Table 2.2 Debt Accounting, 1977-2005 and 1977-1993
|
Debt (1) |
Deficit (2) |
Interest |
Primary |
Nominal |
Inflation (6) |
Real GDP |
Stock-flow | |
|
__________________________________________1977-2005___________________________________________ | ||||||||
|
Belgium |
1,23 |
5,07 |
7,79 |
-2,72 |
-5,09 |
-2,95 |
-2,14 |
1,26 |
|
Germany |
1,46 |
2,44 |
2,81 |
-0,37 |
-2,22 |
-1,25 |
-0,97 |
1,24 |
|
Greece |
3,12 |
7,73 |
6,84 |
0,89 |
-8,66 |
-6,82 |
-1,85 |
4,05 |
|
Spain |
1,08 |
3,14 |
2,77 |
0,28 |
-3,52 |
-2,31 |
-1,22 |
1,46 |
|
France |
1,72 |
2,59 |
2,65 |
-0,05 |
-1,95 |
-1,13 |
-0,82 |
1,07 |
|
Italy |
1,84 |
7,52 |
7,58 |
-0,05 |
-6,83 |
-5,26 |
-1,57 |
1,15 |
|
Ireland |
-1,10 |
3,94 |
5,36 |
-1,42 |
-7,09 |
-3,80 |
-3,29 |
2,04 |
|
Netherlands |
0,54 |
2,86 |
4,56 |
-1,70 |
-2,78 |
-1,37 |
-1,40 |
0,46 |
|
Austria |
1,23 |
2,54 |
3,34 |
-0,79 |
-2,47 |
-1,29 |
-1,18 |
1,16 |
|
Portugal |
1,20 |
5,15 |
4,61 |
0,54 |
-6,11 |
-4,80 |
-1,31 |
2,16 |
|
Finland |
1,17 |
-1,47 |
2,25 |
-3,72 |
-1,71 |
-0,85 |
-0,86 |
4,34 |
|
Denmark |
0,79 |
0,76 |
5,32 |
-4,62 |
-2,99 |
-1,92 |
-1,07 |
3,02 |
|
Sweden |
0,84 |
1,32 |
4,90 |
-3,58 |
-3,46 |
-2,30 |
-1,16 |
2,98 |
|
UK |
-0,62 |
2,54 |
3,58 |
-1,04 |
-3,60 |
-2,51 |
-1,09 |
0,45 |
|
US |
0,70 |
3,09 |
2,67 |
0,41 |
-2,82 |
-0,97 |
-1,85 |
0,43 |
|
Japan |
4,51 |
3,12 |
1,45 |
1,67 |
-2,16 |
-0,28 |
-1,88 |
3,55 |
|
__________________________________________1977-1993__________________________________________ | ||||||||
|
Belgium |
4,48 |
7,75 |
8,45 |
-0,70 |
-5,74 |
-3,83 |
-1,91 |
2,34 |
|
Germany |
1,19 |
2,30 |
2,56 |
-0,26 |
-2,91 |
-1,85 |
-1,06 |
1,80 |
|
Greece |
5,63 |
8,89 |
5,56 |
3,33 |
-8,17 |
-7,70 |
-0,47 |
4,51 |
|
Spain |
2,75 |
3,84 |
2,22 |
1,47 |
-3,23 |
-2,51 |
-0,71 |
2,08 |
|
France |
1,54 |
2,14 |
2,32 |
-0,17 |
-1,94 |
-1,37 |
-0,56 |
1,25 |
|
Italy |
3,76 |
9,95 |
7,63 |
2,32 |
-8,23 |
-6,69 |
-1,54 |
1,85 |
|
Ireland |
2,13 |
7,31 |
7,21 |
0,10 |
-8,05 |
-5,23 |
-2,81 |
2,84 |
|
Netherlands |
2,31 |
3,95 |
4,98 |
-1,03 |
-2,56 |
-1,30 |
-1,26 |
0,72 |
|
Austria |
1,99 |
2,74 |
0,00 |
-0,46 |
-2,62 |
-1,61 |
-1,02 |
1,84 |
|
Portugal |
1,74 |
6,02 |
5,26 |
0,76 |
-8,30 |
-6,94 |
-1,36 |
3,88 |
|
Finland |
3,02 |
-1,89 |
1,62 |
-3,51 |
-1,05 |
-0,83 |
-0,22 |
5,74 |
|
Denmark |
3,95 |
2,02 |
6,17 |
-4,24 |
-3,28 |
-2,52 |
-0,77 |
5,22 |
|
Sweden |
2,74 |
1,95 |
5,30 |
-3,35 |
-3,96 |
-3,26 |
-0,70 |
4,53 |
|
UK |
-0,83 |
2,88 |
4,12 |
-1,23 |
-4,54 |
-3,59 |
-0,95 |
0,85 |
|
US |
1,78 |
3,86 |
2,69 |
1,16 |
-3,75 |
-2,18 |
-1,56 |
1,56 |
|
Japan_______ |
2,50 |
1,11 |
1,47 |
-0,36 |
-3,57 |
-1,42 |
-2,14 |
5,06 |
Notes: (1) Annual average change in the debt-to-DGP ratio (%)
(2) Annual average change in the deficit-to-DGP ratio (%)
(3) Annual average change in interest expenditure (% of GDP)
(4) Annual average change in the primary balance-to-DGP ratio (%) (4)=(2)-(3)
(5) Annual average effect of nominal GDP growth
(6) Annual average effect of inflation
(7) Annual average effect of real GDP growth (7) = (5) - (6)
(8) Annual average stock-flow adjustment (8) = (1) - (2) - (5)
Source: European Commission for EU15 and OECD for US and Japan.
A drastic reduction of budget deficits below the average growth dividend, which is
unambiguously associated to the reduction of debt levels recorded after 1996, is the most
salient characteristic of debt dynamics in most EU countries after 1993, and in particular
after 1996 (see Table 2.10 in Appendix 2.A), once the effects of the 1992-1993 economic
crisis had faded out, and the enhanced budgetary surveillance and fiscal discipline
framework was in place. Still, favourable developments in the SFA, in many cases
reflecting the allocation of privatisations proceeds to redeem debt, had a significant
26
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