natgillin/translations-raw huggingface dataset:
Ôï 1996 êáé ôï 1997 ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ðñïò ôï ÁÅÐ êáôÜ 2,0 êáé 0,7 åêáôïóôéáßåò ìïíÜäåò , áíôßóôïé ÷ á ( âë . Ðßíáêá 4 ) .
In 1996 and 1997 the deficit ratio exceeded the ratio of public investment expenditure to GDP by 2.0 percentage points and 0.7 percentage point , respectively ( see Table 4 ) .
Áðü ôçí áíáóêüðçóç ôùí åôþí 1990-1997 äéáðéóôþíåôáé üôé ï ëüãïò ÷ ñÝïõò / ÁÅÐ óôï ÂÝëãéï ìåéþèçêå êáôÜ 3,5 åêáôïóôéáßåò ìïíÜäåò .
Looking back over the years 1990 to 1997 , the Belgian debt-to-GDP ratio declined by 3.5 percentage points ;
Áñ ÷ éêÜ ï ëüãïò åìöÜíéóå ôÜóç áíüäïõ : áðü 125,7% ôï 1990 Ýöèáóå óôï 135,2% ôï 1993 . Áêïëïýèùò ìåéùíüôáí óôáèåñÜ ôá åðüìåíá Ýôç êáé Ýöèáóå óôï 122,2% ôï 1997 ( âë .
initially the ratio tended to rise , from 125.7% in 1990 to reach 135.2% in 1993 , whereas it declined steadily year by year thereafter to reach 122.2% in 1997 ( see Chart 2a ) , i.e. a decline of 13.0 percentage points over four years .
ìåéþèçêå êáôÜ 13,0 åêáôïóôéáßåò ìïíÜäåò óå äéÜñêåéá ôåóóÜñùí åôþí .  Ïðùò öáßíåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 2â , ôá ìåéïýìåíá ðñùôïãåíÞ ðëåïíÜóìáôá óôçí áñ ÷ Þ ôçò äåêáåôßáò ôïõ 1990 äåí Þôáí åðáñêÞ þóôå íá áíôéóôáèìßóïõí ôç óïâáñÞ áõîçôéêÞ åðßäñáóç ðïõ áóêïýóå óôï ÷ ñÝïò ç áñíçôéêÞ äéáöïñÜ ìåôáîý ñõèìïý áíÜðôõîçò êáé åðéôïêßïõ .
As is shown in greater detail in Chart 2b , the declining primary surpluses during the early 1990s were not sufficient to outweigh the sizable debt-increasing effects of a negative growth / interest rate differential .
Áíôßèåôá , ìåôÜ ôï 1993 ôá õøçëüôåñá ðñùôïãåíÞ áðïôåëÝóìáôá õðåñáíôéóôÜèìéóáí ôçí áñíçôéêÞ åðßäñáóç ôçò ðáñáðÜíù äéáöïñÜò , ç ïðïßá Üñ ÷ éóå íá õðï ÷ ùñåß ôï 1997 .
By contrast , after 1993 higher primary balances more than compensated for the adverse influence of the growth / interest rate differential , with the latter factor having started to recede in 1997 .
ÅðéðëÝïí , ïé  ðñïóáñìïãÝò ìåôáâëçôþí ñïÞò êáé ìåôáâëçôþí áðïèÝìáôïò  óõíÝâáëáí óôç ìåßùóç ôïõ áêáèÜñéóôïõ ÷ ñÝïõò ôï 1996 , ðñÜãìá ðïõ áíôáíáêëÜ êõñßùò ôçí åðßðôùóç ÷ ñçìáôïïéêïíïìéêþí óõíáëëáãþí ( ðùëÞóåéò ðåñéïõóéáêþí óôïé ÷ åßùí áðü ôï Äçìüóéï êáé ôçí êåíôñéêÞ ôñÜðåæá ) .
In addition , stock-flow adjustments contributed to a reduction in gross debt in 1996 , mainly reflecting the impact of financial operations ( sales of assets by the government and the central bank ) .
Ç åîÝëéîç ðïõ ðáñáôçñÞèçêå óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ìðïñåß íá èåùñçèåß åíäåéêôéêÞ ôùí êéíäýíùí ðïõ åíäÝ ÷ åôáé íá áðåéëÞóïõí ôá äçìüóéá ïéêïíïìéêÜ üôáí ÷ åéñïôåñåýïõí ïé ìáêñïïéêïíïìéêÝò óõíèÞêåò êáé ç áóöÜëåéá ðïõ ðáñÝ ÷ åôáé áðü ôï ðñùôïãåíÝò ðëåüíáóìá åßíáé áíåðáñêÞò ãéá íá áíôéóôáèìßóåé ôéò óõíÝðåéåò áõôÝò .
The patterns observed in the early 1990s may be seen as indicative of the risks which can arise for public finances when macroeconomic conditions deteriorate and the buffer in terms of the primary surplus is insufficient to counterbalance such effects .
Óôï ðëáßóéï áõôü , óçìåéþíåôáé üôé ôï ôìÞìá ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá ìåéþíåôáé áðü ôá õøçëÜ åðßðåäá ôùí ðñþôùí åôþí ôçò äåêáåôßáò ôïõ 1990 êáé ðáñÜëëçëá ç ìÝóç äéÜñêåéá Ý ÷ åé áõîçèåß ( âë . Ðßíáêá 5 ) .
In this context , it may be noted that the share of debt with a short-term residual maturity has been decreasing from the high levels of the early 1990s , and in parallel the average maturity has increased ( see Table 5 ) .
Ùò ðñïò ôï 1997 , ôï ôìÞìá ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá åßíáé óõãêñéôéêÜ õøçëü êáé , ëáìâáíïìÝíïõ õðüøç ôïõ óçìåñéíïý åðéðÝäïõ ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá åßíáé ðïëý åõáßóèçôá óôéò ìåôáâïëÝò ôùí åðéôïêßùí .
With regard to 1997 , the proportion of debt with a short-term residual maturity is still relatively high , and , taking into account the current level of the debt ratio , fiscal balances are highly sensitive to changes in interest rates .
Óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 ï ëüãïò åëëåßììáôïò / ÁÅÐ áêïëïýèçóå ðáñüìïéá ðïñåßá ìå ôï ëüãï ôïõ ÷ ñÝïõò áñ ÷ éêÜ äçë .
During the 1990s a similar pattern of first deteriorating and subsequently improving
Ïé äçìïóéïíïìéêÝò áíéóïññïðßåò , áñ ÷ ßæïíôáò áðü 5,5% ôï 1990 , Ýöèáóáí óôï 7,1% ôïõ ÁÅÐ ôï 1993 .
Starting from a ratio of 5.5% in 1990 , fiscal imbalances reached 7.1% of GDP in 1993 ;
Êáôüðéí , ôï Ýëëåéììá ìåéùíüôáí êÜèå ÷ ñüíï êáé Ýöèáóå ôï 2,1% ôïõ ÁÅÐ ôï 1997 ( âë . ÄéÜãñáììá 3á ) .
since then , the deficit has declined year by year to stand at 2.1% of GDP in 1997 ( see Chart 3a ) .
 Ïðùò öáßíåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 3â , ôï ïðïßï åðéêåíôñþíåôáé óôéò ìåôáâïëÝò ôùí åëëåéììÜôùí , ïé êõêëéêïß ðáñÜãïíôåò Ýðáéîáí ðñùôåýïíôá ñüëï ìüíï ôï 1993 , áõîÜíïíôáò ôï Ýëëåéììá .
As is shown in greater detail in Chart 3b , which focuses on changes in deficits , cyclical factors played a major role only in 1993 , increasing the deficit .
Ôá äéáèÝóéìá óôïé ÷ åßá õðïäçëþíïõí üôé ôá ìÝôñá áõôÜ ìå ðñïóùñéíÞ åðßäñáóç ìåßùóáí ôï ëüãï ôïõ åëëåßììáôïò êáôÜ 0,3 åêáôïóôéáßåò ìïíÜäåò ôï 1997 , óå óýãêñéóç ìå 0,4 åêáôïóôéáßåò ìïíÜäåò ôï 1996 .
Evidence available suggests that such measures with a temporary effect reduced the deficit ratio by 0.3 percentage point in 1997 , compared with 0.4 percentage point in 1996 .
Áõôü óçìáßíåé üôé ôá áíôéóôáèìéóôéêÜ ìÝôñá ( Þäç Ý ÷ ïõí óõìðåñéëçöèåß óôïí ðñïûðïëïãéóìü ãéá ôï 1998 ) èá ðñÝðåé íá Ý ÷ ïõí ôçí áíáìåíüìåíç áðüäïóç ôï 1998 , ðñïêåéìÝíïõ ôá 47 äçìïóéïíïìéêÜ áðïôåëÝóìáôá íá ðáñáìåßíïõí óôçí êáôåýèõíóç ðïõ Ý ÷ åé ÷ áñá ÷ èåß .
This implies that the compensating measures already included in the 1998 budget will need to yield their expected results in 1998 in order to keep fiscal balances on the planned path .
Ùò ðñïò ôéò ôÜóåéò Üëëùí äçìïóéïíïìéêþí äåéêôþí , óôï ÄéÜãñáììá 4 öáßíåôáé üôé ï ëüãïò ôùí óõíïëéêþí äáðáíþí ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá áõîáíüôáí óôáèåñÜ ìåôáîý ôïõ 1990 êáé ôïõ 1993 .
Moving on to examine trends in other fiscal indicators , it can be seen from Chart 4 that the general government total expenditure ratio rose steadily between 1990 and 1993 .
Óôï ðëáßóéï ôçò õøçëÞò êáé áõîáíüìåíçò áíåñãßáò , ïé ôñÝ ÷ ïõóåò ìåôáâéâÜóåéò ðñïò ôá íïéêïêõñéÜ êáèþò êáé ç äçìüóéá êáôáíÜëùóç áõîÞèçêáí éäéáßôåñá ( âë . Ðßíáêá 6 ) .
Against the background of high and rising unemployment , current transfers to households as well as public consumption increased in particular ( see Table 6 ) .
Ï ëüãïò ôùí äáðáíþí ôï 1997 Þôáí ÷ áìçëüôåñïò áðü ü , ôé óôçí áñ ÷ Þ ôçò äåêáåôßáò ôïõ 1990 , êõñßùò ëüãù ôçò ìåßùóçò ôùí äáðáíþí ãéá ôüêïõò .
The expenditure ratio in 1997 was lower than at the beginning of the 1990s , due primarily to a reduction in interest payments .
Ôá äçìüóéá Ýóïäá ùò ðïóïóôü ôïõ ÁÅÐ åß ÷ áí ôÜóç óõíå ÷ ïýò áýîçóçò ìÝ ÷ ñé ôï 1994 , áêïëïýèùò ðáñÝìåéíáí ó ÷ åäüí áìåôÜâëçôá , êáé åíäå ÷ ïìÝíùò Ý ÷ ïõí öèÜóåé óå åðßðåäï ðïõ åßíáé åðéâëáâÝò ãéá ôçí ïéêïíïìéêÞ áíÜðôõîç .
Government revenue in relation to GDP tended to increase continuously up to 41 1994 , remaining broadly unchanged thereafter , and may have approached a level which is detrimental to growth .
Óýìöùíá ìå ôç ìåóïðñüèåóìç óôñáôçãéêÞ äçìïóéïíïìéêÞò ðïëéôéêÞò ôïõ Âåëãßïõ , üðùò ðáñïõóéÜóôçêå óôï Ðñüãñáììá Óýãêëéóçò 1997-2000 ( ÄåêÝìâñéïò 1996 ) , ôï 1998 ðñïâëÝðåôáé íá óõíå ÷ éóôåß ç ðôùôéêÞ ôÜóç ôùí ëüãùí ôïõ åëëåßììáôïò êáé ôïõ ÷ ñÝïõò .
According to the Belgian medium-term fiscal policy strategy , as presented in the Convergence Programme for 1997-2000 issued in December 1996 , a declining trend in deficit and debt ratios is projected to continue in 1998 .
Ï ðñïûðïëïãéóìüò ôïõ 1998 åßíáé áñêåôÜ ðéï öéëüäïîïò áðü ôï ðñüãñáììá .
The budget for 1998 is well ahead of the programme .
ÐñïâëÝðåé ðåñáéôÝñù ìåßùóç ôïõ óõíïëéêïý ëüãïõ ôïõ åëëåßììáôïò óôï 1,7% ôïõ ÁÅÐ , ç ïðïßá èá ðñïÝëèåé áðü 48 ôçí áýîçóç ôïõ ëüãïõ ðñùôïãåíïýò ðëåïíÜóìáôïò / ÁÅÐ óå 6,0% êáé ôçí ðåñáéôÝñù ðôþóç ôùí äáðáíþí ãéá ôüêïõò .
It foresees a further reduction in the overall deficit ratio to 1.7% of GDP , which reflects the planned increase in the primary surplus-to-GDP ratio ( to 6.0% ) and a further fall in interest payments .
Ôá óõíïëéêÜ Ýóïäá ôçò ïìïóðïíäéáêÞò êõâÝñíçóçò êáé ôïõ óõóôÞìáôïò êïéíùíéêÞò áóöÜëéóçò ðñïâëÝðåôáé íá ìåéùèïýí êáôÜ 0,5% åêáôïóôéáßåò ìïíÜäåò , ðáñÜëëçëá ìå ôçí ðñïâëåðüìåíç ìåßùóç ôïõ ëüãïõ ðñùôïãåíþí äáðáíþí / ÁÅÐ .
The total revenue ratio of the federal government and social security system is projected to decrease by 0.5 percentage point , in line with the envisaged reduction in the primary expenditure-toGDP ratio .
Ç ëÞøç ìÝôñùí ìå ðñïóùñéíÞ åðßäñáóç ðåñéïñßóôçêå áêüìç ðåñéóóüôåñï ìå ôïí ðñïûðïëïãéóìü ôïõ 1998 , óôï 0,2 ôïõ ÁÅÐ .
Measures with a temporary effect have been further reduced in the 1998 budget to 0.2% of GDP .
Óýìöùíá ìå ôïõò óçìåñéíïýò óôü ÷ ïõò , êáé åÜí åðáëçèåõèïýí ïé õðïèÝóåéò ó ÷ åôéêÜ ìå ôçí ïéêïíïìéêÞ áíÜðôõîç , ôï 2000 ï ëüãïò óõíïëéêïý åëëåßììáôïò / ÁÅÐ áíáìÝíåôáé íá öèÜóåé ôï 1,0% êáé ï ëüãïò ôïõ ÷ ñÝïõò ôï 111,0% , áíÜëïãá ìå ôéò ïéêïíïìéêÝò åîåëßîåéò .
According to current plans , and if assumptions regarding economic growth are fulfilled , in the year 2000 the overall deficit-to-GDP ratio is expected to stand at 1.0% and the debt ratio at 111.0% , depending on economic developments .
Óå óýãêñéóç ìå ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ ðñïâëÝðåé ôï Ðñüãñáììá Óýãêëéóçò 1999-2000 , áðáéôåßôáé ðåñáéôÝñù óçìáíôéêÞ äçìïóéïíïìéêÞ åîõãßáíóç , ðñïêåéìÝíïõ íá åðéôåõ ÷ èåß ï ìåóïðñüèåóìïò óôü ÷ ïò 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 needed 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 ðëåïíáóìáôéêüò . ¼ óïí áöïñÜ ôï äéÜóôçìá ðïõ èá áðáéôçèåß ãéá íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óôçí ôéìÞ áíáöïñÜò 60 % óôéò ÷ þñåò ìå ëüãï ÷ ñÝïõò Üíù ôïõ 100 %, ðáñïõóéÜæïíôáé äýï äéáöïñåôéêÜ åßäç õðïëïãéóìþí .
With regard to the future horizon for reducing the debt ratio to the 60 % reference value in countries with a debt ratio of above 100 % of GDP , two different kinds of calculations are presented .
Ìå âÜóç ôçí õðüèåóç üôé èá åðéôåõ ÷ èïýí ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá êáé ïé ëüãïé ôïõ ÷ ñÝïõò ðïõ ðñïâëÝðïíôáé áðü ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ôï 1998 , ï ðñþôïò õðïëïãéóìüò , üðùò ðåñéãñÜöåôáé óôïí Ðßíáêá 7 , ðáñïõóéÜæåé ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ èá åðÝôñåðáí óôï ëüãï ôïõ ÷ ñÝïõò íá óõãêëßíåé ðñïò ôï 60 % ôïõ ÁÅÐ óå äéáöïñåôéêïýò ÷ ñïíéêïýò ïñßæïíôåò .
On the assumption that fiscal balances and debt ratios as projected by the European Commission for 1998 are achieved , the first exercise , as detailed in Table 7 , shows the fiscal balances which would be consistent with convergence of the debt ratio to 60 % of GDP over different time 42 horizons .
ÅíäåéêôéêÜ , ãéá ôçí ðåñßïäï ôùí äÝêá åôþí , äçë . ðñïêåéìÝíïõ ï ëüãïò ôïõ ÷ ñÝïõò íá ìåéùèåß óôï 60 % ìÝ ÷ ñé ôï 2007 , áðáéôåßôáé áðü ôï 1999 êáé ìåôÜ íá
As an illustration , focusing on the period of ten years , i.e. reducing the debt ratio to 60 % by 2007 , would imply realising from 1999 onwards an overall surplus of 2.7% of GDP per year ( see Table 7a ) or realising from 1999 onwards a primary surplus of 8.0% of GDP per year ( see Table 7b ) .
Óå óýãêñéóç ìå ôçí ðñüâëåøç ãéá ëüãï óõíïëéêïý åëëåßììáôïò 1,7% êáé ëüãï ðñùôïãåíïýò ðëåïíÜóìáôïò 6,0% ãéá ôï 1998 , ç äéáöïñÜ åßíáé 4,4 êáé 2,0 åêáôïóôéáßåò ìïíÜäåò , áíôßóôïé ÷ á .
This compares with an overall deficit ratio of 1.7% and a primary surplus ratio of 6.0% projected for 1998 , i.e. the difference is 4.4 and 2.0 percentage points respectively .
Óýìöùíá ìå ôï äåýôåñï õðïëïãéóìü ( âë . ÄéÜãñáììá 5 ) , åÜí ôï óõíïëéêü äçìïóéïíïìéêü áðïôÝëåóìá (- 1,7% ôïõ ÁÅÐ ) ôïõ 1998 äéáôçñçèåß ôá åðüìåíá Ýôç , ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß ìüíï óôï 93,4% óå ìßá äåêáåôßá êáé ç ôéìÞ áíáöïñÜò 60 % èá åðéôåõ ÷ èåß ôï 2031 .
A second exercise , as detailed in Chart 5 , shows that maintaining the 1998 overall fiscal balance of - 1.7% of GDP over the subsequent years would only reduce the debt ratio to 93.4% in ten years ; the 60 % reference value would then be reached in 2031 .
ÅÜí äéáôçñçèåß ôï ðñùôïãåíÝò ðëåüíáóìá ôïõ 1998 ( 6,0% ôïõ ÁÅÐ ) , ï ëüãïò ÷ ñÝïõò / ÁÅÐ èá ðåñéïñéóôåß óôï 79,6% óå ìßá äåêáåôßá êáé èá öèÜóåé óôï åðßðåäï ôïõ 60 % ôï 2012 .
Maintaining the 1998 primary surplus of 6.0% of GDP would reduce the debt-toGDP ratio to 79.6% in ten years ; in this case , the 60 % level would be reached in 2012 .
ÔÝëïò , åÜí éóïóêåëßæåôáé ï ðñïûðïëïãéóìüò êÜèå ÷ ñüíï áðü ôï 1999 êáé Ýðåéôá , ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß óôï 80,7% óå äÝêá Ýôç êáé èá öèÜóåé óôçí ôéìÞ áíáöïñÜò 60 % ôï 2015 .
Finally , realising balanced budgets annually from 1999 onwards would bring the debt ratio down to 80.7% in ten years , and the 60 % reference value would be reached in 2015 .
Áõôïß ïé õðïëïãéóìïß âáóßæïíôáé óôçí êáíïíéóôéêÞ õðüèåóç üôé ôï ïíïìáóôéêü åðéôüêéï èá åßíáé áìåôÜâëçôï 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 2,3% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ ãéá 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 2.3% , as estimated by the Commission for real trend GDP growth in 1998 .
Åíþ ïé õðïëïãéóìïß áõôïß åßíáé êáèáñÜ åíäåéêôéêïß êáé óå êáìßá ðåñßðôùóç äåí ìðïñïýí íá èåùñçèïýí ðñïâëÝøåéò , ùóôüóï êáôáäåéêíýïõí ãéá ðïéï ëüãï ïé ðñïóðÜèåéåò åîõãßáíóçò ðñÝðåé íá åßíáé ðéï áðïöáóéóôéêÝò êáé äéáñêåßò üóï ìåãáëýôåñï åßíáé ôï áñ ÷ éêü ýøïò ôïõ ÷ ñÝïõò , ðñïêåéìÝíïõ íá ìåéùèåß äñáóôéêÜ ï ëüãïò ôïõ ÷ ñÝïõò óôï 60 % ôïõ ÁÅÐ ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
While these calculations are purely illustrative , and can by no means be seen as forecasts , they do provide an illustration of why consolidation efforts need to be all the more resolute and lasting the higher the initial stock of debt , in order to forcefully reduce the debt-to-GDP ratio to 60 % or below within an appropriate period of time .
ÅðéðëÝïí , üðùò ôïíßæåôáé óôïí Ðßíáêá 8 , áðü ôï 2010 ðåñßðïõ êáé Ýðåéôá , áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý êáé , óôï ðëáßóéï åíüò äéáíåìçôéêïý óõíôáîéïäïôéêïý óõóôÞìáôïò , ïé äçìüóéåò äáðÜíåò ãéá óõíôÜîåéò ðñïâëÝðåôáé íá áõîçèïýí ùò ðïóïóôü ôïõ ÁÅÐ , éäéáßôåñá åÜí óõíå ÷ éóôåß áìåôÜâëçôç ç ðïëéôéêÞ ôùí êïéíùíéêïáóöáëéóôéêþí ðáñï ÷ þí .
In addition , as is highlighted in Table 8 , 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 terms of GDP , particularly if policies regarding benefits continue unchanged .
åðß äéÜóôçìá ðïëý ìåãáëýôåñï ôùí äýï åôþí ðñéí áðü ôçí åîÝôáóç ( âë . Ðßíáêá 9á ) .
pound ( see Table 9a ) .
¼ ðùò ðñïáíáöÝñèçêå , ç âåëãéêÞ íïìéóìáôéêÞ ðïëéôéêÞ åðéêåíôñþèçêå óôï óôü ÷ ï ôçò äéáôÞñçóçò óôåíÞò óýíäåóçò ìåôáîý ôïõ âåëãéêïý öñÜãêïõ êáé ôïõ ãåñìáíéêïý ìÜñêïõ óôï ðëáßóéï ôïõ ÌÓÉ . Åéäéêüôåñá óôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996-ÖåâñïõÜñéïò 1998 ) , ç éóïôéìßá ôïõ âåëãéêïý íïìßóìáôïò 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 49
The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis - - vis the Deutsche Mark was continuously very low ( see Table 9b ) and short-term interest rate differentials against those EU countries with the lowest shortterm interest rates were insignificant . During the reference period Belgium has not devalued its currency s bilateral central rate against any other Member State s currency .
ÄéÜãñáììá 6 êáé Ðßíáêá 9á ) . ÐåñéóôáóéáêÜ , ç éóïôéìßá ôïõ âåëãéêïý öñÜãêïõ êéíÞèçêå ðÝñá áðü ìéá óôåíÞ æþíç êïíôÜ óôéò êåíôñéêÝò éóïôéìßåò ôïõ íïìßóìáôïò Ýíáíôé ðïëëþí íïìéóìÜôùí ôïõ ÌÓÉ .
In a longer-term context , measures of the real effective exchange rate of the Belgian franc vis - - vis the currencies of ERM participating Member States depicted in Table 10 suggest that current levels are close to historical values .
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 ðïñåßá ôçò éñëáíäéêÞò ëßñáò ( âë . Ðßíáêá 9á ) .
As regards other external developments , Belgium has maintained large current account surpluses , a situation which has been reflected in a steady improvement in the net external asset position ( see Table 11 ) .
Ôá åðåéóüäéá áõôþí ôùí áðïêëßóåùí Þôáí ðñïóùñéíÜ , ï âáèìüò ìåôáâëçôüôçôáò ôçò éóïôéìßáò ôïõ âåëãéêïý íïìßóìáôïò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ Þôáí óõíå ÷ þò ðïëý ÷ áìçëüò ( âë . Ðßíáêá 9â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá Þôáí áóÞìáíôåò .
It may also be recalled that Belgium is a small open economy with , according to the most recent data available , a ratio of foreign trade to GDP of 84 % for exports and 79 % for imports , and with a share of intra-EU trade of 70 % for exports and 74 % for imports .
Ðßíáêá 10 ) õðïäçëþíïõí üôé ôá óçìåñéíÜ åðßðåäá åßíáé ðáñáðëÞóéá ìå ôéò ôéìÝò ðïõ Ý ÷ ïõí êáôÜ êáéñïýò óçìåéùèåß . Ùò ðñïò Üëëåò åîùôåñéêÝò åîåëßîåéò , ôï ÂÝëãéï äéáôÞñçóå õøçëÜ ðëåïíÜóìáôá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí , ãåãïíüò ðïõ áíôéêáôïðôñßóôçêå óôç óôáèåñÞ âåëôßùóç ôçò èåôéêÞò êáèáñÞò åîùôåñéêÞò èÝóçò ôçò ÷ þñáò ( 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 6 and Table 9a ) .
Ðßíáêá 11 ) . Õðåíèõìßæåôáé åðßóçò üôé ôï ÂÝëãéï äéáèÝôåé ìéá ìéêñÞ , áíïéêôÞ ïéêïíïìßá , ôçò ïðïßáò , âÜóåé ôùí ðéï ðñüóöáôùí äéáèÝóéìùí óôïé ÷ åßùí , ï ëüãïò åîùôåñéêïý åìðïñßïõ / ÁÅÐ åßíáé 84 % ãéá ôéò åîáãùãÝò êáé 79 % ãéá ôéò åéóáãùãÝò êáé ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 70 % ãéá ôéò åîáãùãÝò êáé 74 % ãéá ôéò åéóáãùãÝò .
On occasion the Belgian franc traded outside a range close to its central rates vis - - vis several partner currencies . 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
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) , ôá ìáêñïðñüèåóìá åðéôüêéá óôï ÂÝëãéï Þôáí 5,7% óå ìÝóï üñï êáé Ýôóé äéáìïñöþèçêáí óå åðßðåäá áñêåôÜ ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ôùí åðéôïêßùí , 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 Belgium were 5.7% 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 .
Ôï ßäéï 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 12 ) .
Ðßíáêá 12 ) . Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïýèçóáí 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 7a ) .
ÄéÜãñáììá 7á ) . ÐáñÜëëçëá , áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ðáñáôçñåßôáé ó ÷ åôéêÜ óôåíÞ óýãêëéóç ôùí âåëãéêþí ìáêñïðñüèåóìùí åðéôïêßùí ðñïò åêåßíá ôùí ÷ ùñþí ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí .
At the same time , a relatively close convergence of Belgian long-term interest rates with those 43 prevailing in the EU countries with the lowest bond yields has been observed since the beginning of the 1990s ;
Óôá ôåëåõôáßá äýï Ýôç ç äéáöïñÜ Ýãéíå ó ÷ åäüí ìçäåíéêÞ ( âë . ÄéÜãñáììá 7â ) .
over the past two years the differential has declined to almost zero ( see Chart 7b ) .
Óýíïøç óõìðåñáóìÜôùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ôï ÂÝëãéï ðÝôõ ÷ å ñõèìü ðëçèùñéóìïý ( ÅíÄÔÊ ) 1,4% , äçë . áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ðïõ ïñßæåé ç ÓõíèÞêç .
Concluding summary Over the reference period Belgium has achieved a rate of HICP inflation of 1.4% , which is well below the reference value stipulated by the Treaty .
50 ðëçèùñéóìüò èá åßíáé ãýñù óôï 1,5% ôï 1998 êáé ôï 1999 .
forecasts project inflation to be around 1‰ % in 1998 and 1999 .
Ï ëüãïò ÷ ñÝïõò / ÁÅÐ õðåñâáßíåé êáôÜ ðïëý ôçí ôéìÞ áíáöïñÜò 60 %.
The debtto-GDP ratio is far above the 60 % reference value .
Áðáéôåßôáé íá äéáôçñçèåß ðñùôïãåíÝò ðëÝïíáóìá ôïõëÜ ÷ éóôïí 6 % ôïõ ÁÅÐ åôçóßùò êáé íá åðéôõã ÷ Üíïíôáé áõîáíüìåíá êáé éêáíïý ìåãÝèïõò óõíïëéêÜ äçìïóéïíïìéêÜ ðëåïíÜóìáôá , ðñïêåéìÝíïõ íá êáôáóôåß äõíáôÞ ç äñáóôéêÞ ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå åðßðåäï 60 % ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
The maintenance of a primary surplus of at least 6 % of GDP per year and the achievement of growing and sizable overall fiscal surpluses are needed in order to be able to forcefully reduce the debt ratio to 60 % within an appropriate period of time .
Áõôü óõãêñßíåôáé ìå ôçí ðñáãìáôïðïßçóç äçìïóéïíïìéêïý åëëåßììáôïò 2,1% ôïõ ÁÅÐ ôï 1997 êáé ìå ðñüâëåøç 1,7% ôï 1998 .
This compares with a recorded fiscal deficit of 2.1% of GDP in 1997 , as well as the forecast deficit of 1.7% in 1998 .
Ùò ðñïò ôïõò Üëëïõò ðáñÜãïíôåò , ôï 1996 êáé ôï 1997 ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï äçìüóéùí åðåíäýóåùí / ÁÅÐ , åíþ ôï ÂÝëãéï äéáôçñåß ìåãÜëá ðëåïíÜóìáôá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí êáé ç êáèáñÞ åîùôåñéêÞ ôïõ èÝóç åßíáé óçìáíôéêÜ èåôéêÞ .
With regard to other factors , in 1996 and 1997 the deficit ratio exceeded the ratio of public investment to GDP , while Belgium has maintained large current account surpluses and a strong net external asset position . 44
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÂÅËÃÉÏ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 ÂÝëãéï : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 ÂÝëãéï : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 ÂÝëãéï : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 ÂÝëãéï : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * BELGIUM I Price developments Table 1 Chart 1 Table 2 Table 3 Belgium : HICP inflation Belgium : Price developments Belgium : Measures of inflation and related indicators Belgium : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II