June 7, 2013
By Salim Furth, Ph.D.
Fiscal balance is the general government financial balance and gross debt is general government gross financial liabilities (Maastricht basis) as a per cent of nominal GDP projected by the government. Fiscal consolidation is the cumulative consolidation volume as a per cent of nominal GDP projected by the government. The composition of consolidation is expenditure reductions and revenue enhancements in the actual year (cumulative, total 100%). Nominal GDP growth forecasts are the government’s estimates of nominal GDP. Fiscal consolidation in the national currency is based on the government’s quantified measures (cumulative), except the latest bank rescue package.
First appeared in National Review Online's "The Corner."
Salim Furth, Ph.D.
Research Fellow, Macroeconomics
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