natgillin/translations-raw huggingface dataset:
Ïé ìÝãéóôåò áðïêëßóåéò ðñïò ôá Üíù êáé ðñïò ôá êÜôù áðü ôéò êåíôñéêÝò éóïôéìßåò , ìå âÜóç ôïõò êéíçôïýò ìÝóïõò 10 åñãÜóéìùí çìåñþí , Þôáí 3,5% êáé - 2,3% áíôßóôïé ÷ á , ìå åîáßñåóç ôçí áõôüíïìç áíïäéêÞ ðïñåßá ôçò éñëáíäéêÞò ëßñáò ( âë . Ðßíáêá 8á ) .
As mentioned above , Portuguese monetary policy has been geared towards the achievement of price stability , from spring 1992 onwards within the context of the ERM . 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 5 and Table 8a ) .
Ôá åðåéóüäéá áõôþí ôùí áðïêëßóåùí Þôáí ðñïóùñéíÜ , ï âáèìüò ìåôáâëçôüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ Þôáí ÷ áìçëüò ( âë . Ðßíáêá 8â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá ìåéþíïíôáí äéáñêþò .
On occasion the Portuguese escudo traded outside a range close to its central rates vis - - vis various partner currencies . The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 3.5% and - 2.3% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , ôá äéáèÝóéìá óôïé ÷ åßá ùò ðñïò ôçí ðñáãìáôéêÞ óôáèìéóìÝíç éóïôéìßá ôïõ åóêïýäïõ Ðïñôïãáëßáò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ðïõ óõììåôÝ ÷ ïõí óôï ÌÓÉ , üðùò åìöáíßæïíôáé óôïí Ðßíáêá 9 , õðïäçëþíïõí üôé ôá óçìåñéíÜ åðßðåäá åßíáé õøçëüôåñá áðü ôéò ìÝóåò ôéìÝò ôïõ 1987 .
During the reference period Portugal has not devalued its currency s bilateral central rate against any other Member State s currency . In a longer-term context , the available real effective exchange rate data for the Portuguese escudo against other ERM participating currencies depicted in Table 9 suggest that current levels are above 1987 average values ;
Áðü ôï 1992 ç ðñáãìáôéêÞ óõíáëëáãìáôéêÞ éóïôéìßá åßíáé ðåñßðïõ óôáèåñÞ .
since 1992 the real exchange rate has been broadly stable .
Ùò ðñïò ôéò Üëëåò åîùôåñéêÝò åîåëßîåéò , ôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí ôçò Ðïñôïãáëßáò , áöïý ðáñÝìåéíå ó ÷ åäüí éóïóêåëéóìÝíï êáôÜ ôçí ðåñßïäï 1990-93 , Ýãéíå åëëåéììáôéêü ôï 1994 .
As regards other external developments , after having maintained a virtually balanced position in the period 1990-93 , the Portuguese current account shifted into deficit in 1994 ;
Ç ðïñôïãáëéêÞ ïéêïíïìßá äéáôÞñçóå èåôéêÞ êáèáñÞ åîùôåñéêÞ èÝóç ( âë . Ðßíáêá 10 ) .
the Portuguese economy maintained a net foreign asset position ( see Table 10 ) .
Õðåíèõìßæåôáé åðßóçò üôé ç Ðïñôïãáëßá äéáèÝôåé ìéá ìéêñÞ áíïéêôÞ ïéêïíïìßá êáé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ï ëüãïò åîùôåñéêïý åìðïñßïõ / ÁÅÐ áíÝñ ÷ åôáé óå 46 % ãéá ôéò åîáãùãÝò êáé 59 % ãéá ôéò åéóáãùãÝò , åíþ ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 80 % ãéá ôéò åîáãùãÝò êáé 76 % ãéá ôéò åéóáãùãÝò .
It may also be recalled that Portugal is a small open economy with , according to the most recent data available , a ratio of foreign trade to GDP of 46 % for exports and 59 % for imports , and a share of intra-EU trade of 80 % for exports and 76 % for imports .
Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ôï åóêïýäï Ðïñôïãáëßáò óõììåôÝ ÷ åé óôï ÌÓÉ áðü ôéò 6 Áðñéëßïõ 1992 , äçëáäÞ åðß äéÜóôçìá áñêåôÜ ìåãáëýôåñï ôùí äýï åôþí ðñéí áðü ôçí åîÝôáóç ( âë .
prevailing in the EU countries with the lowest bond yields has also been observed for most of the period since the early 1990s .
¼ ðùò ðñïáíáöÝñèçêå , ç íïìéóìáôéêÞ ðïëéôéêÞ ôçò Ðïñôïãáëßáò åßíáé ðñïóáíáôïëéóìÝíç ðñïò ôçí åðßôåõîç ôçò óôáèåñüôçôáò ôùí ôéìþí , áðü ôçí Üíïéîç ôïõ 1992 óôï ðëáßóéï ôïõ ÌÓÉ . Åéäéêüôåñá óôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996ÖåâñïõÜñéïò 1998 ) , ôï åóêïýäï , åðùöåëïýìåíï áðü ôéò óçìáíôéêÝò äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ðåñéóóüôåñùí íïìéóìÜôùí ôïõ ÌÓÉ , êéíÞèçêå êáôÜ êáíüíá êïíôÜ óôéò êåíôñéêÝò ôïõ éóïôéìßåò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ ( âë .
Since mid-1995 this process of convergence has accelerated and the differential has now been virtually eliminated ( see Chart 6b ) . The main factor underlying this trend was the significant narrowing of the inflation differential .
ÄéÜãñáììá 5 êáé Ðßíáêá 8á ) . ÐåñéóôáóéáêÜ , ç éóïôéìßá ôïõ åóêïýäïõ äéáêõìÜíèçêå ðÝñá áðü ìéá óôåíÞ æþíç êïíôÜ óôéò êåíôñéêÝò ôïõ
In addition , the relative stability of the Portuguese escudo s exchange rate and the improvement in the country s fiscal position also played a role .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí ÊáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997 - ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôçí Ðïñôïãáëßá Þôáí 6,2% óå ìÝóï üñï , äçë . êÜôù áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ôùí åðéôïêßùí , ðïõ ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò ùò ðñïò ôç óôáèåñüôçôá ôùí ôéìþí .
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 .
Ôá äùäåêÜìçíá ìÝóá ìáêñïðñüèåóìá åðéôüêéá åßíáé ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò áðü ôï ÍïÝìâñéï 1996 . Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë .
Concluding summary Over the reference period Portugal has achieved a rate of HICP inflation of 1.8% , which is well below the reference value stipulated by the Treaty .
Áðü ôá ìÝóá ôïõ 1995 , áõôÞ ç äéáäéêáóßá óýãêëéóçò åðéôá ÷ ýíèçêå êáé ç äéáöïñÜ Ý ÷ åé ðëÝïí ó ÷ åäüí åîáëåéöèåß ( âë .
Looking ahead , there are no signs of immediate upward pressure on inflation ;
Óýíïøç óõìðåñáóìÜôùí ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , ç Ðïñôïãáëßá ðÝôõ ÷ å ðëçèùñéóìü ( ÅíÄÔÊ ) 1,8% , äçë .
In 1997 Portugal achieved a fiscal deficit ratio of 2.5% , i.e. below the reference value , and the outlook is for a decrease to 2.2% in 1998 .
Ç áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò åðéâñáäýíèçêå áéóèçôÜ óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 êáé ç ãåíéêüôåñç ôÜóç ðñïò ÷ áìçëïýò ñõèìïýò ðëçèùñéóìïý ðñïÝêõðôå åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí . ¼ óïí áöïñÜ ôéò ðñïïðôéêÝò , äåí õðÜñ ÷ ïõí åíäåßîåéò üôé èá åêäçëùèïýí Üìåóåò ðëçèùñéóôéêÝò ðéÝóåéò êáé ï ðëçèùñéóìüò ðñïâëÝðåôáé íá åßíáé êáôÜ ôé õøçëüôåñïò áðü 2 % ôï 1998 êáé ôï 1999 .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Portugal were 6.2% on average , and thus stood below the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , Þôáí ðåñßðïõ óôáèåñü , ãåíéêþò êïíôÜ óôéò êåíôñéêÝò äéìåñåßò éóïôéìßåò ôïõ , ðïõ ðáñÝìåéíáí áìåôÜâëçôåò , êáé äåí ÷ ñåéÜóôçêå íá ëçöèïýí ìÝôñá ãéá óôÞñéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò . Ôá ìáêñïðñüèåóìá åðéôüêéá Þôáí 6,2% , äçë .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 11 ) . Twelvemonth average long-term interest rates have been below the reference value since November 1996 .
÷ áìçëüôåñá áðü ôçí áíôßóôïé ÷ ç ôéìÞ áíáöïñÜò . Ôï 1997 ç Ðïñôïãáëßá ðÝôõ ÷ å ëüãï äçìïóéïíïìéêïý åëëåßììáôïò 2,5% , äçë .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 6a ) .
êÜôù áðü ôçí ôéìÞ áíáöïñÜò , êáé õðÜñ ÷ åé ðñïïðôéêÞ ìåßùóçò óå 2,2% ôï 1998 . Ï ëüãïò ÷ ñÝïõò / ÁÅÐ ìüëéò õðåñâáßíåé ôçí ôéìÞ áíáöïñÜò 60 %.
A broad trend towards the convergence of Portuguese long-term interest rates with those 218 just above the 60 % reference value .
Óå Ýíáí åõñýôåñï ÷ ñïíéêü ïñßæïíôá , ïé óçìåñéíïß ëüãïé ôïõ åëëåßììáôïò õðåñâáßíïõí ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò ðïõ èá ôåèåß óå éó ÷ ý áðü ôï 1999 , âÜóåé ôïõ ïðïßïõ ç ÷ þñá ðñÝðåé íá äéáèÝôåé ó ÷ åäüí éóïóêåëéóìÝíï Þ ðëåïíáóìáôéêü ðñïûðïëïãéóìü . ¸ ôóé õðÜñ ÷ åé áíÜãêç ãéá ðåñáéôÝñù
Looking further ahead , current fiscal deficit ratios exceed 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 , thus pointing to a need for further substantial consolidation .
Ùò ðñïò ôïõò Üëëïõò ðáñÜãïíôåò , ôï 1996 êáé ôï 1997 ï ëüãïò ôïõ åëëåßììáôïò äåí õðåñÝâç ôï ëüãï äçìüóéùí åðåíäýóåùí / ÁÅÐ êáé ç Ðïñôïãáëßá óçìåßùóå åëëåßììáôá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí , åíþ ç êáèáñÞ åîùôåñéêÞ ôçò èÝóç Þôáí èåôéêÞ .
With regard to other factors , in 1996 and 1997 the deficit ratio did not exceed the ratio of public investment to GDP , and Portugal has recorded current account deficits and a net external asset position .
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÐÏÑÔÏÃÁËÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Ðïñôïãáëßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Ðïñôïãáëßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Ðïñôïãáëßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Ðïñôïãáëßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * PORTUGAL I Price developments Table 1 Chart 1 Table 2 Table 3 Portugal : HICP inflation Portugal : Price developments Portugal : Measures of inflation and related indicators Portugal : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Ðïñôïãáëßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Ðïñôïãáëßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Ðïñôïãáëßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Ðïñôïãáëßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Ðïñôïãáëßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Ðïñôïãáëßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Ðïñôïãáëßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Portugal : General government financial position Chart 2 Portugal : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Portugal : General government gross debt - structural features Chart 3 Portugal : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Portugal : General government expenditure and receipts Table 6 Portugal : General government budgetary position Table 7 Portugal : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Ðïñôïãáëßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï åóêïýäï Ðïñôïãáëßáò ÄéÜãñáììá 5 Åóêïýäï Ðïñôïãáëßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 Åóêïýäï Ðïñôïãáëßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 10 Ðïñôïãáëßá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 8 ( a ) Portugal : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Portuguese escudo Chart 5 Portuguese escudo : Deviations from ERM bilateral central rates Table 9 Portuguese escudo : Measures of the real effective exchange rate vis - - vis ERM Member States Table 10 Portugal : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11 Ðïñôïãáëßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 6 ( á ) Ðïñôïãáëßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Ðïñôïãáëßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 11 Portugal : Long-term interest rates Chart 6 ( a ) Portugal : Long-term interest rate ( b ) Portugal : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Ðïñôïãáëßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Portugal : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
Äåê . 97 2,1 -
Dec 97 2.1 -
Éáí . 98 1,6 -
Jan 98 Feb 97 - Jan 98 1.6 1.8 2.7
Ðïñôïãáëßá : 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 ( ã ) 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 ( ä ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì . Ì3 )( å ) ÔéìÝò ìåôï ÷ þí ÔéìÝò êáôïéêéþí 13,4 .
Portugal : 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 ( c ) 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 ( d ) Broad monetary aggregate ( M3H )( e ) Stock prices House prices 13.4 .
12,1 14,8 2,2 2,3 3,5 4,1 15,1 14,2 - 0,8 0,5 0,7 18,0 - 16,2 19,4 1992 8,9 6,5 10,2 13,2 0,2 1,8 2,5 4,1 13,3 14,1 0,7 - 6,1 3,4 21,8 - 11,5 12,4 1993 6,5 5,3 6,8 6,8 2,0 0,3 0,1 5,5 6,5 7,5 0,9 3,2 - 6,0 11,2 14,5 1,3 1994 5,2 5,0 5,4 5,0 3,2 0,7 - 1,9 6,8 4,2 4,8 0,6 3,4 - 4,2 7,3 34,1 1,2 1995 4,1 3,5 4,2 5,0 5,1 1,9 - 2,7 7,2 2,0 5,0 2,9 1,7 2,0 10,5 - 3,3 1,5 1996 1997 ( á ) 3,1 3,3 3,1 2,8 4,2 3,6 - 2,0 7,3 2,9 5,7 2,7 0,3 - 0,4 7,5 15,6 1,6 2,2 2,4 2,2 2,9 1,9 3,8 - 1,3 6,7 2,8 4,8 1,9 - 0,3 - 2,0 8,1 56,9 3,6
1996 3.1 3.3 3.1 2.8 4.2 3.6 - 2.0 7.3 2.9 5.7 2.7 0.3 - 0.4 7.5 15.6 1.6 1997 ( a ) 2.2 2.4 2.2 2.9 1.9 3.8 - 1.3 6.7 2.8 4.8 1.9 - 0.3 - 2.0 8.1 56.9 3.6
97 Éáí . 98 ( â ) 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 ( á ) ÌåôáâïëÞ ìÝóïõ üñïõ 6 ôåëåõôáßùí ìçíþí Ýíáíôé ôùí 6 ðñïçãïýìåíùí , åðï ÷ éêÜ äéïñèùìÝíç , 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 ) Annual percentage change Change in the average of latest 3 months from previous 3 months , annualised rate , seasonally adjusted ( a ) Change in the average of latest 6 months from previous 6 months , annualised rate , seasonally adjusted ( a ) 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 2.2 2.2 2.3
Ðïñôïãáëßá : ¸ ëëåéììá êáé ÷ ñÝïò 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 - 3,2 - 3 0,8 65,0 60 1997 - 2,5 - 3 1,9 62,0 60 1998 ( á ) - 2,2 - 3 .
Portugal : 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 .
60,0 60 ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) êáé õðïëïãéóìïß ÅÍÉ .
( b ) A negative sign indicates that the government deficit is higher than investment expenditure . 1996 - 3.2 - 3 0.8 65.0 60
ÄéÜãñáììá 2
60.0 60 Chart 2
Ðßíáêáò 5 Ðïñôïãáëßá : 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 ( â ) (% óõíüëïõ ) Âñá ÷ õðñüèåóìç ( ã ) ( <1 Ýôïò) Ìåóïðñüèåóìç (1-5 Ýôç) Ìáêñïðñüèåóìç (> 5 Ýôç ) 47,7 15,3 37,0 38,9 36,3 24,8 35,6 58,4 6,0 33,5 54,5 12,0 36,0 47,1 16,9 38,5 39,1 22,4 42,1 31,5 26,3 33,1 38,0 28,9 90,0 10,0 86,8 3,5 92,9 7,1 85,3 3,6 93,0 7,0 90,5 3,6 88,3 11,7 83,3 3,5 84,7 15,3 79,3 3,0 81,7 18,3 78,2 3,0 81,2 18,8 75,3 3,2 .
Portugal : 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 65.3 90.0 10.0 86.8 3.5 47.7 15.3 37.0 1991 67.3 92.9 7.1 85.3 3.6 38.9 36.3 24.8 1992 60.1 93.0 7.0 90.5 3.6 35.6 58.4 6.0 1993 63.1 88.3 11.7 83.3 3.5 33.5 54.5 12.0 1994 63.8 84.7 15.3 79.3 3.0 36.0 47.1 16.9 1995 65.9 81.7 18.3 78.2 3.0 38.5 39.1 22.4 1996 1997 65.0 62.0 81.2 18.8 75.3 3.2 42.1 31.5 26.3 .
Õðïëïãßæåôáé ìÝóç äéÜñêåéá ðÝíôå åôþí ãéá ðéóôïðïéçôéêÜ êáôáèÝóåùí , ôá ïðïßá áíôéðñïóùðåýïõí ìåôáîý 14,3% ( 1994 ) êáé 7,7% ( 1990 ) ôïõ óõíïëéêïý ÷ ñÝïõò .
An average maturity of five years is assumed for savings certificates , which represent between 14.3% ( 1994 ) and 7.7% ( 1990 ) of total debt .
Êñáôéêü ÷ ñÝïò åêôüò êåñìÜôùí êáé åã ÷ þñéùí ôñáðåæéêþí äáíåßùí , ôá ïðïßá áíôéðñïóùðåýïõí ìåôáîý 87,1% ( 1991 ) êáé 96,3% ( 1994 ) ôïõ áêáèÜñéóôïõ ÷ ñÝïõò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá .
State debt excluding coins and domestic bank loans , which represents between 87.1% ( 1991 ) and 96.3% ( 1994 ) of the general government gross debt .
1990-93 ìüíï ÷ ñÝïò óå åã ÷ þñéï íüìéóìá .
1990-93 domestic currency debt only .
Ðïñôïãáëßá : ¸ 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 ) .
Portugal : 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 )
Ðïñôïãáëßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 19,5 20,9 22,0 25,3 33,5 ÐçãÞ : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , ÄéåèíÞò ÔñÜðåæá , ÏõÜóéãêôïí . 2000
Portugal : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 19.5 2000 20.9 2010 22.0 2020 25.3 2030 33.5 Source : Bos , E. et al. ( 1994 ) , World population projections 1994-95 , World Bank , Washington DC .
( á ) Ðïñôïãáëßá : 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 ) ÖñÜãêïõ Âåëãßïõ Êïñþíáò Äáíßáò ÌÜñêïõ Ãåñìáíßáò ÐåóÝôáò Éóðáíßáò ÖñÜãêïõ Ãáëëßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò ÌÜñêïõ Öéëáíäßáò 2,8 2,8 2,9 1,7 3,5 3,0 3,0 2,5 2,9 1,2 - 1,4 0,0 - 1,1 - 2,3 - 0,0 - 9,3 - 0,7 - 1,7 - 1,1 - 1,4 Íáé 6 Áðñéëßïõ 1992 ¼÷ é
( a ) Portugal : 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 ) Belgian franc Danish krone Deutsche Mark Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Finnish markka
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï åóêïýäï Ðïñôïãáëßáò 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 Portuguese escudo Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 2.0 4.1 1.3 3.8 1.5 3.8 Feb 97 May 97 Aug 97 Nov 97 Feb 98 1.8 3.1 2.0 2.7 1.7 2.5 1.1 1.8 0.4 1.4
98 2,0 4,1 1,3 3,8 1,5 3,8 1,8 3,1 2,0 2,7 1,7 2,5 1,1 1,8 0,4 1,4 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 .
ÄéÜãñáììá 5 Åóêïýäï Ðïñôïãáëßáò : Áðïêëßóåéò áðü äéìåñ .
Portuguese escudo : Deviations from ERM bilateral central rates ( daily data ;
éóïôéìßåò ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) PTE / BEF PTE / DKK PTE / DEM PTE / ESP PTE / FRF
1 March 1996 to 27 February 1998 ) PTE / BEF 15 10 5 0 - 5 - 10 - 15 Q2 1996 Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 PTE / DKK PTE / DEM PTE / ESP PTE / FRF
PTE / IEP
PTE / IEP 15 10 5 0 - 5 - 10 - 15 Q2
Óçìåßùóç : Ïé áðïêëßóåéò Ýíáíôé ôïõ ìÜñêïõ Öéëáíäßáò áöïñïýí ôçí ðåñßïäï áðü 14 Öåâñïõáñßïõ 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 9
Table 9 Portuguese escudo : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ;
Åóêïýäï Ðïñôïãáëßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ ( ìçíéáßá óôïé ÷ åßá , åêáôïóôéáßåò áðïêëßóåéò , ÖåâñïõÜñéïò 1998 óå óýãêñéóç ìå äéáöïñåôéêÝò ðåñéüäïõò âÜóçò ) ÌÝóïò üñïò ÐñáãìáôéêÝò óôáèìéóìÝíåò óõíáëëáãìáôéêÝò éóïôéìßåò : ÂÜóåé ôïõ ÄÔÊ ÂÜóåé ôïõ Äåßêôç Ôéìþí Ðáñáãùãïý /× ïíäñéêÞò Õðüìíçóç : ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá - 55,9 - 6,2 - 16,3 ÐçãÞ : Õðïëïãéóìïß ÔÄÄ êáé ÅÍÉ .
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 .
73 - Öåâ . 98 Éáí .
Average Jan 87-Feb 98 7.7 . - 6.2
87 - Öåâ . 98 11,8 .
Average 1987 26.8 . - 16.3
Ðßíáêáò 10
228 Table 10