natgillin/translations-raw huggingface dataset:
Thus , the Governing Council decided to increase the key ECB interest rates by a further 25 basis points on 8 June .
Tako je Svet ECB 8 . junija sklenil zvišati ključne obrestne mere ECB za nadaljnjih 25 bazičnih točk .
The Governing Council emphasised that a further withdrawal of monetary accommodation remained warranted if its assumptions and baseline scenario were confirmed .
Pri tem je poudaril nujnost nadaljnjega omejevanja akomodativnosti denarne politike v primeru , da bi se njegove predpostavke in osnovni scenarij izkazali za pravilne .
In June and July 2006 , incoming data further confirmed the Governing Council 's assessment that economic growth had both regained momentum and become more broadly based in the first half of the year .
Junija in julija 2006 se je še potrdila ocena Sveta ECB , da je gospodarska rast v prvi polovici leta ne samo ponovno dobila zagon , pač pa tudi postala širše utemeljena .
Sentiment indicators remained very strong and employment growth robust .
gospodarske klime so ostali zelo močni , rast zaposlenosti pa robustna .
Furthermore , the conditions continued to be in place for real GDP in the euro area to grow at around its potential rate .
Poleg tega so razmere v euroobmočju ostale ugodne tudi za rast realnega BDP na ravni okrog potencialne .
At the same time , inflation rates remained significantly above 2 % in June and July and were projected to be above that level on average in both 2006 and 2007 , with risks to this outlook continuing to be on the upside .
Hkrati je stopnja inflacije junija in julija ostala precej nad 2 % in naj bi nad to ravnjo v povprečju ostala tako leta 2006 kot leta 2007 , pri čemer so bila tveganja še naprej usmerjena navzgor .
Given the ongoing strong dynamism of monetary growth in an environment of already ample liquidity , signals from the monetary analysis confirmed the outcome of the economic analysis that upside risks to price stability prevailed over the medium term .
Ugotovitve ekonomske analize , da namreč srednjeročno prevladujejo navzgor usmerjena tveganja za cenovno stabilnost , je -- glede na nadaljnjo močno rast denarja v razmerah že tako obsežne likvidnosti -- potrdila tudi denarna analiza .
In order to contain these risks and preserve the firm anchoring of longer-term inflation expectations , the Governing Council decided on 3 August 2006 to increase the key ECB interest rates by another 25 basis points . It also stressed the need to further monitor very closely all developments so as to prevent the risks to price stability from materialising .
Da bi obvladal ta tveganja in obdržal dolgoročnejša inflacijska pričakovanja trdno zasidrana , je Svet ECB 3 . avgusta 2006 sklenil zvišati ključne obrestne mere ECB za nadaljnjih 25 bazičnih točk .
In the course of the third quarter , incoming data on economic activity in the euro area confirmed that a significant acceleration in the economic expansion had taken place over the previous quarters .
Pri tem je poudaril potrebo po nadaljnjem zelo natančnem spremljanju vseh gibanj , če naj se prepreči uresničitev tveganj za cenovno stabilnost .
On the basis of revised data , economic activity had grown at an average quarter-on-quarter rate of 0.7% from the third quarter of 2005 to the second quarter of 2006 , which was well above most estimates of the potential rate .
Kasneje , tekom tretjega četrtletja , so podatki o gospodarski aktivnosti v euroobmočju potrdili , da je gospodarska ekspanzija v predhodnih četrtletjih dejansko dobila precejšen pospešek .
In addition , the unemployment rate had been on a declining trend , employment growth had strengthened and employment ECB Annual Report 2006
Sodeč po popravljenih podatkih je namreč gospodarstvo od tretjega četrtletja 2005 do drugega četrtletja 2006 v povprečju raslo z medčetrtletno stopnjo 0,7% , kar je bilo precej nad večino ocen potencialne stopnje rasti .
19 expectations derived from business surveys had remained favourable .
Poleg tega je stopnja brezposelnosti sledila padajočemu trendu , rast zaposlenosti se je okrepila , zaposlitvena pričakovanja iz anket o poslovni klimi pa so ostala ugodna .
Available indicators for the third quarter of 2006 further supported the assessment that economic activity would continue to expand at a robust pace , while possibly moderating from the very strong growth rates seen in the first half of the year .
Kazalniki za tretje četrtletje 2006 so še potrdili oceno , da bo gospodarska aktivnost še naprej rasla z robustnim tempom , pa čeprav morda nekoliko počasneje kot v prvi polovici leta .
Overall , the conditions remained in place for the euro area economy to grow at solid rates around potential .
Na splošno so razmere ostale ugodne za solidno rast gospodarstva v euroobmočju na ravni okrog potencialne .
Accordingly , in the September 2006 ECB staff macroeconomic projections , the ranges projected for real GDP growth in 2006 and 2007 were again revised upwards compared with the preceding Eurosystem staff projections , to between 2.2% and 2.8% in 2006 and between 1.6% and 2.6% in 2007 , reflecting mainly the stronger than anticipated growth recorded in the first half of the year .
Skladno s tem je ECB v svojih septembrskih makroekonomskih projekcijah razpon rasti realnega BDP ponovno popravila navzgor ( v primerjavi s prejšnjimi projekcijami strokovnjakov Eurosistema ) , in sicer na 2,2% do 2,8% za leto 2006 in na 1,6% do 2,6% za leto ECB Letno poročilo 2006 19
HICP inflation rates remained at levels above 2 % in July and August , and in the September ECB staff macroeconomic projections average annual inflation was projected to lie between 2.3% and 2.5% in 2006 and between 1.9% and 2.9% in 2007 . These projections represented upward revisions .
2007 , pretežno zaradi močnejše rasti v prvi polovici leta od pričakovane . Inflacija po HICP je julija in avgusta ostala na ravni nad 2 %, glede na septembrske makroekonomske projekcije ECB pa naj bi se na letni ravni v povprečju gibala med 2,3% do 2,5% leta 2006 in med 1,9% do 2,9% leta 2007 .
The range for 2006 moved into the upper part of the range published in the June Eurosystem staff projections and the range for 2007 also shifted slightly upwards , reflecting mainly the upward revision of the projection assumption for oil prices .
ECB je tako navzgor popravila razpona iz junijskih makroekonomskih projekcij strokovnjakov Eurosistema : razpon za leto 2006 je pomaknila v zgornji del prej objavljenega razpona , tistega za leto 2007 pa tudi nekoliko navzgor , pretežno zaradi navzgor popravljenih cen nafte , ki so ena od predpostavk projekcij .
Later in September the picture changed somewhat as a result of a significant decline in oil prices in August and September and favourable base effects .
Slika se je septembra nekoliko spremenila zaradi precejšnjega padca cen nafte avgusta in septembra ter ugodnih baznih učinkov .
This led to a marked decline in headline inflation rates , to below 2 % from September onwards .
To je pripeljalo do znatnega padca stopenj skupne inflacije , ki so se od septembra dalje gibale pod 2 %.
However , the view continued to prevail that inflation was likely to rise again to levels above 2 % towards the end of 2006 and in early 2007 , mainly due to the impact of higher indirect taxes and , to a lesser extent , unfavourable base effects .
Vendar je kljub temu še naprej prevladovalo mnenje , da se bo inflacija proti koncu leta 2006 in na začetku leta 2007 verjetno spet povzpela na raven nad 2 %, pretežno zaradi učinka višjih posrednih davkov in v manjši meri neugodnih baznih učinkov .
The Governing Council thus took the view that a considerable degree of short-term volatility in the annual HICP inflation rate was likely , but that , on average , inflation would remain at levels above 2 % in 2006 and 2007 .
Svet ECB je tako zavzel stališče , da je sicer verjetna precejšnja stopnja kratkoročne volatilnosti letne stopnje inflacije po HICP , da pa bo ta v letih 2006 in 2007 v povprečju ostala na ravni nad 2 %.
Risks to price stability were seen clearly on the upside , a view confirmed by the cross-check with the monetary analysis .
Tveganja za cenovno stabilnost je ocenil kot očitno navzgor usmerjena , kar je potrdila tudi navzkrižna primerjava z denarno analizo .
All in all , these developments led the Governing Council to decide on 5 October 2006 to raise the key ECB interest rates again by 25 basis points .
Končno je Svet ECB zaradi vseh teh gibanj 5 . oktobra 2006 sklenil ponovno zvišati ključne obrestne mere ECB za 25 bazičnih točk .
The Governing Council stressed that it would remain warranted to further withdraw monetary accommodation if its baseline scenario was further confirmed .
Pri tem je poudaril nujnost nadaljnjega omejevanja akomodativnosti denarne politike v primeru dodatnih potrditev njegovega osnovnega scenarija .
Incoming information , in particular strong survey indicators for the fourth quarter of 2006 , underpinned the reasoning behind the Governing Council 's decision to increase interest rates in October .
Kasnejši podatki , še zlasti močni kazalniki iz anket za četrto četrtletje 2006 , so potrdili argumente za odločitev Sveta ECB , da oktobra dvigne obrestne mere .
It also further confirmed the assessment that economic activity was continuing to expand robustly , with domestic demand remaining the main driver in the third quarter .
Potrdila se je tudi ocena , da bo gospodarska aktivnost še naprej robustno rasla , z domačim povpraševanjem kot glavnim gonilom tudi v tretjem četrtletju .
This confirmed the anticipated broadening of the economic recovery and pointed to a more self-sustaining nature of economic expansion in the euro area .
potrdilo predvideno širjenje gospodarskega okrevanja , pa tudi bolj samozadostna narava gospodarske ekspanzije v euroobmočju .
Looking ahead to 2007 , the conditions remained in place for the euro area economy to grow at solid rates around potential .
Glede leta 2007 je kazalo , da razmere v euroobmočju ostajajo ugodne za rast gospodarstva po solidnih stopnjah okrog potencialne .
While some volatility in the quarterly growth rates seemed likely to emerge around the turn of the year , associated with the impact of changes in indirect taxes , the medium-term outlook for economic activity remained favourable .
Ne glede na določeno volatilnost medčetrtletnih stopenj rasti , do katere bi lahko prišlo ob prelomu leta zaradi sprememb posrednih davkov , so srednjeročni izgledi za gospodarsko aktivnost ostali ugodni .
This outlook was also reflected in the December 2006 Eurosystem staff macroeconomic projections , which embodied upward revisions compared with the September ECB staff projections , mainly reflecting the assumption of lower energy prices and their impact on real disposable income .
Na tej podlagi so strokovnjaki Eurosistema v svojih decembrskih makroekonomskih projekcijah navzgor popravili septembrske makroekonomske projekcije ECB , pretežno zaradi domnevno nižjih cen energentov in njihovega učinka na realni razpoložljivi dohodek .
Average annual real GDP growth was projected to be between 1.7% and 2.7% in 2007 and between 1.8% and 2.8% in 2008 .
Povprečna letna rast realnega BDP naj bi se tako gibala med 1,7% in 2,7% v letu 2007 ter med 1,8% in 2,8% v letu 2008 .
As regards price developments , annual HICP inflation remained below 2 % in the last quarter of 2006 .
Glede gibanja cen je letna inflacija , merjena z indeksom HICP , v zadnjem četrtletju leta 2006 ostala pod 2 %.
Given the downwardly revised assumptions for energy prices , the range for HICP inflation in 2007 in the December Eurosystem staff macroeconomic projections was somewhat lower than in the September ECB staff projections .
Glede na navzdol popravljene predpostavke v zvezi s cenami energentov je bil razpon inflacije po HICP , kot so ga za leto 2007 predvideli strokovnjaki Eurosistema v decembrskih makroekonomskih projekcijah , nekoliko nižji od tistega , kot so ga v septembrskih projekcijah predvideli strokovnjaki ECB .
Average annual HICP inflation was projected to be between 1.5% and 2.5% in 2007 and between 1.3% and 2.5% in 2008 .
Tako naj bi se povprečna letna inflacija po HICP gibala med 1,5% in 2,5% v letu 2007 ter med 1,3% in 2,5% v letu 2008 .
The outlook for price developments remained subject to upside risks . In addition , a
Gibanja cen so ostala izpostavljena tveganjem navzgor usmerjenih pritiskov .
ECB Annual Report 2006 cross-check of the outcome of the economic analysis with that of the monetary analysis continued to support the assessment that upside risks to price stability prevailed over the medium to longer term .
Tudi navzkrižna primerjava rezultatov ekonomske in denarne analize je še naprej potrjevala oceno , da v srednjeročnem do dolgoročnejšem obdobju prevladujejo navzgor usmerjena tveganja za cenovno stabilnost .
Against this background , the Governing Council decided to increase the key ECB interest rates by another 25 basis points on 7 December 2006 .
Na tej podlagi je Svet ECB 7 . decembra 2006 sklenil , da ključne obrestne mere zviša še za 25 bazičnih točk .
It said that , also after this rate increase , the ECB 's monetary policy stance remained accommodative , with the key ECB interest rates remaining at low levels , money and credit growth strong , and liquidity in the euro area ample by all plausible measures .
Pri tem je poudaril , da naravnanost denarne politike ECB tudi po teh zvišanjih ostaja akomodativna , ker ključne obrestne mere ECB ostajajo nizke , rast denarja in kreditov močna , likvidnost v euroobmočju pa po vseh merilih obsežna .
The Governing Council therefore expressed the view that it would be warranted to act in a firm and timely manner to ensure price stability over the medium term .
izrazil mnenje , da je odločno in pravočasno ukrepanje nujno za zagotavljanje cenovne stabilnosti v srednjeročnem obdobju .
It also said that it would monitor very closely all developments so that risks to price stability over the medium term did not materialise .
Izjavil je še , da bo zelo natančno spremljal vsa gibanja , tako da se tveganja za stabilnost cen v srednjeročnem obdobju ne bi uresničila .
2 MONETARY , FINANCIAL AND ECONOMIC DEVELOPMENTS 2.1 THE GLOBAL MACROECONOMIC ENVIRONMENT WORLD GROWTH MODERATED BUT REMAINED ROBUST In 2006 the global economy continued to expand at a robust pace , despite some gradual moderation in the growth momentum .
2 DENARNA , FINANČNA IN GOSPODARSKA GIBANJA 2.1 SVETOVNO MAKROEKONOMSKO OKOLJE RAST SVETOVNEGA GOSPODARSTVA SE JE UPOČASNILA , VENDAR OSTALA ROBUSTNA Leta 2006 je bil tempo rasti svetovnega gospodarstva robusten , pa čeprav se je postopoma nekoliko umirjal .
Strong growth in all major regions in the first half of the year was followed by some deceleration in the second half , notably in the United States ( see Chart 2 ) .
Močni rasti v vseh večjih regijah v prvi polovici leta je sledila nekoliko počasnejša rast v drugi polovici leta , še zlasti v ZDA ( glej graf 2 ) .
Overall , however , world growth remained at levels very close to those reached in 2004 and 2005 , benefiting in particular from continued favourable financing conditions , a healthy profit situation and significant improvements in corporate balance sheets throughout most of the world 's economies .
Na splošno pa je svetovna rast ostala na ravni , ki je bila zelo blizu tisti iz leta 2004 in 2005 , še zlasti na račun še vedno ugodnih pogojev financiranja , zdravih dobičkov in precej izboljšanih podjetniških bilanc stanja v večini svetovnih gospodarstev .
In addition , robust growth in some large emerging economies , coupled with strong trade activity , contributed to the robust pace of the global expansion .
Poleg tega je k robustnemu tempu svetovne rasti prispevala tudi robustna rast nekaterih velikih rastočih gospodarstev , ki jo je spremljala močna trgovinska aktivnost .
Even though growth became more balanced across the major industrialised economies , international external imbalances tended to increase further , mainly as a result of the energy-trade surpluses of oil-exporting countries .
Čeprav je rast postala bolj uravnotežena po najpomembnejših industrijsko razvitih gospodarstvih , pa so se mednarodna zunanja neravnovesja večala , pretežno zaradi energetskih trgovinskih presežkov držav izvoznic nafte .
Oil prices remained at elevated levels in 2006 .
Cene nafte so leta 2006 ostale na visoki ravni .
After a historical high of USD 78 per barrel in early August , the price of Brent crude oil had retreated by December to around USD 60 , the level prevailing at the end of 2005 .
Od avgusta , ko je dosegla zgodovinskih 78 USD na sodček , se je cena surove nafte Brent do decembra spustila na okrog 60 USD , na raven , ki je prevladovala konec leta 2005 .
In 2006 headline consumer price inflation , largely mirroring developments in energy prices , peaked during the summer and subsequently declined .
Leta 2006 je skupna inflacija cen življenjskih potrebščin , ki je večinoma odražala gibanja cen energentov , višek dosegla poleti , kasneje pa padla .
Underlying inflationary pressures remained overall relatively contained in 2006 in most countries .
V večini držav so osnovni inflacijski pritiski na splošno ostali relativno obvladani .
In general , global inflation rates remained very close to levels reached in 2004 and 2005 .
Na splošno so svetovne inflacijske stopnje ostale zelo blizu ravni iz leta 2004 in 2005 .
For the countries of the OECD , annual headline CPI inflation was 2.6% for the year as a whole , and annual inflation excluding food and energy was 2.0% .
V državah OECD je bila skupna letna inflacija , merjena z indeksom cen življenjskih potrebščin ( CPI ) , na ravni 2,6% , letna inflacija brez hrane in energentov pa na ravni 2,0% .
In the United States , the annual rate of growth in real GDP for 2006 as a whole stood at 3.3% .
V ZDA je letna stopnja rasti realnega BDP za leto 2006 znašala 3,3% .
In the course of the year , however , economic activity decelerated , with GDP growth falling below its potential rate .
Tekom leta pa se je gospodarska aktivnost upočasnila in stopnja rasti BDP padla pod potencialno .
This slowdown stemmed largely from a decline in residential investment , while growth in private consumption was resilient .
Ta upočasnitev je večinoma izhajala iz padca stanovanjskih naložb , medtem ko je rast zasebnega trošenja ostala trdna .
While household spending was negatively affected by the slowdown in the housing market and high energy prices , it was supported by robust labour income growth and C h a r t 2 M a i n d eve l o p m e n t s i n m a j o r industrialised economies euro area United States Japan United Kingdom
Na trošenje gospodinjstev je sicer negativno vplivala upočasnitev na stanovanjskem trgu in visoke cene energentov , vendar ga je po drugi strani spodbujala robustna rast dohodkov od dela in G r a f 2 G l a v n a g i b a n j a v v e č j i h i n d u s t r i j s ko razvitih državah
Output growth 1 ) 2.0 1.5 1.0 0.5 0.0 - 0.5 - 1.0 - 1.5 ( quarter-on-quarter percentage changes ;
Japonska Združeno kraljestvo Gospodarska rast 1 ) ( medčetrtletne spremembe v odstotkih ;
quarterly data ) 2.0 1.5 1.0 0.5 0.0 - 0.5 - 1.0 - 1.5
četrtletni podatki ) 2,0 1,5 1,0 0,5 0,0 - 0,5 - 1,0 - 1,5 2,0 1,5 1,0 0,5 0,0 - 0,5 - 1,0 - 1,5
Inflation rates 2 ) 5 4 3 2 1 0 - 1 - 2
Inflacijske stopnje 2 ) 5 4 3 2 1 0 - 1 - 2
( consumer prices ;
( cene življenjskih potrebščin ;
annual percentage changes ;
medletne spremembe v odstotkih ;
monthly data ) 5 4 3 2 1 0 - 1 - 2
mesečni podatki ) 5 4 3 2 1 0 - 1 - 2
Sources : National data , BIS , Eurostat and ECB calculations .
Viri : Nacionalni podatki , Banka za mednarodne poravnave , Eurostat in izračuni ECB .
1 ) Eurostat data are used for the euro area and the United Kingdom ;
1 ) Podatki Eurostata se uporabljajo za euroobmočje in Združeno kraljestvo ;
national data are used for the United States and Japan .
za ZDA in Japonsko se uporabljajo nacionalni podatki .
GDP figures have been seasonally adjusted .
Podatki o BDP so desezonirani .
2 ) HICP for the euro area and the United Kingdom ;
2 ) HICP za euroobmočje in Združeno kraljestvo ;
CPI for the United States and Japan .
ICP za ZDA in Japonsko .
favourable financing conditions .
ugodni pogoji financiranja .
Non-residential business investment grew robustly , buttressed by favourable financing conditions and high levels of corporate profitability .
Rast nestanovanjskih poslovnih naložb je bila robustna , podprta z ugodnimi pogoji financiranja in veliko donosnostjo podjetij .
The contribution of net trade to growth in 2006 was zero .
Prispevek neto izvoza k rasti pa je bil leta 2006 enak nič .
The external balance deteriorated during 2006 in comparison with 2005 .
Saldo menjave s tujino se je tekom leta 2006 poslabšal v primerjavi z letom 2005 .
The widening of the goods deficit accounted for the bulk of the deterioration , reflecting solid growth in household consumption .
Glavni vzrok za to poslabšanje je bilo večanje primanjkljaja trgovinske bilance zaradi solidne rasti trošenja gospodinjstev .
Nevertheless , export activity showed some signs of improvement , reflecting the strength of economic growth in the rest of the world as well as the depreciation of the real effective exchange rate of the US dollar .
Ne glede na vse je izvozna dejavnost pokazala nekatere znake izboljšanja na račun močne gospodarske rasti drugod po svetu pa tudi depreciacije realnega efektivnega tečaja ameriškega dolarja .
In the United States the annual rate of change in the CPI for 2006 as a whole was 3.2% .
V ZDA je letna stopnja spremembe indeksa cen življenjskih potrebščin v letu 2006 znašala 3,2% .
Consumer price inflation rose in the first half of the year on account of high resource utilisation , significant increases in energy prices and an acceleration in the owner-equivalent rent component of the CPI .
Inflacija cen življenjskih potrebščin je porasla v prvi polovici leta na račun velike izkoriščenosti zmogljivosti , precejšnjih porastov cen energentov in pospeška , ki ga je dobila komponenta najemnin .
After reaching a peak in the summer , inflationary pressures subsequently receded , with annual CPI inflation standing at 2.5% in December .
Inflacijski pritiski so se po višku , ki so ga dosegli poleti , zmanjšali , tako da je letna inflacija po CPI decembra znašala 2,5% .
The annual rate of inflation excluding energy and food followed a broadly similar pattern , reaching a ten-year high of 2.9% in September and subsequently recording a gradual moderation .
Letna inflacijska stopnja brez energentov in hrane je na splošno sledila podobnemu vzorcu in septembra z 2,9% dosegla desetletni višek , nakar se je postopoma umirjala .
Lower inflation rates towards the year 's end may have reflected the easing of underlying price pressures as a result of more subdued aggregate demand growth as well as lower energy prices .
Nižje inflacijske stopnje proti koncu leta so bile verjetno odraz popuščanja osnovnih cenovnih pritiskov , do katerega je prišlo zaradi manj izrazite rasti agregatnega povpraševanja pa tudi nižjih cen energentov .
In the first half of 2006 the Federal Open Market Committee ( FOMC ) of the Federal Reserve System increased the federal funds rate target by a total of 100 basis points in four consecutive 25 basis point steps .
Zvezni odbor za odprti trg ( FOMC ) pri ameriškem sistemu centralnih bank ( FRS ) je v prvi polovici leta 2006 v štirih zaporednih korakih po 25 bazičnih točk zvišal svojo ciljno obrestno mero za skupaj 100 bazičnih točk .
This increase brought the target for the federal funds rate to 5.25% on 29 June .
Ciljna medbančna obrestna mera je 29 . junija tako znašala 5,25% .
While keeping the target for its policy rate constant throughout the remainder of the year , the FOMC repeatedly noted in its statements that some inflationary risks remained , although any additional tightening of the policy stance would depend on the evolution of the macroeconomic outlook .
Čeprav FOMC v preostalih mesecih do konca leta ni spreminjal svoje ciljne ključne obrestne mere , je v svojih izjavah vedno znova poudarjal , da nekatera inflacijska tveganja sicer ostajajo , da pa bo ne glede na to vsako dodatno zaostrovanje naravnanosti denarne politike odvisno od makroekonomskih izgledov .
As regards fiscal policy in the United States , the federal
Glede proračunske politike ZDA se je