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5. 5. ENGLISH ENGLISH SUMMARY
SUMMARY
bour force in 1995 to app. 5½ per cent in 2002. Also decreasing net interest
expenditures, cf. special budget items, and to a lesser extent fiscal policy
have contributed to an improvement of the structural budget balance.
Table 5.6. Structural budget balance, 1994 1994-2002
1994
2002
Per cent of GDP Level
90
90
Structural balance ------------------- Change due to -------------------
Yearly
change
Fiscal
policy 1)
Structural
rate of
unempl.
Labour
force 2)
Special
budget
items 3)
Other/
residual
1993 -1.2 - - - - - -
1994 -1.5 -0.3 -1.1 -0.0 -0.2 0.3 0.7
1995 -2.1 -0.6 0.3 0.4 -0.2 -0.1 -1.0
1996 -1.7 0.4 -0.5 0.6 -0.1 -0.1 0.3
1997 -0.2 1.6 1.0 0.5 -0.2 0.1 0.1
1998 0.4 0.6 -0.1 0.6 -0.2 0.2 0.1
1999 1.7 1.3 0.9 0.5 -0.1 0.1 -0.2
2000 2.0 0.3 0.4 0.3 -0.0 0.1 -0.5
2001 2.2 0.2 -0.4 0.1 0.0 0.0 0.4
2002 2.1 -0.2 -0.4 0.1 0.0 0.3 -0.2
Total 3.3 0.2 3.1 -0.7 0.9 -0.2
1) Fiscal policy is – except for some adjustments including adjustments for tax income on
income transfers – measured by the direct revenue effects used in the calculation of the fiscal
effect.
2) Measured in hours of working.
3) Special budget items include net interest expenditures, capital transfers etc.
5.4. 5.4. General General government government government finances finances finances in in long long-term
long term
pe perspe pe spe spective spe tive
It is the government’s objective to reduce the public debt and thereby
ensure the long-term sustainability of government finances in light of future
demographic changes.
Therefore, the size of the budget surplus must be seen against the future
obligations of the public sector, including expenditures for pensions and
care for the elderly.
Adjusted for these obligations, the general budget surplus is estimated to
be roughly at the level, which makes fiscal policy long-term sustainable, cf.