Table 2.10 Debt Accounting, 1994-1996, 1997-1999 and 2000-2005
Debt (1) |
Deficit (2) |
Interest |
Primary |
Nominal GDP |
Inflation (6) |
Real GDP |
Stock- | |
__________________________________________________1994-1996__________________________________________________ | ||||||||
Belgium |
-1,19 |
4,08 |
8,89 |
-4,81 |
-4,44 |
-1,65 |
-2,79 |
-0,83 |
Germany |
4,20 |
3,04 |
3,44 |
-0,40 |
-1,60 |
-0,74 |
-0,86 |
2,76 |
Greece |
0,40 |
9,26 |
12,89 |
-3,63 |
-11,49 |
-9,39 |
-2,10 |
2,63 |
Spain |
3,27 |
5,91 |
5,01 |
0,90 |
-3,73 |
-2,33 |
-1,40 |
1,08 |
France |
4,63 |
4,80 |
3,57 |
1,23 |
-1,48 |
-0,68 |
-0,80 |
1,31 |
Italy |
1,89 |
7,74 |
10,93 |
-3,20 |
-7,29 |
-5,19 |
-2,10 |
1,45 |
Ireland |
-6,73 |
1,24 |
4,98 |
-3,75 |
-8,02 |
-1,89 |
-6,13 |
0,05 |
Netherlands |
-0,88 |
2,97 |
5,41 |
-2,44 |
-3,49 |
-1,34 |
-2,15 |
-0,35 |
Austria |
2,42 |
4,57 |
0,00 |
0,54 |
-2,60 |
-1,14 |
-1,46 |
0,45 |
Portugal |
0,60 |
5,14 |
5,58 |
-0,44 |
-4,13 |
-2,48 |
-1,65 |
-0,41 |
Finland |
0,21 |
4,84 |
4,76 |
0,09 |
-3,09 |
-1,09 |
-2,00 |
-1,54 |
Denmark |
-2,62 |
1,93 |
6,20 |
-4,27 |
-3,79 |
-1,14 |
-2,65 |
-0,76 |
Sweden |
0,78 |
6,49 |
6,43 |
0,06 |
-3,75 |
-1,69 |
-2,06 |
-1,96 |
UK |
1,56 |
5,43 |
3,41 |
2,02 |
-2,79 |
-1,25 |
-1,54 |
-1,08 |
US |
-0,65 |
2,96 |
3,44 |
-0,48 |
-1,86 |
0,66 |
-2,51 |
-1,76 |
Japan________ |
6,34 |
4,51 |
1,28 |
3,23 |
-1,02 |
0,48 |
-1,50 |
2,85 |
__________________________________________________1997-1999__________________________________________________ | ||||||||
Belgium |
-4,45 |
1,12 |
7,31 |
-6,19 |
-4,78 |
-1,52 |
-3,26 |
-0,79 |
Germany |
0,58 |
2,09 |
3,29 |
-1,20 |
-1,37 |
-0,24 |
-1,13 |
-0,15 |
Greece |
0,33 |
4,78 |
9,43 |
-4,65 |
-8,95 |
-5,35 |
-3,60 |
4,50 |
Spain |
-1,72 |
2,41 |
4,10 |
-1,69 |
-4,23 |
-1,58 |
-2,65 |
0,10 |
France |
0,22 |
2,45 |
3,24 |
-0,79 |
-2,04 |
-0,37 |
-1,67 |
-0,19 |
Italy |
-2,29 |
2,55 |
8,08 |
-5,52 |
-4,48 |
-2,49 |
-1,99 |
-0,37 |
Ireland |
-8,10 |
-2,03 |
3,19 |
-5,23 |
-8,47 |
-2,83 |
-5,64 |
2,40 |
Netherlands |
-3,88 |
0,39 |
4,64 |
-4,25 |
-4,14 |
-1,41 |
-2,73 |
-0,13 |
Austria |
-0,38 |
2,18 |
0,00 |
-1,44 |
-2,02 |
-0,20 |
-1,82 |
-0,54 |
Portugal |
-2,86 |
3,05 |
3,45 |
-0,40 |
-4,19 |
-1,96 |
-2,23 |
-1,72 |
Finland |
-3,58 |
-0,69 |
3,56 |
-4,25 |
-3,66 |
-1,15 |
-2,51 |
0,77 |
Denmark |
-3,93 |
-1,19 |
4,54 |
-5,74 |
-2,69 |
-1,04 |
-1,65 |
-0,04 |
Sweden |
-3,60 |
-1,07 |
5,39 |
-6,47 |
-3,10 |
-0,77 |
-2,33 |
0,58 |
UK |
-2,44 |
0,34 |
3,38 |
-3,04 |
-2,77 |
-1,28 |
-1,49 |
-0,01 |
US |
-3,12 |
-0,16 |
3,02 |
-3,19 |
-1,81 |
1,23 |
-3,04 |
-1,14 |
Japan________ |
10,59 |
5,52 |
1,40 |
4,11 |
0,61 |
0,36 |
0,26 |
4,46 |
_______________________________________________2000-2005_______________________________________________ | ||||||||
Belgium |
-3,38 |
-0,08 |
5,61 |
-5,69 |
-3,83 |
-1,95 |
-1,88 |
0,53 |
Germany |
1,26 |
2,70 |
2,96 |
-0,26 |
-1,12 |
-0,42 |
-0,69 |
-0,32 |
Greece |
-0,80 |
5,17 |
6,16 |
-0,99 |
-8,41 |
-3,90 |
-4,51 |
2,44 |
Spain |
-3,07 |
0,14 |
2,54 |
-2,40 |
-3,87 |
-2,11 |
-1,76 |
0,66 |
France |
1,49 |
2,84 |
2,84 |
0,01 |
-2,18 |
-1,08 |
-1,09 |
0,82 |
Italy |
-1,23 |
3,02 |
5,51 |
-2,48 |
-4,05 |
-2,86 |
-1,19 |
-0,20 |
Ireland |
-3,41 |
-1,27 |
1,36 |
-2,63 |
-3,37 |
-1,40 |
-1,96 |
1,22 |
Netherlands |
-1,26 |
0,94 |
2,89 |
-1,95 |
-2,32 |
-1,56 |
-0,76 |
0,12 |
Austria |
-0,59 |
1,16 |
0,00 |
-2,08 |
-2,23 |
-1,09 |
-1,14 |
0,47 |
Portugal |
2,09 |
3,72 |
2,85 |
0,87 |
-2,21 |
-1,64 |
-0,57 |
0,57 |
Finland |
-0,92 |
-3,81 |
2,14 |
-5,94 |
-1,80 |
-0,63 |
-1,17 |
4,69 |
Denmark |
-3,59 |
-2,42 |
2,88 |
-5,30 |
-1,96 |
-1,16 |
-0,80 |
0,79 |
Sweden |
-1,97 |
-1,87 |
2,75 |
-4,62 |
-2,16 |
-0,80 |
-1,36 |
2,06 |
UK |
-0,23 |
1,21 |
2,25 |
-1,04 |
-1,92 |
-0,89 |
-1,03 |
0,48 |
US |
0,39 |
2,59 |
2,05 |
0,54 |
-1,34 |
0,34 |
-1,68 |
-0,86 |
Japan________ |
5,91 |
6,90 |
1,49 |
5,41 |
-0,37 |
2,06 |
-2,43 |
-0,61 |
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.
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