Navigation path

Left navigation

Additional tools

Komisia hodnotí posledné programy stability a konvergenčné programy. V prípade Litvy, Maďarska, Malty, Poľska a Rumunska zavádza opatrenia EDP (postup pri nadmernom deficite).

European Commission - IP/09/990   24/06/2009

Other available languages: EN FR DE NL HU LT MT PL SL RO

IP/09/990

V Bruseli [24. júna 2009]

Komisia hodnotí posledné programy stability a konvergenčné programy. V prípade Litvy, Maďarska, Malty, Poľska a Rumunska zavádza opatrenia EDP (postup pri nadmernom deficite).

Európska komisia dnes preskúmala aktualizované programy stability a konvergenčné programy 1 (SCPs) Belgicka, Rakúska, Rumunska, Slovenska a Slovinska, posledné programy za rok 2009. Zdá sa, že tak ako aj v iných krajinách EÚ, sa rozpočtové pozície týchto krajín veľmi zhoršujú odrážajúc prebiehajúcu recesiu a balíky hospodárskych opatrení prijatých v súlade s Plánom hospodárskej obnovy Európy (EERP), ktorý vyzýval k včasným a cieleným fiškálnym opatreniam v členských štátoch s priestorom pre fiškálne manévrovanie. Zdá sa, že vo všetkých piatich krajinách sú ohrozené aj rozpočtové ciele. Na základe oznámení z apríla o fiškálnych výsledkoch za rok 2008 Komisia dospela tiež k názoru, že Litva, Malta, Poľsko a Rumunsko majú nadmerné deficity v zmysle článku 104 ods. 7 Zmluvy o EÚ, a odporúča termíny na ich úpravu. Komisia tiež odporúča Rade, aby prijala upravené odporúčanie podľa článku 104 ods. 7 a stanovila nový termín na úpravu deficitu v Maďarsku. Hodnotenia a odporúčania sa zakladajú na jarnom výhľade Komisie a na iných údajoch/informáciách. Navrhované termíny zohľadňujú počiatočnú fiškálnu pozíciu a rozsah manévrovacieho priestoru v súlade s EERP, hospodársky výhľad a finančné podmienky. Očakáva sa, že rada Ecofin prediskutuje odporúčania na nadchádzajúcom júlovom zasadnutí. V tom štádiu budú mať príslušné členské štáty šesť mesiacov na to, aby navrhli a začali vykonávať opatrenia na úpravu nadmerného deficitu.

Komisár pre hospodárske a menové záležitosti Joaquín Almunia sa vyjadril, že: „ Vnútroštátne rozpočtové pozície v krajinách EÚ aj inde sa v minulom roku veľmi zhoršili a kvôli recesii a vhodne zavedeným balíkom opatrení na obmedzenie negatívneho vplyvu na činnosť a zamestnanosť, ak existuje manévrovací priestor, sa budú rozpočtové pozície v tomto roku ešte viac zhoršovať. Aby sa obmedzili náklady na dlh pre súčasnú i budúce generácie, je dôležité, aby vlády vypracovali úpravu, ktorou sa zaviažu, že opravia svoje verejné deficity od momentu, keď sa začne hospodárstvo zlepšovať, čo sa očakáva postupne od roku 2010. Pakt stability a rastu poskytuje rámec pre túto stratégiu na východisko z krízy a pre návrat k zdravým a udržateľným verejným financiám v strednodobom horizonte.“

1. Assessment of Stability and Convergence Programmes

SLOVENSKO

Cieľom programu stability Slovenska je rozpočtový deficit 3,0 % HDP v roku 2009, 2,9 % HDP v roku 2010 a 2,2 % HDP v roku 2011. Tieto rozpočtové výhľady sa zakladajú na výrazne pozitívnych makroekonomických predpokladoch. Dosiahnutie strednodobých rozpočtových cieľov si bude vyžadovať lepšiu štrukturálnu konsolidáciu po roku 2009, ako sa to navrhuje v programe. Úsilie o konsolidáciu je potrebné podporiť konkrétnymi výdavkovými opatreniami. Okrem toho, zhoršovanie stavu verejných financií prestavuje riziko aj pre dlhodobú udržateľnosť. V tejto súvislosti je dôležité zachovať pevné pravidlá pre plne financovaný dôchodkový pilier, a teda vyhnúť sa opatreniam, ktoré by mohli viesť k vzniku neistoty v oblasti obchodnej stratégie dôchodkových fondov. Slovensko prijalo stimulačné opatrenia v súlade s EERP. Sú zamerané na znevýhodnené skupiny a vo väčšine prípadov sú dočasné.

Na základe uvedeného hodnotenia sa Slovensko vyzýva, aby: (i) vykonalo protikrízové opatrenia v súlade s EERP, ako si to naplánovalo, (ii) zaistilo konsolidáciu od roku 2010, keď sa hospodárstvo bude zlepšovať, a aby posilnilo rozpočtovú stratégiu osobitnými opatreniami na zníženie výdavkov od roku 2010. Toto by sa malo podporiť aj zavedením právne záväzných stropov výdavkov pre všeobecnú správu, aby sa zaistila finančná disciplína v prípade, že by príjmy rástli menej, (iii) zaistilo, vzhľadom na nadchádzajúce výzvy súvisiace so starnutím obyvateľstva, stabilné pravidlá pre plne financovaný dôchodkový pilier s cieľom zlepšiť dlhodobú udržateľnosť verejných financií.

RAKÚSKO

After a budget deficit of only 0.4% of GDP in 2008, Austria faces a severe deterioration in its public finances due to the global economic and financial crisis and the budgetary measures taken in response. The updated Stability Programme foresees a budget deficit of 3.5% of GDP in 2009 and of 4.7% over 2010-2012 before edging down to 3.9% in 2013. This is subject to downside risks.

Benefiting from the fiscal space created during the boom years and from the absence of external imbalances, the Austrian government introduced sizeable fiscal stimulus of around 1¼% and 1¾% of GDP for 2009 and 2010 that include a mix of revenue and expenditure instruments. The aim is to bolster private incomes, avoid lay-offs, strengthen human skills by providing further vocational training, and provide incentives for investment and support to the automotive sector.

In view of the assessment, Austria is invited to (i) implement the stimulus measures, but reverse the expansionary fiscal stance once the economic crisis subsides so as to return to a consolidation path compatible with the long-term sustainability of public finances, (ii) substantiate the intention mentioned in the programme to implement measures deemed necessary to achieve a general government deficit below the 3% of GDP reference value by 2012 at the latest and (iii) further improve the budgetary framework to strengthen fiscal discipline at all levels of government through enhanced transparency and accountability notably by aligning legislative, administrative and financing responsibilities between the different levels of government.

BELGIUM

The collapse of world trade together with decreasing confidence, wealth effects and tighter credit conditions led to a sharp contraction of the already decelerating Belgian economy in the last quarter of 2008 and the first of 2009. As a result, annual GDP is expected to decline sharply in 2009 and to remain close to zero in 2010. The downturn will also have a significant adverse impact on public finances, with the deficit set to deteriorate from 1.2% of GDP in 2008 to 3.4% of GDP in 2009 and 4% of GDP in 2010, according to the stability programme. Afterwards, the programme foresees a reduction to below the 3% of GDP reference value by 2012 and to 1.5% of GDP in 2013. The government debt-to-GDP ratio, which rose to 89.6% in 2008 as a result of the measures to stabilise the financial system, is expected to continue its upward movement, reaching 95% in 2010, before gradually declining thereafter, to 92% in 2013. The absence of crucial information in the programme, such as the expenditure and revenue ratios, has hampered the possibility to assess the credibility of the deficit and debt targets in the programme.

The deficit and debt targets are subject to considerable downside risk over the entire programme period, stemming from favourable macroeconomic assumptions and the lack of underlying measures. Moreover, also in the light of the debt dynamics and the long-term sustainability of public finances, the programme lacks ambition regarding the decisive correction of the deficit as the economic situation improves.

On the basis of the Commission's assessment, Belgium is invited to: (i) submit, by 20 September at the latest, an update of the programme including a well founded medium-term budgetary strategy and improve compliance with the data requirements of the code of conduct especially regarding compulsory data; (ii) implement the stimulus measures in line with the EERP as planned while avoiding a further deterioration of the structural balance in 2009 and reverse the expansionary fiscal stance as from 2010 when the economy improves so as to return to a consolidation path compatible with the long-term sustainability of public finances; (iii) improve the quality of public finances by adopting a more stringent budgetary framework, encompassing binding, multi-annual expenditure ceilings and budgetary agreements among the different government tiers, including the establishment of enforcement mechanisms to ensure the respect of the fiscal targets; and (iv) undertake structural reforms of the social security system, the labour market and product markets to enhance potential growth, increase the employment rate and reduce the budgetary impact of ageing, in order to improve the long-term sustainability of public finances.

RUMUNSKO

The global economic downturn has resulted in a sharp drop of private capital flows to Romania, leading to a significant deceleration of activity since the fourth quarter of 2008. The Romanian programme assumes GDP to contract by 4% for the whole of 2009, followed by zero growth in 2010 and 2.6% in 2011. Considering the absence of room for fiscal manoeuvre and the need to correct fiscal and external imbalances, Romania envisages a restrictive fiscal stance between 2009 and 2011.

In line with the commitments made by Romania in the framework of the EU balance of payment assistance, the authorities envisage to undertake a significant fiscal consolidation effort, targeting a deficit of 5.1% of GDP in 2009, further decreasing to below 3% of GDP by 2011. Furthermore, the programme foresees measures to improve fiscal governance, enhance financial sector regulation and supervision and step up structural reform. Yet, the budgetary outcomes are subject to downside risks, taking into account the uncertainty related to the macroeconomic scenario in 2009, the effective implementation of the planned expenditure measures and the lack of information on concrete measures needed to underpin fiscal consolidation after 2009.

In view of this assessment and taking into account the policy invitations addressed to Romania to correct the excessive deficit under Article 104(7) of the Treaty (see below), as well as to ensure sustainable convergence, Romania is invited to: (i) ensure the correction of the excessive deficit by 2011; to this effect, implement the fiscal measures as planned in the February 2009 budget and the April 2009 amended budget, especially in the area of public sector wages and pension reform; take further corrective action if needed to achieve the 2009 deficit target in order to ensure compliance with the commitments undertaken under the balance of payments programme; and specify measures to buttress the envisaged reduction of the deficit in 2010 and 2011, in particular those underpinning the planned reduction of the public wage bill; (ii) undertake concrete steps towards the envisaged strengthening of fiscal governance and transparency, in particular by setting up a binding medium-term budgetary framework, establishing an independent fiscal council, introducing limits on budgetary revisions during the year and laying-out fiscal rules as well as restructuring the public compensation system, including pay and bonuses; (iii) accelerate the reform of pension (in particular with respect to the indexation of pensions and the retirement age) and health care systems to curb the substantial increase in age-related expenditures and reduce the risks to the sustainability of public finances; and (iv) strengthen the supply side of the economy by making tangible progress with the implementation of the structural reforms, notably by enhancing the efficiency and effectiveness of public administration, improving the business environment, tackling undeclared work and by increasing the absorption and improving the use of EU funds.

SLOVINSKO

According to the programme update, the deficit is targeted to widen significantly in 2009, to 5.1% of GDP, reflecting the working of the automatic stabilizers and various discretionary measures as well as the strong dynamics of social transfers and compensation of employees. Thereafter, the deficit is projected to narrow gradually, especially in 2010, but to remain above the 3% of GDP reference value. Assessed against currently available information, the macroeconomic scenario for 2009 and 2010 appears favourable and the budgetary outlook throughout the programme period seems subject to downside risks. In response to the EERP, Slovenia adopted two stimulus packages in December 2008 and February 2009, which, together with tax relief decided before the onset of the crisis, should support the economy. They focus on stemming the deterioration in the labour market and enhancing growth potential and competitiveness.

Going forward, key challenges for Slovenia are the reversal of the fiscal stimulus, the need to improve the long-term sustainability of public finances, for which Slovenia is at high risk, and to enhance competitiveness. V zmysle uvedeného hodnotenia sa Slovinsko vyzýva, aby: (i) implement the already adopted stimulus measures in line with the EERP and specify the measures announced in the programme aimed at stemming the widening of the deficit; (ii) start reversing the fiscal stimulus as planned in the programme in 2010 and strengthen the adjustment foreseen for 2011 in the light of the assumed pick-up in economic growth; in so doing, keep tight control over government expenditure; (iii) in view of the projected increase in age-related expenditure, improve the long-term sustainability of public finances by further reforming the pension system, in particular with a view to encouraging longer working lives.

2. Postup pri nadmernom schodku

MAĎARSKO

An excessive deficit procedure was opened in July 2004 right after EU accession that recommended the country to bring the deficit below 3% of GDP by 2008. The recommendation was repeated in March 2005 and again in October 2006 in view of the inadequate action taken by Hungary. The Council also extended the deadline for the correction of the excessive deficit to 2009.

Since mid-2006 Hungary has made good progress to correct its fiscal imbalance and the nominal deficit targets were overachieved by large margins as the deficit was reduced from over 9% of GDP in 2006 to 3.4% in 2008. However, the impact of the current financial crisis has heavily burdened the further consolidation plans. As a response, the authorities adopted a new economic policy programme in October 2008, supported by an international financial assistance package of €20 billion, chiefly from the EU and the IMF 2 . But in spite of additional corrective measures in several rounds, the significant deterioration in the economic outlook, with GDP now expected to contract by around 6½% this year, the 2009 deadline is no longer realistic.. Given that the country has taken effective action but the deficit outcome was affected strongly by an unexpected adverse economic event, the revised Pact provides for the possibility to issue a revised recommendation, which can extend the deadline for the correction.

Against this background, the Commission recommends to the Council to ask the Hungarian Government to correct the excessive deficit by 2011. This should be done also by limiting the deterioration of the fiscal position in 2009 as well as by rigorously implementing the necessary consolidation measures to ensure a renewed decline of the headline deficit starting from 2010, with an increased reliance on structural steps. Moreover, the country will be requested to spell out and adopt in a timely manner additional consolidation measures which will be necessary to achieve the correction of the excessive deficit by 2011. The budgetary adjustment also needs to be framed within a comprehensive structural reform strategy and supported by the rigorous implementation of the recently adopted fiscal responsibility law.

LITVA

According to data notified by the Lithuanian authorities in April 2009, the general government deficit reached 3.2% of GDP in 2008. Although the deficit was close to the 3% Treaty reference value, the excess was not considered as being due to exceptional circumstances not considered to be temporary. The Commission services' spring 2009 forecast projects that in the absence of new policy measures public finances would deteriorate significantly further in 2009 and 2010 (the deficit would reach 5.4% of GDP and 8.0% of GDP respectively).

In view of the very weak economic situation in Lithuania and the size of the deficit, a 2011 deadline appears warranted. This implies an average annual fiscal effort of at least 1½% of GDP over the period 2009-2011. In order to achieve this target, the Lithuanian authorities should implement the fiscal measures included in the 2009 budget and in the supplementary 2009 budget. Moreover, Lithuania is recommended to consider further measures to limit the deterioration of public finances in 2009 and to devise additional consolidation measures for 2010, so as to achieve the defined fiscal consolidation path. Lithuania is also recommended to strengthen fiscal governance and transparency, by enhancing the medium-term budgetary framework and reinforcing expenditure discipline, as well as to improve the monitoring of the budget execution throughout the year.

MALTA

Following the submission of data by the Maltese authorities showing a deficit of 4.7% of GDP in 2008, on 13 May the Commission adopted a report under Article 104(3) of the Treaty as a first step in the excessive deficit procedure. The report concluded that neither the deficit nor the debt criterion in the Treaty is fulfilled.

The Commission recommends to the Council that Malta puts an end to the excessive deficit situation by 2010 in a credible and sustainable manner by rigorously implementing the budgetary measures planned for 2009 while avoiding any further deterioration in public finances. For 2010, new consolidation measures are called for. The recommendation also invites the Maltese authorities to ensure that budgetary consolidation towards the medium-term objective of a balanced budgetary position in structural terms is sustained after the excessive deficit has been corrected. To this end, the Maltese authorities are invited to spell out the measures necessary to achieve a lasting consolidation and to strengthen the medium-term focus of the budgetary framework.

POĽSKO

According to data notified by the Polish authorities in April 2009, the general government deficit reached 3.9% of GDP in 2008, thus exceeding the 3% reference value. This was significantly more than the expected 2008 outturn of 2.7% presented in the December convergence programme. In the notification, the Polish authorities presented a revised deficit target of 4.6% for 2009 whereas the spring 2009 Commission services’ forecast is 6.6% due to a less optimistic macroeconomic scenario and under a “no policy change” assumption. V správe Komisie podľa článku 104 ods. 3 sa uvádza, že deficit sa nepribližoval k referenčnej hodnote 3 % HDP a že prekročenie referenčnej hodnoty sa nemôže považovať za výnimočné v zmysle zmluvy a Paktu stability a rastu.

The existence of special circumstance s, such as global crisis, correction in the domestic housing market, pension reform cost, ongoing productivity catching-up resulting in higher unemployment, authorises the Council to allow the correction of the excessive deficit in a medium term rather than in the year following the initiation of the excessive deficit procedure. According to the Commission recommendation to the Council, the Polish authorities should put an end to the excessive deficit situation by 2011 at the latest. This implies an average annual fiscal effort of about 2 percentage points of GDP starting in 2010. To minimise the recession and, at the same time, ensure that long-term growth is sustained, Poland should implement the fiscal stimulus measures in 2009 as planned, in particular the public investment plan, while avoiding any further deterioration in public finances. Credible and sustainable correction of the excessive deficit requires (i) spelling out rapidly the detailed measures that are necessary to achieve the consolidation path allowing to contain primary current expenditure over the coming years, especially in the areas of social spending and (ii) strengthening the binding nature of Poland’s medium-term budgetary framework, in particular by means of introducing a legal ceiling on the growth of primary current expenditure, as well as improving the monitoring of the budget execution throughout the year.

RUMUNSKO

The budget deficit reached 5.4% in 2008 in Romania (see above). This reflects mostly spending slippages, notably on public wages and social benefits, as well as overly optimistic revenue projections and, to a lesser extent, a sudden drop in revenue collection in the last quarter of 2008 owing to the economic slowdown. Rising fiscal deficits have also been due to a lack of fiscal consolidation efforts when economic conditions were favourable. As from 2009, fiscal policy aims to correct the budgetary deficits, in line with the authorities' economic programme adopted in the framework of the international financial assistance extended to Romania.

The Commission recommends that Romania corrects the excessive deficit by 2011 in view of the economic and financial situation. The proposed timing is in line with the fiscal targets agreed in the framework of the international financial assistance.

To this end, the Romanian authorities are invited to (a) implement the fiscal measures in 2009 as planned in the February 2009 budget and the April 2009 amended budget, especially in the area of public sector wages and pension reform and adopt and implement further measures, if necessary, to achieve the 2009 deficit target; (b) ensure an average annual fiscal effort of at least 1½% of GDP starting with 2010 and (c) spell out the detailed measures that are necessary to achieve the consolidation path beyond 2009 and implement the envisaged corrective measures rigorously; in particular, the consolidation should be expenditure driven and measures should concentrate on containing current expenditure, notably with respect to the public sector wage bill; seize any opportunity to accelerate the reduction of the deficit; a byť pripravené prijať ďalšie opatrenia, ktoré môžu byť potrebné na dosiahnutie nápravy nadmerného deficitu do roku 2011;

All related documents are available at:

http://ec.europa.eu/economy_finance/thematic_articles/article15413_en.htm

AUSTRIA

Comparison of key macro-economic and budgetary projections

 

 

2007

2008

2009

2010

2011

2012

2013

Real GDP
(% change)

SP Apr 2009

3.1

1.8

-2.2

0.5

1.5

2.0

2.3

COM Spring 2009

3.1

1.8

-4.0

-0.1

n.a.

n.a.

n.a.

SP Nov 2007

3.4

2.4

2.5

2.5

n.a.

n.a.

n.a.

HICP inflation
(%)

SP Apr 2009

2.2

3.2

0.6

1.1

1.3

1.5

1.9

COM Spring 2009

2.2

3.2

0.5

1.1

n.a.

n.a.

n.a.

SP Nov 2007

1.9

2.0

2.0

2.0

n.a.

n.a.

n.a.

Output gap 1
(% of potential GDP)

SP Apr 2009

2.5

2.6

-0.9

-1.7

-1.6

-1.2

-0.5

COM Spring 2009 2

2.7

2.9

-2.2

-3.3

n.a.

n.a.

n.a.

SP Nov 2007

0.4

0.4

0.5

0.5

n.a.

n.a.

n.a.

Net lending/borrowing vis-à-vis the rest of the world
(% of GDP)

SP Apr 2009

3.2

2.9

1.6

0.6

1.0

1.3

1.4

COM Spring 2009

3.3

3.3

2.7

2.4

n.a.

n.a.

n.a.

SP Nov 2007

3.5

3.7

3.7

3.7

n.a.

n.a.

n.a.

General government revenue
(% of GDP)

SP Apr 2009

48.0

48.2

47.5

46.5

46.4

46.1

46.1

COM Spring 2009

48.0

48.2

47.4

46.7

n.a.

n.a.

n.a.

SP Nov 2007

47.4

47.5

47.3

47.4

n.a.

n.a.

n.a.

General government expenditure
(% of GDP)

SP Apr 2009

48.7

48.7

51.1

51.3

51.1

50.9

50.1

COM Spring 2009

48.5

48.6

51.6

52.1

n.a.

n.a.

n.a.

SP Nov 2007

48.3

48.1

47.7

47.2

n.a.

n.a.

n.a.

General government balance
(% of GDP)

SP Apr 2009

-0.5

-0.4

-3.5

-4.7

-4.7

-4.7

-3.9

COM Spring 2009

-0.5

-0.4

-4.2

-5.3

n.a.

n.a.

n.a.

SP Nov 2007

-0.7

-0.6

-0.2

0.4

n.a.

n.a.

n.a.

Primary balance
(% of GDP)

SP Apr 2009

2.3

2.2

-0.6

-1.7

-1.4

-1.3

-0.4

COM Spring 2009

2.2

2.1

-1.1

-2.1

n.a.

n.a.

n.a.

SP Nov 2007

2.0

2.1

2.3

2.8

n.a.

n.a.

n.a.

Cyclically-adjusted balance 1
(% of GDP)

SP Apr 2009

-1.7

-1.6

-3.1

-3.9

-4.0

-4.1

-3.7

COM Spring 2009

-1.8

-1.8

-3.2

-3.8

n.a.

n.a.

n.a.

SP Nov 2007

-0.9

-0.8

-0.4

0.1

n.a.

n.a.

n.a.

Structural balance 3
(% of GDP)

SP Apr 2009

-1.7

-1.6

-3.1

-3.9

-4.0

-4.1

-3.7

COM Spring 2009

-1.8

-1.8

-3.2

-3.8

n.a.

n.a.

n.a.

SP Nov 2007

-0.7

-0.6

-0.4

0.1

n.a.

n.a.

n.a.

Government gross debt
(% of GDP)

SP Apr 2009

59.4

62.5

68.5

73.0

75.7

77.7

78.5

COM Spring 2009

59.4

62.5

70.4

75.2

n.a.

n.a.

n.a.

SP Nov 2007

59.9

58.4

57.0

55.4

n.a.

n.a.

n.a.

Notes :

1 Output gaps and cyclically-adjusted balances from the programmes as recalculated by Commission services on the basis of the information in the programmes.

2 Based on estimated potential growth of 1.8%, 1.7%, 1.3% and 1.3% respectively in the period 2007-2010.

3 Cyclically-adjusted balance excluding one-off and other temporary measures. There are no one-off and other temporary measures in the most recent programme and Commission services’ spring 2009 forecast

 

 

 

 

 

 

 

 

Source :

Stability programme (SP); Commission services’ spring 2009 forecasts (COM); Commission services’ calculations

BELGIUM

Comparison of key macro-economic and budgetary projections

 

 

2007

2008

2009

2010

2011

2012

2013

Real GDP
(% change)

SP Apr 2009

2.8

1.1

-1.9

0.6

2.3

2.3

2.1

COM Spring 2009

2.8

1.2

-3.5

-0.2

n.a.

n.a.

n.a.

SP Apr 2008

2.8

1.9

2.0

2.0

2.0

n.a.

n.a.

HICP inflation
(%)

SP Apr 2009

1.8

4.5

0.7

1.8

1.8

1.7

1.8

COM Spring 2009

1.8

4.5

0.3

1.2

n.a.

n.a.

n.a.

SP Apr 2008

1.8

3.0

1.7

1.8

1.8

n.a.

n.a.

Output gap 1
(% of potential GDP)

SP Apr 2009

2.3

1.5

-1.9

-2.7

-1.9

-1.2

-0.6

COM Spring 2009 2

2.5

1.9

-2.6

-3.8

n.a.

n.a.

n.a.

SP Apr 2008

0.3

-0.1

-0.4

-0.5

-0.8

n.a.

n.a.

Net lending/borrowing vis-à-vis the rest of the world
(% of GDP)

SP Apr 2009

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

COM Spring 2009

2.1

-2.1

-2.5

-2.6

n.a.

n.a.

n.a.

SP Apr 2008

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

General government revenue
(% of GDP)

SP Apr 2009

48.1

48.6

48.2

n.a.

n.a.

n.a.

n.a.

COM Spring 2009

48.1

48.6

48.4

48.2

n.a.

n.a.

n.a.

SP Apr 2008

48.7

49.0

48.8

48.9

49.2

n.a.

n.a.

General government expenditure
(% of GDP)

SP Apr 2009

48.3

49.8

51.6

n.a.

n.a.

n.a.

n.a.

COM Spring 2009

48.3

49.8

52.9

54.3

n.a.

n.a.

n.a.

SP Apr 2008

48.9

49.0

48.5

48.3

48.2

n.a.

n.a.

General government balance
(% of GDP)

SP Apr 2009

-0.2

-1.2

-3.4

-4.0

-3.4

-2.6

-1.5

COM Spring 2009

-0.2

-1.2

-4.5

-6.1

n.a.

n.a.

n.a.

SP Apr 2008

-0.2

0.0

0.3

0.7

1.0

n.a.

n.a.

Primary balance
(% of GDP)

SP Apr 2009

3.6

2.5

0.4

-0.1

0.6

1.5

2.5

COM Spring 2009

3.6

2.5

-0.6

-2.1

n.a.

n.a.

n.a.

SP Apr 2008

3.7

3.7

3.8

4.1

4.3

n.a.

n.a.

Cyclically-adjusted balance 1
(% of GDP)

SP Apr 2009

-1.5

-2.0

-2.4

-2.6

-2.4

-1.9

-1.2

COM Spring 2009

-1.6

-2.2

-3.1

-4.0

n.a.

n.a.

n.a.

SP Apr 2008

-0.4

0.0

0.5

1.0

1.4

n.a.

n.a.

Structural balance 3
(% of GDP)

SP Apr 2009

-1.3

-2.0

-2.4

-2.6

-2.4

-1.9

-1.2

COM Spring 2009

-1.5

-2.2

-3.2

-4.0

n.a.

n.a.

n.a.

SP Apr 2008

-0.3

0

0.5

1.0

1.4

n.a.

n.a.

Government gross debt
(% of GDP)

SP Apr 2009

84.0

89.6

93

95

94.9

93.9

92

COM Spring 2009

84.0

89.6

95.7

100.9

n.a.

n.a.

n.a.

SP Apr 2008

84.9

81.5

778.1

74.7

71.1

n.a.

n.a.

Notes :

1 Output gaps and cyclically-adjusted balances from the programmes as recalculated by Commission services on the basis of the information in the programmes.

2 Based on estimated potential growth of 1.9%, 1.7%, 1.0% and 1.0% respectively in the period 2007-2010.

3 Cyclically-adjusted balance excluding one-off and other temporary measures. One-off and other temporary measures are 0.2% of GDP in 2007, deficit increasing, according to the most recent programme and 0.1% of GDP, deficit increasing, in 2007 and 0.1% of GDP, deficit reducing, in 2009 according to the Commission services' Spring 2009 forecast.

 

 

 

 

 

 

 

 

 

Source :

Stability programme (SP); Commission services’ Spring 2009 forecast (COM); Commission services’ calculations

ROMANIA

Comparison of key macroeconomic and budgetary projections

 

 

2007

2008

2009

2010

2011

Real GDP
(% change)

CP June 2009

6.2

7.1

-4.0

0.1

2.4

COM Spring 2009

6.2

7.1

-4.0

0.0

n.a.

CP Dec 2007

6.1

6.5

6.1

5.8

n.a.

HICP inflation
(%)

CP June 2009

4.5

7.9

5.8

3.5

3.2

COM Spring 2009

4.9

7.9

5.8

3.5

n.a.

CP Dec 2007

4.8

5.7

4.0

3.3

n.a.

Output gap 1
(% of potential GDP)

CP June 2009

4.3

8.7

-0.5

-2.5

-2.9

COM Spring 2009 2

6.6

8.5

0.2

-3.0

n.a.

CP Dec 2007

2.1

2.1

1.8

1.1

n.a.

Net lending/borrowing vis-à-vis the rest of the world
(% of GDP)

CP June 2009

-12.9

-11.9

-6.3

-5.4

-5.2

COM Spring 2009

-12.8

-11.8

-6.4

-5.1

n.a.

CP Dec 2007

-12.6

-10.5

-10.1

-10.2

n.a.

General government revenue
(% of GDP)

CP June 2009

34.0

33.1

33.2

33.7

34.2

COM Spring 2009

34.0

33.1

33.4

33.3

n.a.

CP Dec 2007

37.4

39.8

39.9

40.8

n.a.

General government expenditure
(% of GDP)

CP June 2009

36.6

38.5

38.3

37.8

37.0

COM Spring 2009

36.6

38.5

38.5

38.9

n.a.

CP Dec 2007

40.3

42.7

42.8

43.2

n.a.

General government balance
(% of GDP)

CP June 2009

-2.5

-5.4

-5.1

-4.1

-2.9

COM Spring 2009

-2.5

-5.4

-5.1

-5.6

n.a.

CP Dec 2007

-2.9

-2.9

-2.9

-2.4

n.a.

Primary balance
(% of GDP)

CP June 2009

-1.8

-4.7

-3.6

-2.4

-1.4

COM Spring 2009

-1.8

-4.7

-3.6

-4.0

n.a.

CP Dec 2007

-2.0

-2.1

-2.1

-1.6

n.a.

Cyclically-adjusted balance 1
(% of GDP)

CP June 2009

-3.9

-8.2

-5.3

-3.3

-2.0

COM Spring 2009

-4.5

-7.9

-5.2

-4.7

n.a.

CP Dec 2007

-3.6

-3.6

-3.5

-2.8

n.a.

Structural balance 3
(% of GDP)

CP June 2009

-3.7

-8.2

-5.3

-3.3

-2.0

COM Spring 2009

-4.4

-7.9

-5.2

-4.7

n.a.

CP Dec 2007

-3.4

-3.4

-3.4

-2.7

n.a.

Government gross debt
(% of GDP)

CP June 2009

12.7

13.6

18

20.8

22.0

COM Spring 2009

12.7

13.6

18.2

22.7

n.a.

CP Dec 2007

11.9

13.6

14.2

14.9

n.a.

Notes :

1 Output gaps and cyclically-adjusted balances from the programmes as recalculated by Commission services on the basis of the information in the programmes.

2 Based on estimated potential growth of 5.1%, 5.2%, 3.9%, 3.2% respectively in the period 2007-2010

3 Cyclically-adjusted balance excluding one-off and other temporary measures. One-off and other temporary measures are 0.2% of GDP in 2007 deficit-reducing and 0% over the period 2008-2011 according to the most recent convergence programme and 0.2% of GDP in 2007 deficit-reducing and 0% over the period 2008-2010 according to the Commission services' spring 2009 forecast.

Source :

Convergence programme (CP); Commission services’ spring 2009 forecasts (COM); Commission services’ calculations

SLOVENIA

Comparison of key macroeconomic and budgetary projections

 

 

2007

2008

2009

2010

2011

Real GDP
(% change)

SP Apr 2009

6.8

3.5

-4.0

1.0

2.7

COM Spring 2009

6.8

3.5

-3.4

0.7

n.a.

SP Nov 2007

5.8

4.6

4.1

4.5

n.a.

HICP inflation
(%)

SP Apr 2009

3.6

5.7.

0.4

1.6.

2.6.

COM Spring 2009

3.8

5.5

0.7

2.0

n.a.

SP Nov 2007

3.4

3.5

2.8

2.6

n.a.

Output gap 2
(% of potential GDP)

SP Apr 2009

4.7

4.4

-2.3

-3.5

-3.1

COM Spring 2009 2

4.5

3.2

-1.3

-2.7

n.a.

SP Nov 2007

0.7

0.5

0.1

0.2

n.a.

Net lending/borrowing vis-à-vis the rest of the world
(% of GDP)

SP Apr 2009

n.a.

n.a.

n.a.

n.a.

n.a.

COM Spring 2009

-3.7

-5.6

-4.6

-4.4

n.a.

SP Nov 2007

n.a.

n.a.

n.a.

n.a.

n.a.

General government balance
(% of GDP)

SP Apr 2009

0.5

-0.9

-5.1

-3.9

-3.4

COM Spring 2009

0.5

-0.9

-5.5

-6.5

n.a.

SP Nov 2007

-0.6

-0.9

-0.6

0.0

n.a.

Primary balance
(% of GDP)

SP Apr 2009

1.8

0.2

-3.6

-2.2

-1.6

COM Spring 2009

1.8

0.2

-3.9

-4.7

n.a.

SP Nov 2007

0.7

0.2

0.6

1.1

n.a.

Cyclically-adjusted balance 3
(% of GDP)

SP Apr 2009

-1.6

-2.9

-4.1

-2.3

-2.0

COM Spring 2009

-1.7

-2.5

-4.9

-5.2

n.a.

SP Nov 2007

-0.9

-1.1

-0.7

-0.1

n.a.

Structural balance 4
(% of GDP)

SP Apr 2009

-1.6

-2.9

-4.1

-2.3

-2.0

COM Spring 2009

-1.7

-2.5

-4.9

-5.2

n.a.

SP Nov 2007

-0.8

-1.0

-0.7

-0.1

n.a.

Government gross debt
(% of GDP)

SP Apr 2009

23.4

22.8

30.5

34.1

36.3

COM Spring 2009

23.4

22.8

29.3

34.9

n.a.

SP Nov 2007

25.6

24.7

23.8

22.5

n.a.

Notes :

 

 

 

 

 

 

1 Output gaps and cyclically-adjusted balances according to the programme as recalculated by Commission services on the basis of the information in the programme.

2 Based on estimated potential growth of 3.9%, 4.9%, 1.0% and 2.2% respectively in the period 2007-2010.

3 One-off and other temporary measures are zero according to the most recent programme and the Commission services' spring 2009 forecast.

4 For the programmes the CPI definition is shown.

Source :

Stability programmes (SP); Commission services’ spring 2009 forecasts (COM); Commission services’ calculations

SLOVAKIA

Comparison of key macroeconomic and budgetary projections

 

 

2007

2008

2009

2010

2011

Real GDP
(% change)

SP Apr 2009

10.4

6.4

2.4

3.6

4.5

COM Spring 2009

10.4

6.4

-2.6

0.7

n.a.

CP Nov 2007

8.8

6.8

5.8

5.0

n.a.

HICP inflation
(%)

SP Apr 2009

1.9

3.9

2.2

3.6

4.1

COM Spring 2009

1.9

3.9

2.0

2.4

n.a.

CP Nov 2007

1.7

2.3

2.6

2.7

n.a.

Output gap 2
(% of potential GDP)

SP Apr 2009

5.1

6.5

3.5

1.7

1.0

COM Spring 2009 2

6.5

8.0

0.9

-2.2

n.a.

CP Nov 2007

1.8

2.3

2.1

1.4

n.a.

Net lending/borrowing vis-à-vis the rest of the world
(% of GDP)

SP Apr 2009

-4.6

-5.8

-4.2

-2.9

-2.6

COM Spring 2009

-4.7

-5.6

-7.6

-6.2

n.a.

CP Nov 2007

-3.4

-1.9

-1.1

-0.4

n.a.

General government revenue
(% of GDP)

SP Apr 2009

32.7

33.4

32.1

31.6

31.8

COM Spring 2009

32.5

32.7

33.6

34.1

n.a.

CP Nov 2007

33.2

33.0

31.8

31.8

n.a.

General government expenditure
(% of GDP)

SP Apr 2009

34.6

35.6

35.1

34.5

34.1

COM Spring 2009

34.4

34.9

38.3

39.4

n.a.

CP Nov 2007

35.7

35.3

33.7

32.6

n.a.

General government balance
(% of GDP)

SP Apr 2009

-1.9

-2.2

-3.0

-2.9

-2.2

COM Spring 2009

-1.9

-2.2

-4.7

-5.4

n.a.

CP Nov 2007

-2.5

-2.3

-1.8

-0.8

n.a.

Primary balance
(% of GDP)

SP Apr 2009

-0.6

-0.9

-1.7

-1.7

-1.0

COM Spring 2009

-0.5

-0.9

-3.3

-4.0

n.a.

CP Nov 2007

-1.0

-0.9

-0.3

0.5

n.a.

Cyclically-adjusted balance 3
(% of GDP)

SP Apr 2009

-3.4

-4.1

-4.0

-3.4

-2.5

COM Spring 2009

-3.8

-4.5

-4.9

-4.7

n.a.

CP Nov 2007

-3.0

-3.0

-2.4

-1.2

n.a.

Structural balance 4
(% of GDP)

SP Apr 2009

-4.2

-3.8

-4.4

-3.5

-2.6

COM Spring 2009

-3.8

-4.7

-5.0

-4.7

n.a.

CP Nov 2007

-3.0

-3.1

-2.4

-1.2

n.a.

Government gross debt
(% of GDP)

SP Apr 2009

29.4

27.6

31.4

32.7

32.7

COM Spring 2009

29.4

27.6

32.2

36.3

n.a.

CP Nov 2007

30.6

30.8

30.5

29.5

n.a.

Notes :

 

 

 

 

 

 

1 The 2007 data on real GDP, HICP inflation were provided on a bilateral basis.

2 Output gaps and cyclically-adjusted balances according to the programmes as recalculated by Commission services on the basis of the information in the programmes.

3 Based on estimated potential growth of 5.6%, 4.9%, 4.4% and 3.9% respectively in the period 2007-2010.

4 Cyclically-adjusted balance excluding one-off and other temporary measures. One-off and other temporary measures are 0.8% of GDP in 2007, 0.4% of GDP in 2009, 0.1 of GDP in 2009 and 2010 - deficit-increasing and 0.3% of GDP in 2008 deficit-reducing according to the most recent programme and 0.2% of GDP in 2008 and 0.1% of GDP in 2009 and 2011 deficit-increasing in the Commission services' forecast.

Source :

 

 

 

 

 

 

Stability programme (SP); Commission services’ April 2009 spring forecasts (COM); Commission services’ calculations

1 :

Podľa nariadenia Rady (ES) č. 1466/97 o posilnení dohľadu nad stavmi rozpočtov a o dohľade nad hospodárskymi politikami a ich koordinácii sú členské štáty povinné každoročne predkladať aktualizované makroekonomické a rozpočtové výhľady. V prípade krajín, ktoré prijali euro, sa tieto aktualizácie označujú ako programy stability, v prípade krajín, ktoré zatiaľ euro neprijali, sa označujú ako konvergenčné programy. Toto nariadenie je známe aj ako preventívna časť Paktu stability a rastu.

2 :

For more recent developments see:

http://ec.europa.eu/economy_finance/thematic_articles/article13563_en.htm


Side Bar

My account

Manage your searches and email notifications


Help us improve our website