 1997 , a declining trend in deficit and debt ratios is targeted for 1998 .
Ï ðñïûðïëïãéóìüò ôïõ 1998 ðñïâëÝðåé ìåßùóç ôïõ åëëåßììáôïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá óå 2,4% ôïõ ÁÅÐ óôü ÷ ïò êÜðùò ðéï öéëüäïîïò áðü åêåßíïí ðïõ ðåñéëáìâÜíåôáé óôï ðñüãñáììá åíþ , óýìöùíá ìå ôéò ðñïâëÝøåéò ôçò ÅðéôñïðÞò , ï ëüãïò ôïõ åëëåßììáôïò èá åßíáé 2,2% .
The budget for 1998 foresees a reduction in the general government deficit to 2.4% of GDP , which is slightly more ambitious than the figure specified in the programme , and Commission forecasts suggest a deficit ratio of 2.2% .
Åðß ôïõ ðáñüíôïò , äåí õðÜñ ÷ ïõí åíäåßîåéò üôé ï ðñïûðïëïãéóìüò ôïõ 1998 ðåñéëáìâÜíåé óçìáíôéêÜ ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç .
Currently , there is no evidence of significant measures with a temporary effect in the 1998 budget .
¼ ðùò ðñïâëÝðåôáé , ôï 2000 ôá åëëåßììáôá èá ìåéùèïýí óå 1,6% ôïõ ÁÅÐ êáé ï ëüãïò ôïõ ÷ ñÝïõò èá öèÜóåé ôï 65,3% .
In the year 2000 deficits are projected to decline to 1.6% of GDP and the debt ratio to stand at 65.3% .
Ôï Ýëëåéììá ôïõ 1997 åßíáé ìéêñüôåñï áðü ü , ôé áíáìåíüôáí , áëëÜ ç âåëôßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò Þôáí êáôÜ ôé ëéãüôåñï åõíïúêÞ áðü üôé åß ÷ å ðñïâëåöèåß ðáëáéüôåñá .
The 1997 deficit is better than expected , but the improvement in the debt ratio was somewhat less favourable than envisaged earlier .
Óå óýãêñéóç ìå ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ ðñïâëÝðïíôáé óôï Ðñüãñáììá Óýãêëéóçò 1999-2000 , áðáéôåßôáé ðåñáéôÝñù óçìáíôéêÞ äçìïóéïíïìéêÞ åîõãßáíóç ðñïêåéìÝíïõ íá õðÜñîåé óõììüñöùóç ìå 119 ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ôï ïðïßï èá éó ÷ ýóåé áðü ôï 1999 .
Compared with fiscal balances projected in the Convergence Programme for 1999-2000 , further substantial fiscal consolidation is required in order to 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 .
ÂÜóåé ôïõ óôü ÷ ïõ áõôïý ï ðñïûðïëïãéóìüò ðñÝðåé íá åßíáé ó ÷ åäüí éóïóêåëéóìÝíïò Þ íá ðáñïõóéÜæåé ðëåüíáóìá . Ùò ðñïò ôï ÷ ñüíï ðïõ èá áðáéôçèåß ãéá ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óôçí ôéìÞ áíáöïñÜò 60 % ðñïêåéìÝíïõ ãéá ÷ þñåò ìå ëüãï ÷ ñÝïõò óáöþò Üíù ôïõ 60 % áëëÜ ìéêñüôåñï ôïõ 80 % ôïõ ÁÅÐ , ôï ÅÍÉ ðáñïõóéÜæåé õðïëïãéóìïýò , ðïõ åìöáíßæïíôáé áíáëõôéêÜ óôï ÄéÜãñáììá 5 .
With regard to the future horizon for reducing the debt ratio to the 60 % reference value for countries with a debt ratio clearly above 60 % but below 80 % of GDP , the EMI presents calculations as detailed in Chart 5 . On the assumption that overall fiscal positions and debt ratios
Ìå âÜóç ôçí õðüèåóç üôé èá åðéôåõ ÷ èåß ç óõíïëéêÞ äçìïóéïíïìéêÞ êáôÜóôáóç êáé ïé ëüãïé ôïõ ÷ ñÝïõò ðïõ ðñïâëÝðïíôáé áðü ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ãéá ôï 1998 , ç ðñáãìáôïðïßçóç éóïóêåëéóìÝíïõ ðñïûðïëïãéóìïý áðü ôï 1999 êáé ìåôÜ èá ìðïñïýóå íá ìåéþóåé ôï ëüãï ôïõ ÷ ñÝïõò óå ðïóïóôü êÜôù ôïõ 60 % ôïõ ÁÅÐ Þäç áðü ôï 2001 .
as projected by the European Commission for 1998 are achieved , realising a balanced budget from 1999 onwards would reduce the debt ratio to below 60 % of GDP as early as 2001 .
Áíôßèåôá , åÜí ïé ëüãïé ôïõ óõíïëéêïý êáé ôïõ ðñùôïãåíïýò áðïôåëÝóìáôïò ôïõ 1998 (- 2,2% êáé 2,1% áíôßóôïé ÷ á ) äéáôçñçèïýí óôáèåñïß ôá åðüìåíá ÷ ñüíéá , ç ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò èá åßíáé âñáäýôåñç êáé èá åðéôåõ ÷ èåß ëüãïò ÷ ñÝïõò ÷ áìçëüôåñïò áðü 60 % ôïõ ÁÅÐ ôï 2007 êáé ôï 2004 áíôßóôïé ÷ á .
Instead , maintaining the 1998 overall and primary balance ratios of - 2.2% and 2.1% constant in subsequent years would imply a slower path of debt reduction and would generate a debt ratio of below 60 % of GDP in 2007 and 2004 respectively .
Áõôïß ïé õðïëïãéóìïß âáóßæïíôáé óôçí êáíïíéóôéêÞ õðüèåóç üôé ôï ïíïìáóôéêü åðéôüêéï èá åßíáé óôáèåñü óôï 6 % ( 4 % ìÝóï ðñáãìáôéêü êüóôïò åîõðçñÝôçóçò ôïõ äçìüóéïõ ÷ ñÝïõò óõí 2 % ðëçèùñéóìüò ) êáé óôçí õðüèåóç üôé ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ èá åßíáé óôáèåñüò óôï 2,9% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ ó ÷ åôéêÜ ìå ôçí áýîçóç ôçò ôÜóçò ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1998 .
Such calculations are based on the normative assumption of a constant nominal rate of interest of 6 % ( average real cost of public debt outstanding of 4 % and 2 % inflation ) and the assumption of a constant real GDP growth rate of 2.9% , as estimated by the Commission for real trend GDP growth in 1998 .
Áí êáé áõôïß ïé õðïëïãéóìïß ( ïé ïðïßïé äåß ÷ íïõí üôé åÜí äéáôçñçèåß ôï åðßðåäï ôïõ 1998 ãéá ôá óõíïëéêÜ åëëåßììáôá , ç ôéìÞ áíáöïñÜò 60 % äåí èá åðéôåõ ÷ èåß ðñéí áðü ôï 2007 ) åßíáé êáèáñÜ åíäåéêôéêïß êáé äåí ìðïñïýí óå êáìßá ðåñßðôùóç íá èåùñçèïýí ðñïâëÝøåéò , ðáñÝ ÷ ïõí 120 ùóôüóï ìéá åéêüíá ôçò áíÜãêçò íá õðÜñîåé ðåñáéôÝñù óçìáíôéêÞ ðñüïäïò áðü ðëåõñÜò åîõãßáíóçò .
While they are purely illustrative , and can by no means be regarded as forecasts , the calculations , which indicate that maintaining 1998 levels for overall deficits would imply attainment of the 60 % reference value not before 2007 , provide an illustration of the need for further substantial progress in consolidation .
¼ ðùò öáßíåôáé óôïí Ðßíáêá 8 , áðü ðåñßðïõ ôï Ýôïò 2010 êáé ìåôÜ áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý , êáé , óôï ðëáßóéï åíüò äéáíåìçôéêïý óõíôáîéïäïôéêïý óõóôÞìáôïò , ïé äáðÜíåò ôïõ Äçìïóßïõ ãéá óõíôÜîåéò ðñïâëÝðåôáé íá áõîçèïýí ùò ðïóïóôü ôïõ ÁÅÐ , éäéáßôåñá åÜí óõíå ÷ éóôåß áìåôÜâëçôç ç ðïëéôéêÞ ôùí êïéíùíéêïáóöáëéóôéêþí ðáñï ÷ þí .
As is highlighted in Table 7 , from around 2010 onwards a marked ageing of the population is expected , and , in the context of an unfunded pension system , public pension expenditure is projected to increase in relation to GDP , particularly if policies regarding benefits continue unchanged .
Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ç éóðáíéêÞ ðåóÝôá óõììåôÝ ÷ åé óôï ÌÓÉ áðü ôïí Éïýíéï 1989 , äçë . ãéá äéÜóôçìá óçìáíôéêÜ ìåãáëýôåñï áðü äýï Ýôç ðñéí ôçí åîÝôáóç ( âë .
Exchange rate developments The Spanish peseta has been participating in the ERM since 19 June 1989 , i.e. for considerably longer than two years prior to the examination ( see Table 8a ) .
Åéäéêüôåñá óôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996 - ÖåâñïõÜñéïò 1998 ) , ôï éóðáíéêü íüìéóìá , åðùöåëïýìåíï áðü óçìáíôéêÝò äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ðåñéóóüôåñùí íïìéóìÜôùí ðïõ óõììåôÝ ÷ ïõí óôï ÌÓÉ , êéíÞèçêå êáôÜ êáíüíá êïíôÜ óôéò êåíôñéêÝò éóïôéìßåò ôïõ Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ ( âë . ÄéÜãñáììá 6 êáé Ðßíáêá 8á ) .
Focusing on the reference period from March 1996 to February 1998 , the currency , benefiting from sizable short-term interest rate differentials vis - - vis most partner currencies , has normally traded close to its central rates against other ERM currencies ( see Chart 6 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 3,5% êáé - 2,1% áíôßóôïé ÷ á , ìå åîáßñåóç ôçí áõôüíïìç áíïäéêÞ ðïñåßá 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 3.5% and - 2.1% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
Ôá åðåéóüäéá áõôþí ôùí áðïêëßóåùí Þôáí ðñïóùñéíÜ , ï âáèìüò ìåôáâëçôüôçôáò ôùí óõíáëëáãìáôéêþí éóïôéìéþí Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ ìåéþèçêå óôáèåñÜ óå ÷ áìçëü åðßðåäï ( âë . Ðßíáêá 8â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá Ýãéíáí óçìáíôéêÜ ìéêñüôåñåò êáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò .
The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis - - vis the Deutsche Mark decreased steadily to a low level ( see Table 8b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates narrowed significantly over the reference period .
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , äåßêôåò ôçò ðñáãìáôéêÞò óôáèìéóìÝíçò éóïôéìßáò ôçò éóðáíéêÞò ðåóÝôáò 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 Spanish peseta 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 óôç äåêáåôßá ôïõ 1990 , ôá åëëåßììáôá ôïõ éóïæõãßïõ ôñå ÷ ïõóþí óõíáëëáãþí ìåôáâëÞèçêáí óå ðëåïíÜóìáôá .
As regards other external developments , over the 1990s , current account deficits turned into surpluses .
ÁõôÞ ç ìåôáóôñïöÞ ôïõ éóïæõãßïõ ðëçñùìþí áíôáíáêëÜôáé óå ìéá ôÜóç ìåßùóçò ôçò áñíçôéêÞò êáèáñÞò åîùôåñéêÞò èÝóçò ( âë . Ðßíáêá 10 ) .
This turnaround in the balance of payments has been reflected in a tendency towards reductions in the net 110 external liability position ( see Table 10 ) .
Õðåíèõìßæåôáé åðßóçò üôé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ï ëüãïò ôïõ åîùôåñéêïý åìðïñßïõ ôçò Éóðáíßáò ðñïò ôï ÁÅÐ åßíáé 30 % ãéá ôéò åîáãùãÝò êáé 28 % ãéá ôéò åéóáãùãÝò êáé ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 71 % ãéá ôéò åîáãùãÝò êáé 66 % ãéá ôéò åéóáãùãÝò .
It may also be recalled that , according to the most recent data available , Spain has a ratio of foreign trade to GDP of 30 % for exports and 28 % for imports , and a share of intra-EU trade of 71 % for exports and 66 % for imports .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôçí Éóðáíßá Þôáí 6,3% 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 Spain were 6.3% 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 .
Ôá ìÝóá äùäåêÜìçíá ìáêñïðñüèåóìá åðéôüêéá ðáñáìÝíïõí óå åðßðåäá ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò áðü ôï ÍïÝìâñéï 1996 .
Twelvemonth average long-term interest rates have been below the reference value since November 1996 .
Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë . ÄéÜãñáììá 7á ) .
Long-term interest rates have been on a broadly declining trend during the 1990s ( see Chart 7a ) .
Áðü ôá ìÝóá ôïõ 1995 ç äéáäéêáóßá ôçò óýãêëéóçò ðñïò áõôÜ ôá åðßðåäá Ý ÷ åé åðéôá ÷ õíèåß , êáé ç äéáöïñÜ óÞìåñá Ý ÷ åé ó ÷ åäüí åîáëåéöèåß ( âë . ÄéÜãñáììá 7â ) .
Since mid-1995 the process of convergence towards these levels has accelerated , and the differential has now been virtually eliminated ( see Chart 7b ) .
ÁõôÝò ïé âáóéêÝò åîåëßîåéò èåùñÞèçêå áðü ôéò áãïñÝò üôé âåëôéþíïõí ôéò ðñïïðôéêÝò ãéá óõììåôï ÷ Þ óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ - êÜôé ðïõ ìå ôç óåéñÜ ôïõ åíäÝ ÷ åôáé íá Ý ÷ åé äéáäñáìáôßóåé Ýíáí áíåîÜñôçôï ñüëï óôïí ôá ÷ ýôåñï ðåñéïñéóìü ôùí äéáöïñþí ôùí áðïäüóåùí , ôüóï Üìåóá üóï êáé ìÝóù ôçò ðåñáéôÝñù âåëôßùóçò ôùí ðñïïðôéêþí ãéá 121 óôáèåñüôçôá ôùí ôéìþí óõíáëëáãìáôéêÞò éóïôéìßáò .
These underlying developments were seen by markets as improving the prospects for participation in Stage Three of EMU - an element which may in turn have played an independent role in accelerating the narrowing of yield differentials , both directly and by further improving the prospects for price and exchange rate stability .
Óýíïøç óõìðåñáóìÜôùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ç Éóðáíßá ðÝôõ ÷ å ñõèìü ðëçèùñéóìïý ( ÅíÄÔÊ ) 1,8% , äçë . áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ðïõ ïñßæåé ç ÓõíèÞêç .
Concluding summary Over the reference period Spain has achieved a rate of HICP inflation of 1.8% , which is well below the reference value stipulated by the Treaty .
Óýìöùíá ìå ôéò ðñïâëÝøåéò , ï ðëçèùñéóìüò èá óçìåéþóåé Üíïäï óå åðßðåäï ëßãï õøçëüôåñï áðü 2 % ôï 1998 êáé ôï 1999 .
forecasts project inflation will rise to somewhat above 2 % in 1998 and 1999 .
Ôï åðßðåäï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 6,3% , äçë .
The level of long-term interest rates was 6.3% , i.e. below the respective reference value .
êÜôù áðü ôçí áíôßóôïé ÷ ç ôéìÞ áíáöïñÜò . Ôï 1997 ç Éóðáíßá ðÝôõ ÷ å ëüãï äçìïóéïíïìéêïý åëëåßììáôïò 2,6% , äçë .
In 1997 Spain achieved a fiscal deficit ratio of 2.6% , i.e. below the reference value , and the outlook is for a further decline to 2.2% in 1998 .
ðñïïðôéêÞ ðåñáéôÝñù ìåßùóçò óå 2,2% ôï 1998 . Ï ëüãïò ÷ ñÝïõò / ÁÅÐ õðåñâáßíåé ôçí ôéìÞ áíáöïñÜò 60 %.
The debt-to-GDP ratio is above the 60 % reference value .
Ùò ðñïò ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí , õðÜñ ÷ åé ðñïïðôéêÞ ìåßùóçò ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå 67,4% , ôïõ ÁÅÐ ôï 1998 .
Regarding the sustainability of fiscal developments , the outlook is for a , decrease in the debt ratio to 67.4% of GDP in 1998 .
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÉÓÐÁÍÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Éóðáíßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Éóðáíßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Éóðáíßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Éóðáíßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * SPAIN I Price developments Table 1 Chart 1 Table 2 Table 3 Spain : HICP inflation Spain : Price developments Spain : Measures of inflation and related indicators Spain : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Éóðáíßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Éóðáíßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Éóðáíßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Éóðáíßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Éóðáíßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Éóðáíßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 5 Éóðáíßá : ÄõíçôéêÞ åîÝëéîç ôïõ ÷ ñÝïõò ìå åíáëëáêôéêÝò ðáñáäï ÷ Ýò ãéá ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá Ðßíáêáò 7 Éóðáíßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Chart 2 Spain : General government financial position Spain : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Spain : General government gross debt - structural features Spain : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Spain : General government expenditure and receipts Spain : General government budgetary position Spain : Potential future debt ratios under alternative assumptions for fiscal balance ratios Spain : Projections of elderly dependency ratio Table 5 Chart 3
III
Chart 4 Table 6 Chart 5 Table 7
Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Éóðáíßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôçí ðåóÝôá Éóðáíßáò ÄéÜãñáììá 6 ÐåóÝôá Éóðáíßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 ÐåóÝôá Éóðáíßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 10 Éóðáíßá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 8 ( a ) Spain : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Spanish peseta Chart 6 Spanish peseta : Deviations from ERM bilateral central rates Table 9 Spanish peseta : Measures of the real effective exchange rate vis - - vis ERM Member States Table 10 Spain : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11 Éóðáíßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 7 ( á ) Éóðáíßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Éóðáíßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 11 Spain : Long-term interest rates Chart 7 ( a ) Spain : Long-term interest rate ( b ) Spain : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Éóðáíßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Spain : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
ÍïÝ . 97 1,9 -
Nov 97 1.9 -
Äåê . 97 1,9 -
Dec 97 1.9 -
Éáí . 98 1,9 -
Jan 98 Feb 97 - Jan 98 1.9 1.8 2.7
Éóðáíßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) 6,7 ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) . ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò 6,5 ÁðïðëçèùñéóôÞò ÁÅÐ 7,3 ÔéìÝò ðáñáãùãïý 2,0 Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ 3,7 Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) 4,5 Ðïóïóôü áíåñãßáò (%) 16,3 Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò 9,3 Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò 9,5 Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò 0,1 ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí - 1,2 4,4 Áíáôßìçóç íïìßóìáôïò ( ã ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Spain : 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 6.7 .
5,6 4,3 2,4 - 1,2 - 1,5 22,7 4,9 6,8 1,8 6,5 - 12,2 7,1 14,7 - 0,4 1994 4,7 4,4 4,8 4,0 4,5 2,1 - 1,9 24,2 0,0 2,8 2,7 5,7 - 6,7 7,5 18,5 0,7 1995 4,7 3,7 4,7 4,8 6,9 2,8 - 1,7 22,9 1,9 2,9 1,1 4,7 - 0,0 9,6 - 6,2 3,5 1996 1997 ( á ) 3,6 3,4 3,4 3,1 1,7 2,3 - 2,1 22,2 2,9 3,8 0,8 2,4 0,9 7,8 22,1 1,9 2,0 1,7 2,5 2,2 1,3 3,4 - 1,5 20,8 1,9 2,7 0,8 4,1 - 4,5 3,0 52,7 1,3
1995 4.7 3.7 4.7 4.8 6.9 2.8 - 1.7 22.9 1.9 2.9 1.1 4.7 - 0.0 9.6 - 6.2 3.5 1996 1997 ( a ) 3.6 3.4 3.4 3.1 1.7 2.3 - 2.1 22.2 2.9 3.8 0.8 2.4 0.9 7.8 22.1 1.9 2.0 1.7 2.5 2.2 1.3 3.4 - 1.5 20.8 1.9 2.7 0.8 4.1 - 4.5 3.0 52.7 1.3
( 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 1988 ) , 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 2.1 2.4 2.2
Éóðáíßá : ¸ 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 - 4,6 - 3 - 1,7 70,1 60 1997 - 2,6 - 3 0,3 68,8 60 1998 ( á ) - 2,2 - 3 .
Spain : 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
67.4 60 Chart 2
Éóðáíßá : 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 ( â ) 1991 45,5 96,0 4,0 87,6 1,4 62,8 31,6 5,6
Spain : General government gross debt str uctural features Total debt ( as a percentage of GDP ) Composition by currency (% of total ) In domestic currency In foreign currencies Domestic ownership (% of total ) Average maturity ( a ) ( years ) Composition by maturity ( b ) (% of total ) Short-term ( c ) ( < 1 year) Medium-term (1-5 years) Long-term (> 5 years ) 1990 44.8 96.6 3.4 94.1 1.0 65.7 32.4 1.9 1991 45.5 96.0 4.0 87.6 1.4 62.8 31.6 5.6 1992 48.0 93.3 6.7 86.5 1.8 60.5 26.4 13.0 1993 60.0 91.5 8.5 72.0 3.0 43.7 34.9 21.5 1994 62.6 90.8 9.2 80.7 3.0 41.7 33.6 24.7 1995 65.5 90.7 9.3 78.4 3.1 42.1 29.6 28.3 1996 1997 70.1 68.8 91.1 8.9 80.0 3.1 41.0 29.7 29.3 90.4 9.6 78.5 3.7 30.6 37.2 32.1
Âñá ÷ õðñüèåóìç ( ã ) ( < 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 )) .
ÓõíïëéêÜ áíôéðñïóùðåýïõí áðü 70 % ( 1992 ) Ýùò 81 % ( 1997 ) ôïõ óõíïëéêïý ÷ ñÝïõò .
overall , these represent between 70 % ( 1992 ) and 81 % ( 1997 ) of the total debt .
Éóðáíßá : ¸ 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 ) .
Spain : General government budgetary position ( as a percentage of GDP ) Total current receipts Taxes Social security contributions Other current receipts Total expenditure Current transfers Actual interest payments Public consumption Net capital expenditure Surplus (+) or deficit (-) Primary balance Surplus (+) or deficit (-) , net of public investment expenditure ( a )
Óôáèåñü ðñùôïãåíÝò áðïôÝëåóìá ÉóïóêåëéóìÝíïò ðñïûðïëïãéóìüò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) êáé õðïëïãéóìïß ÅÍÉ .
Spain : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 70 Constant primary balance Balanced budget