natgillin/translations-raw huggingface dataset:
Áêïëïýèùò , ï ëüãïò ìåéþèçêå óôï 76,6% ôï 1997 ( âë . ÄéÜãñáììá 2á ) , äçëáäÞ 268
Thereafter , the ratio has decreased to 76.6% in 1997 ( see Chart 2a ) , i.e. a decline of 2.4 percentage points over three years .
ìåéþèçêå êáôÜ 2,4 åêáôïóôéáßåò ìïíÜäåò óå äéÜñêåéá ôñéþí åôþí . ¼ ðùò áðåéêïíßæåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 2â , óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ôüóï ç áñíçôéêÞ äéáöïñÜ áíÜðôõîçò-åðéôïêßïõ , ðïõ áíôáíáêëïýóå ôç ìåßùóç ôïõ ÁÅÐ ôçò Óïõçäßáò êáôÜ 5 % óå ôñßá Ýôç , üóï êáé ç ÷ åéñïôÝñåõóç ôïõ ðñùôïãåíïýò áðïôåëÝóìáôïò óõíÝâáëáí óôçí áýîçóç ôïõ äçìüóéïõ ÷ ñÝïõò .
As is shown in greater detail in Chart 2b , in the early 1990s both a negative growth / interest rate differential , reflecting a 5 % fall in Sweden s GDP over three years , and a deteriorating primary balance played a role in increasing government debt .
¼ ìùò , üðùò áíôáíáêëÜôáé óôéò  ðñïóáñìïãÝò ìåôáâëçôþí ñïÞò êáé ìåôáâëçôþí áðïèÝìáôïò  ôïõ äçìüóéïõ ÷ ñÝïõò , Ýíôïíá åðÝäñáóáí óôçí êáôåýèõíóç áõôÞ ç ïéêïíïìéêÞ åíßó ÷ õóç ðñïò ôïí ôñáðåæéêü ôïìÝá , êáèþò êáé ç áíáðñïóáñìïãÞ ôçò áîßáò ôïõ åîùôåñéêïý ÷ ñÝïõò óå óõíÜëëáãìá ìåôÜ ôç óçìáíôéêÞ õðïôßìçóç ôçò óïõçäéêÞò êïñþíáò ìåôáîý 1991 êáé 1992 .
However , as is reflected in the socalled stock-flow adjustment item of public debt , the financial support granted to the banking sector and the revaluation of foreign currency denominated government debt after the sizable depreciation of the Swedish krona between 1991 and 1992 had a strong impact .
Áðü ôï 1996 , õðÜñ ÷ åé ðñùôïãåíÝò ðëåüíáóìá ôï ïðïßï áõîÜíåôáé óôáäéáêÜ õðåñáíôéóôáèìßæïíôáò , ôï 1997 , ôçí áñíçôéêÞ äéáöïñÜ áíÜðôõîçò-åðéôïêßïõ .
Since 1996 the primary balance has been in surplus and gradually increasing , more than compensating in 1997 for the unfavourable growth / interest rate differential .
Óôï ðëáßóéï áõôü , óçìåéþíåôáé üôé ôï ôìÞìá ôïõ ÷ ñÝïõò ðïõ åßíáé âñá ÷ õðñüèåóìï ìåéþíåôáé áðü ôá õøçëÜ åðßðåäá ôùí áñ ÷ þí ôçò äåêáåôßáò ôïõ 1990 , åíþ ç ìÝóç äéÜñêåéá ðáñÝìåéíå ðåñßðïõ óôáèåñÞ ôá ðñüóöáôá Ýôç ( âë . Ðßíáêá 5 ) .
In this context , it may be noted that the share of debt with a shortterm maturity has been decreasing from the high levels of the early 1990s , while the average maturity has remained broadly stable in recent years ( see Table 5 ) .
Ùò ðñïò ôï 1997 , ôï ôìÞìá ôïõ ÷ ñÝïõò ìå ìéêñÞ åíáðïìÝíïõóá äéÜñêåéá åîáêïëïõèåß íá åßíáé ìåãÜëï êáé ëáìâáíïìÝíïõ õðüøç ôïõ óçìåñéíïý åðéðÝäïõ ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá åßíáé åõáßóèçôá óôéò ìåôáâïëÝò ôùí åðéôïêßùí .
With regard to 1997 , the proportion of debt with a short-term residual maturity is still high , and , taking into account the current level of the debt ratio , fiscal balances are sensitive to changes in interest rates .
ÊáôÜ ôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , ï ëüãïò åëëåßììáôïò / ÁÅÐ áêïëïýèçóå áñ ÷ éêÜ ìéá ðïñåßá åðéäåßíùóçò , êáé êáôüðéí ðáñïõóßáóå óõíå ÷ Þ âåëôßùóç .
During the 1990s a pattern of first very sharply deteriorating and subsequently improving outturns can be observed in the deficit-to-GDP ratio .
Áðü ðëåüíáóìá 4,2% ôï 1990 , äçìéïõñãÞèçêå Ýëëåéììá ôï 1991 , ôï ïðïßï êáôüðéí áõîáíüôáí êáé Ýöèáóå Ýùò êáé 12,2% ôïõ ÁÅÐ ôï 1993 .
Starting from a surplus position of 4.2% in 1990 , a deficit emerged in 1991 , and increased to reach a peak of 12.2% of GDP in 1993 ;
¸ êôïôå , ôï Ýëëåéììá ìåéþíåôáé êÜèå ÷ ñüíï êáé ôï 1997 õðï ÷ þñçóå óôï 0,8% ( âë . ÄéÜãñáììá 3á ) .
since then , the deficit has declined year by year to stand at 0.8% in 1997 ( see Chart 3a ) .
¼ ðùò öáßíåôáé ëåðôïìåñÝóôåñá óôï ÄéÜãñáììá 3â , ôï ïðïßï åðéêåíôñþíåôáé óôéò ìåôáâïëÝò ôùí åëëåéììÜôùí , êõêëéêïß ðáñÜãïíôåò óõíÝâáëáí óçìáíôéêÜ óôçí áýîçóç ôïõ åëëåßììáôïò Ýùò ôï 1993 , êáèþò êáé óôç ìåßùóÞ ôïõ êáôÜ ôá äýï åðüìåíá Ýôç .
As is shown in greater detail in Chart 3b , which focuses on changes in deficits , cyclical factors contributed substantially to the increase in the deficit until 1993 , as well as to its decrease in the following two years .
Ôï 1996-97 , ïé êõêëéêïß ðáñÜãïíôåò Ýðáéîáí ìéêñüôåñï ñüëï .
In 1996-97 cyclical factors played a minor role .
Ôá äéáèÝóéìá óôïé ÷ åßá öáíåñþíïõí üôé ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç óõíÝâáëáí êáôÜ 0,3% ôïõ ÁÅÐ óôç ìåßùóç ôïõ åëëåßììáôïò ôï 1996 áëëÜ äåí Ýðáéîáí ñüëï ôï 1997 .
Evidence available suggests that measures with a temporary effect played a deficit-reducing role in 1996 , amounting to 0.3% of GDP , but did not play a role in 1997 .
¼ óïí áöïñÜ ôéò ôÜóåéò Üëëùí äçìïóéïíïìéêþí äåéêôþí , ðáñáôçñåßôáé áðü ôï ÄéÜãñáììá 4 üôé ï ëüãïò ôùí óõíïëéêþí äáðáíþí ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá áõîÞèçêå Ýíôïíá ìåôáîý 1990 êáé 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 sharply between 1990 and 1993 .
ÅðéðëÝïí , üëá ôá Üëëá âáóéêÜ êïíäýëéá ôùí äáðáíþí áõîÞèçêáí ùò ðïóïóôü ôïõ ÁÅÐ ( âë . Ðßíáêá 6 ) .
in addition , all other major expenditure items rose as a percentage of GDP ( see Table 6 ) .
ÌåôÜ ôï 1993 , ï ëüãïò ôùí óõíïëéêþí äáðáíþí óçìåßùóå ôá ÷ åßá ðôþóç , äåäïìÝíïõ üôé ìåéþèçêáí üëåò ïé êáôçãïñßåò äáðáíþí , åêôüò ôùí äáðáíþí ãéá ôüêïõò .
After 1993 the total expenditure ratio declined rapidly as a consequence of a reduction in all expenditure categories with the exception of interest payments .
¼ ìùò , ï ëüãïò ôùí äáðáíþí ôï 1997 Þôáí 3 åêáôïóôéáßåò ìïíÜäåò õøçëüôåñïò áðü ü , ôé óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , áíôáíáêëþíôáò ôïõò õøçëüôåñïõò ëüãïõò ôùí ôñå ÷ ïõóþí ìåôáâéâÜóåùí - éäßùò ðñïò ôïõò áíÝñãïõò - êáé ôùí äáðáíþí ãéá ôüêïõò .
Nevertheless , the expenditure ratio in 1997 was 3 percentage points higher than at the beginning of the 1990s , reflecting higher ratios in current transfers - notably to the unemployed and interest payments .
Ìå âÜóç áõôÞ ôçí åîÝëéîç , óå óõíäõáóìü ìå ôï ãåãïíüò üôé ïé äáðÜíåò ãéá ôüêïõò áõîÞèçêáí ðáñÜëëçëá ìå ôï ëüãï ôïõ ÷ ñÝïõò êáé üôé ïé êåöáëáéáêÝò äáðÜíåò ìåéþèçêáí óçìáíôéêÜ áðü ôï 1993 , ãéá íá óõíå ÷ ßóïõí ïé óõíïëéêÝò äáðÜíåò íá ìåéþíïíôáé ùò ðïóïóôü ôïõ ÁÅÐ öáßíåôáé üôé áðáéôåßôáé íá äïèåß éäéáßôåñç Ýìöáóç óôéò ôñÝ ÷ ïõóåò ìåôáâéâÜóåéò , ðïõ åîáêïëïõèïýí íá åßíáé ðïëý õøçëüôåñåò áðü ü , ôé ôï 1990 .
Given this pattern and taking into account both that interest payments have increased in line with the higher debt ratio and that capital spending has been reduced substantially since 1993 , a continuation of the downward trend of total expenditure to GDP would in particular seem to require emphasis to be placed on current transfers , which are still well above the level observed in 1990 .
Ôá äçìüóéá Ýóïäá óå ó ÷ Ýóç ìå ôï ÁÅÐ åß ÷ áí ôÜóç ìåßùóçò Ýùò ôï 1994 êáé áðü ôüôå áõîÜíïíôáé óôáäéáêÜ .
Government revenue in relation to GDP tended to decrease until 1994 , since when it has been gradually increasing .
Óýìöùíá ìå ôç ìåóïðñüèåóìç óôñáôçãéêÞ äçìïóéïíïìéêÞò ðïëéôéêÞò ôçò Óïõçäßáò , üðùò ðáñïõóéÜóôçêå óôçí ðñüóöáôç áíáèåþñçóç ôïõ ÐñïãñÜììáôïò Óýãêëéóçò 1995-2000 ( ÓåðôÝìâñéïò 1997 ) , ï åõñýôåñïò êõâåñíçôéêüò ôïìÝáò áíáìÝíåôáé íá óçìåéþóåé ðëåüíáóìá ôï 1998 êáé ï ëüãïò ôïõ ÷ ñÝïõò áíáìÝíåôáé íá ìåéùèåß ðåñáéôÝñù .
According to the Swedish medium-term fiscal policy strategy , as presented in the latest review of the Convergence Programme for 1995-2000 dated September 1997 , the general government financial position is expected to be in surplus in 1998 and the debt ratio is planned to decrease further .
Ï ðñïûðïëïãéóìüò ôïõ 1998 åßíáé åíáñìïíéóìÝíïò ìå ôï ðñüãñáììá êáé , åíþ ðåñéëáìâÜíåé ïñéóìÝíåò áõîçìÝíåò äáðÜíåò , äåí õðåñâáßíåé ôá áíþôáôá üñéá äáðáíþí ðïõ åß ÷ áí ôåèåß ðáëáéüôåñá . Ôüóï ïé äáðÜíåò üóï êáé ôá Ýóïäá ùò ðïóïóôÜ ôïõ ÁÅÐ áíáìÝíåôáé íá ìåéùèïýí .
The budget plan for 1998 is in line with the programme . Even though the budget contains some increased expenditure , it does not breach previously set spending ceilings , and both expenditure and revenue ratios are expected to decline .
Ðñïò ôï ðáñüí , õðÜñ ÷ ïõí åíäåßîåéò üôé ï ðñïûðïëïãéóìüò ôïõ 1998 ðåñéëáìâÜíåé ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç , ôçò ôÜîåùò ôïõ 0,8% ôïõ ÁÅÐ .
Currently , there is evidence of measures with a temporary effect in the 1998 budget , amounting to 0.8% of GDP .
Óýìöùíá ìå ôïõò óçìåñéíïýò óôü ÷ ïõò , ðñïâëÝðåôáé üôé ôï 2000 èá óçìåéùèåß óõíïëéêü ðëåüíáóìá 1,5% ôïõ ÁÅÐ , ìå óôü ÷ ï ôçí åðßôåõîç ðëåïíÜóìáôïò Üíù ôïõ 2 % ìåóïðñüèåóìá , åíþ ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé íá äéáìïñöùèåß óôï 67 %.
According to current plans , in the year 2000 the overall balance is projected to show a surplus of 1.5% of GDP as a step towards the medium-term goal of a surplus over the cycle of 2 % and the debt ratio is forecast to stand at 67 %.
Ïé óçìåñéíïß óôü ÷ ïé åßíáé óå ãåíéêÝò ãñáììÝò óýìöùíïé ìå ôï ðñïçãïýìåíï 269 áíáèåùñçìÝíï ðñüãñáììá , áëëÜ õðïäçëþíïõí ôá ÷ ýôåñç âåëôßùóç áðü ü , ôé ðñïâëåðüôáí óôï áñ ÷ éêü ðñüãñáììá ôïõ 1995 .
The current plans are broadly in line with the previous update of the programme but imply a faster improvement than envisaged in the original 1995 programme .
ÅÜí ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá äéáìïñöùèïýí üðùò ðñïâëÝðåôáé óôï Ðñüãñáììá Óýãêëéóçò 1999-2000 , ç Óïõçäßá èá ðñÝðåé íá åßíáé óå èÝóç íá óõììïñöùèåß ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ðïõ èá ôåèåß óå éó ÷ ý áðü ôï 1999 . Óýìöùíá ìå ôï óôü ÷ ï áõôü , ï ðñïûðïëïãéóìüò ðñÝðåé íá åßíáé ó ÷ åäüí éóïóêåëéóìÝíïò Þ ðëåïíáóìáôéêüò .
If fiscal balances turn out as projected in the Convergence Programme for 1999-2000 , Sweden should comply with the mediumterm objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
¼ óïí áöïñÜ ôï äéÜóôçìá ðïõ èá áðáéôçèåß ãéá íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óôçí ôéìÞ áíáöïñÜò 60 % óôéò ÷ þñåò ìå ëüãï ÷ ñÝïõò óáöþò Üíù ôïõ 60 % ôïõ ÁÅÐ , áëëÜ ÷ áìçëüôåñï áðü ôï 80 %, ôï ÅÍÉ ðáñïõóéÜæåé ôïõò õðïëïãéóìïýò , ðïõ ðåñéãñÜöïíôáé ëåðôïìåñþò 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 of clearly above 60 % but below 80 % of GDP , the EMI presents calculations as detailed in Chart 5 .
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 , åÜí ôá åðüìåíá Ýôç äéáôçñçèåß óôáèåñü ôï ðñùôïãåíÝò ðëåüíáóìá ôïõ 1998 ( 6,8% ôïõ ÁÅÐ ) , èá åðéôñÝøåé óôï ëüãï ôïõ ÷ ñÝïõò íá ìåéùèåß óå åðßðåäá ÷ áìçëüôåñá áðü 60 % ôï 2001 .
On the assumption that overall fiscal positions and debt ratios as projected by the European Commission for 1998 are achieved , maintaining the projected 1998 primary surplus of 6.8% of GDP constant in subsequent years would be consistent with a reduction in the debt ratio to below 60 % in 2001 .
ÅÜí ôï óõíïëéêü äçìïóéïíïìéêü ðëåüíáóìá , 0,5% ôïõ ÁÅÐ , ôïõ 1998 äéáôçñçèåß óôáèåñü ôá åðüìåíá Ýôç , èá ïäçãÞóåé óå ëüãï ÷ ñÝïõò êÜôù ôïõ 60 % ôï 2003 .
Maintaining the 1998 overall fiscal surplus of 0.5% of GDP constant in subsequent years would generate a debt ratio of below 60 % by 2003 .
ÔÝëïò , åÜí äéáôçñçèåß éóïóêåëéóìÝíïò ðñïûðïëïãéóìüò , ç äéáäéêáóßá ìåßùóçò ôïõ ÷ ñÝïõò , ãéá ôçí ðåñßðôùóç ôçò Óïõçäßáò , èá ðáñáôáèåß ìÝ ÷ ñé ôï 2004 .
Finally , maintaining a balanced budget would , in the case of Sweden , extend this process to 2004 .
Ïé õðïëïãéóìïß áõôïß 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 1,9% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ ùò ðñïò 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 1.9% , as estimated by the Commission for real trend GDP growth in 1998 .
Ïé ðáñáðÜíù õðïëïãéóìïß åßíáé êáèáñÜ ðåñéãñáöéêïß êáé äåí ìðïñïýí ìå êáíÝíá ôñüðï íá èåùñçèïýí ùò ðñïâëÝøåéò , ùóôüóï êáôáäåéêíýïõí ôçí áíÜãêç íá óõíå ÷ éóôïýí óçìáíôéêÝò ðñïóðÜèåéåò åîõãßáíóçò , ðñïêåéìÝíïõ íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óôç Óïõçäßá óôï 60 % ôïõ ÁÅÐ Þ ÷ áìçëüôåñá ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
While such calculations are purely illustrative , and can by no means be regarded as forecasts , they provide an illustration of the need to maintain considerable consolidation efforts in order to bring the debt ratio in Sweden down to 60 % of GDP or below within an appropriate period of time . 248
ÅðéðëÝïí , üðùò åìöáíßæåôáé óôïí Ðßíáêá 7 , áðü ôï 2010 ðåñßðïõ êáé Ýðåéôá , áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý .
In addition , as is highlighted in Table 7 , from around 2010 onwards a marked ageing of the population is expected .
Ç óõíïëéêÞ åðéâÜñõíóç ëüãù ôçò ãÞñáíóçò ôïõ ðëçèõóìïý èá åßíáé åõêïëüôåñï íá ìåéùèåß åÜí ôá äçìüóéá ïéêïíïìéêÜ äçìéïõñãÞóïõí åðáñêÝò ðåñéèþñéï ÷ åéñéóìþí ðñéí áñ ÷ ßóåé íá åðéäåéíþíåôáé ôï äçìïãñáöéêü . Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ÊáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÌÜñôéïò 1996-ÖåâñïõÜñéïò 1998 ) ç óïõçäéêÞ êïñþíá äåí óõììåôåß ÷ å óôï ÌÓÉ ( âë .
Alleviation of the overall burden of population ageing will be facilitated if public finances have created sufficient room for manoeuvre before entering the period during which the demographic situation worsens .
Åéäéêüôåñá óôçí ðåñßïäï áíáöïñÜò , ôï íüìéóìá êéíÞèçêå êáôÜ êáíüíá õøçëüôåñá áðü ôéò ìÝóåò äéìåñåßò éóïôéìßåò ôïõ Ìáñôßïõ 1996 Ýíáíôé ôùí ðåñéóóüôåñùí Üëëùí íïìéóìÜôùí ôçò ÅÅ , ïé ïðïßåò ÷ ñçóéìïðïéïýíôáé åíäåéêôéêÜ ùò óçìåßï áíáöïñÜò , åëëåßøåé êåíôñéêþí éóïôéìéþí ( âë . ÄéÜãñáììá 6 êáé Ðßíáêá 8á ) .
on the reference period , the currency has normally traded above its March 1996 average bilateral exchange rates against most other EU currencies , which are used as a benchmark for illustrative purposes in the absence of central rates ( see Chart 6 and Table 8a ) .
ÐáñÜëëçëá ì  áõôÝò ôéò åîåëßîåéò , ï âáèìüò ìåôáâëçôüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôçò óïõçäéêÞò êïñþíáò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ Ý ÷ åé ôçí ôÜóç íá ìåéþíåôáé ðñüóöáôá áí êáé ðáñáìÝíåé ó ÷ åôéêÜ õøçëüò ( âë . Ðßíáêá 8â ) , åíþ ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá Ý ÷ ïõí ìåéùèåß óçìáíôéêÜ .
In parallel with these developments the degree of volatility of the Swedish krona s exchange rate against the Deutsche Mark has tended to decrease recently while remaining relatively high ( see Table 8b ) , while short-term interest rate differentials against those EU countries with the lowest short-term interest rates have narrowed significantly .
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , ôá óçìåñéíÜ åðßðåäá ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôçò óïõçäéêÞò êïñþíáò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôçò ÅÅ , óå üñïõò ðñáãìáôéêÞò óõíáëëáãìáôéêÞò éóïôéìßáò , åßíáé êÜðùò ÷ áìçëüôåñá áðü ôéò ìÝóåò ôéìÝò ðïõ óçìåéþèçêáí êáôÜ êáéñïýò êáé ôéò ìÝóåò ôéìÝò ôïõ 1987 ( âë .
In a longer-term context , when measured in terms of real effective exchange rates , current exchange rate levels of the Swedish krona against other EU currencies are somewhat below historical average values and 1987 average values ( see Table 9 ) .
Ðßíáêá 9 ) . Ùò ðñïò ôéò Üëëåò åîùôåñéêÝò åîåëßîåéò , ç Óïõçäßá äéáôçñåß áõîáíüìåíï ðëåüíáóìá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí áðü ôï 1994 êáé ó ÷ åôéêÜ õøçëÞ áñíçôéêÞ êáèáñÞ åîùôåñéêÞ èÝóç ( âë .
As regards other external developments , Sweden has maintained an increasing current account surplus since 1994 against the background of a relatively large net external liability position ( see Table 10 ) .
Ðßíáêá 10 ) . Õðåíèõìßæåôáé üôé ç Óïõçäßá äéáèÝôåé ìéá ìéêñÞ áíïéêôÞ ïéêïíïìßá êáé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ï ëüãïò ôïõ åîùôåñéêïý åìðïñßïõ ðñïò ôï ÁÅÐ áíÝñ ÷ åôáé óôï 47 % ãéá ôéò åîáãùãÝò êáé 38 % ãéá ôéò åéóáãùãÝò , åíþ ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ öèÜíåé ôï 55 % ãéá ôéò åîáãùãÝò êáé ôï 66 % ãéá ôéò åéóáãùãÝò .
It may also be recalled that Sweden is a small open economy with , according to the most recent data available , a ratio of foreign trade to GDP of 47 % for exports and 38 % for imports , and a share of intra-EU trade of 55 % for exports and 66 % for imports . Long-term interest rate developments Exchange rate developments During the reference period from March 1996 to February 1998 the Swedish krona has not participated in the ERM ( see Table 8a ) .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí ÊáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôç Óïõçäßá Þôáí óå ìÝóï üñï 6,5% , äçë . ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ôùí åðéôïêßùí , ôï ïðïßï ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôçí êáëýôåñç åðßäïóç ùò ðñïò ôç óôáèåñüôçôá ôùí ôéìþí .
Swedish monetary policy has been oriented towards the primary objective of price stability by means of an explicit inflation target of 2 % for the CPI . Focusing Over the reference period from February 1997 to January 1998 long-term interest rates in Sweden were 6.5% 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 .
Ôï ßäéï óõíÝâç óå üëç ôç äéÜñêåéá ôïõ 1997 êáèþò êáé ôï 1996 ( âë . Ðßíáêá 11 ) .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 11 ) .
Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ìéá ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë . ÄéÜãñáììá 7á ) .
249 Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 7a ) .
Áðü ôá ìÝóá ôïõ 1995 , áõôÞ ç äéáäéêáóßá óýãêëéóçò åðéôá ÷ ýíèçêå êáé ç äéáöïñÜ Ý ÷ åé ðëÝïí ó ÷ åäüí åîáëåéöèåß ( âë . ÄéÜãñáììá 7â ) .
Since mid-1995 this process of convergence has accelerated and the differential has now been virtually eliminated ( see Chart 7b ) .
Ôá êõñéüôåñá áßôéá áõôÞò ôçò ôÜóçò Þôáí ï óõãêñéôéêÜ ÷ áìçëüò ñõèìüò ðëçèùñéóìïý êáé ç âåëôßùóç ôùí äçìüóéùí ïéêïíïìéêþí ôçò ÷ þñáò . 271
The main factors underlying this trend were the comparatively low rate of inflation and the improvement in the country s public finances .
Óýíïøç óõìðåñáóìÜôùí ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , ç Óïõçäßá ðÝôõ ÷ å ðëçèùñéóìü ( ÅíÄÔÊ ) 1,9% , äçë .
EU currencies , which are used as a benchmark for illustrative purposes in the absence of central rates .
áñêåôÜ ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò ðïõ ðñïâëÝðåé ç ÓõíèÞêç . Ç áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò Þôáí õðïôïíéêÞ ôï 1997 , åíþ ïé ÷ áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí .
In 1997 Sweden achieved a fiscal deficit ratio of 0.8% of GDP , i.e. well below the reference value , and the outlook is for a surplus of 0.5% in 1998 . The debt-to-GDP ratio is above the 60 % reference value .
Ï ðëçèùñéóìüò ðñïâëÝðåôáé íá äéáìïñöùèåß óôï 1,5 - 2 % ôï 1998 êáé óôï 2 % ôï 1999 . Ôá ìáêñïðñüèåóìá åðéôüêéá Þôáí 6,5% , äçë .
Regarding the sustainability of fiscal developments , the outlook is for a decline in the debt ratio to 74.1% of GDP in 1998 .
ÊáôÜ ôçí ðåñßïäï áíáöïñÜò , ç óïõçäéêÞ êïñþíá êéíÞèçêå õøçëüôåñá áðü ôéò ìÝóåò äéìåñåßò óõíáëëáãìáôéêÝò ôçò éóïôéìßåò ôïõ Ìáñôßïõ 1996 Ýíáíôé ôùí ðåñéóóüôåñùí Üëëùí íïìéóìÜôùí ôçò ÅÅ , ïé ïðïßåò ÷ ñçóéìïðïéïýíôáé åíäåéêôéêÜ ùò óçìåßï áíáöïñÜò , åëëåßøåé êåíôñéêþí éóïôéìéþí .
Against the background of recent trends in the deficit ratio , Sweden 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 .
Ôï 1997 ç Óïõçäßá ðÝôõ ÷ å ëüãï äçìïóéïíïìéêïý åëëåßììáôïò 0,8% ôïõ ÁÅÐ , äçë . áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò , êáé õðÜñ ÷ åé ðñïïðôéêÞ ãéá ðëåüíáóìá 0,5% ôï 1998 .
Given the current debt ratio of above 75 % of GDP , achieving the overall surplus forecast for 1998 and maintaining it in subsequent years would reduce the debt ratio to below 60 % of GDP in 2003 . With regard to other factors , the deficit ratio exceeded the ratio of public investment to GDP in 1996 , while falling below that level in 1997 .
Áöïý êïñõöþèçêå ôï 1994 , õðï ÷ þñçóå êáôÜ 2,4% åêáôïóôéáßåò ìïíÜäåò óå 76,6% ôï 1997 .
In addition , Sweden recorded current account surpluses , while maintaining a net external liability position .
¼ óïí áöïñÜ ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí , õðÜñ ÷ åé ðñïïðôéêÞ ãéá ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå 74,1% ôïõ ÁÅÐ ôï 1998 .
In the context of the ageing of the population , Sweden benefits from a partly funded pension system .
Ìå âÜóç ôéò ðñüóöáôåò ôÜóåéò ôïõ ëüãïõ ôïõ åëëåßììáôïò , ç Óïõçäßá èá ðñÝðåé íá åßíáé óå èÝóç íá áíôáðïêñéèåß óôï 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 .
Concluding summary Over the reference period Sweden has achieved a rate of HICP inflation of 1.9% , which is well below the reference value stipulated by the Treaty . The increase in unit labour costs was subdued in 1997 and low rates of inflation were also apparent in terms of other relevant price indices .
ÄåäïìÝíïõ üôé ï ëüãïò ôïõ ÷ ñÝïõò õðåñâáßíåé óÞìåñá ôï 75 % ôïõ ÁÅÐ , ç åðßôåõîç ôïõ óõíïëéêïý ðëåïíÜóìáôïò ðïõ ðñïâëÝðåôáé ãéá ôï 1998 êáé ç äéáôÞñçóÞ ôïõ ôá åðüìåíá Ýôç èá ìðïñïýóáí íá åðéöÝñïõí ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå åðßðåäï ÷ áìçëüôåñï ôïõ 60 % ôïõ ÁÅÐ ôï 2003 .
Looking ahead , there is little sign of immediate upward pressure on inflation ; forecasts project inflation will stand at 1‰2 % in 1998 and 2 % in 1999 .
Ùò ðñïò ôïõò Üëëïõò ðáñÜãïíôåò , ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï äçìüóéùí åðåíäýóåùí / ÁÅÐ ôï 1996 , åíþ õðï ÷ þñçóå êÜôù áðü ôï åðßðåäï áõôü ôï 1997 .
The level of long-term interest rates was 6.5% , i.e. below the respective reference value .
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÓÏÕÇÄÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Óïõçäßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Óïõçäßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Óïõçäßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Óïõçäßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * SWEDEN I Price developments Table 1 Chart 1 Table 2 Table 3 Sweden : HICP inflation Sweden : Price developments Sweden : Measures of inflation and related indicators Sweden : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Óïõçäßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Óïõçäßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Óïõçäßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Óïõçäßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Óïõçäßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Óïõçäßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 5 Óïõçäßá : ÄõíçôéêÞ åîÝëéîç ôïõ ÷ ñÝïõò ìå åíáëëáêôéêÝò ðáñáäï ÷ Ýò ãéá ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá Ðßíáêáò 7 Óïõçäßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Sweden : General government financial position Chart 2 Sweden : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Sweden : General government gross debt - structural features Chart 3 Sweden : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Sweden : General government expenditure and receipts Table 6 Sweden : General government budgetary position Chart 5 Sweden : Potential future debt ratios under alternative assumptions for fiscal balance ratios Table 7 Sweden : Projections of elderly dependency ratio