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5. 5. ENGLISH ENGLISH SUMMARY
SUMMARY
Thirdly, the public sector holds significant claims on the private sector in
the form of deferred taxes associated with private pension assets. Also,
future pensions will help improving general government finances due to
the income-dependent scaling down of resulting transfers. Converted to a
constant annual flow of net revenue, this equals 1.2 per cent of GDP in
2001.
Fourthly the budget balance is adjusted by some 1.2 per cent of GDP in
2001 due to some special factors – among other things, the revenue effects
due to decisions made for the future adopted in the Whitsun package.
Fifthly the primary surplus, in per cent of GDP, required to cover interest
and principal payments on public debt is reduced by the nominal GDP
growth rate. Due to the latest forecasts of economic growth and prices,
this adjustment amounts to about 1.4 per cent of GDP in 2001.
In 2001 the actual budget surplus excluding social funds of 1.6 per cent of
GDP thus translates into an adjusted surplus of 0.0 per cent of GDP.
Current fiscal policy is accordingly sustainable.
It should be noted that the adjusted budget balance is not the same as the
structural budget balance. The sustainability of the adjusted budget balance
thus requires that the achieved improvements with respect to general
government budget balance are not only temporary cyclical improvements.
Also, the forecasted impact of demographic changes on the budget balance
is sensitive to the detailed assumptions regarding demographic changes,
the rate of interest and the long-term growth rate of the economy.
5.5. 5.5. Central Central government government capital capital capital account
account
According to the budget bill for 2001, the net balance is expected to show
a surplus of DKK 23.8bn compared with a surplus of DKK 30.2bn for
2000, cf. table 5.8.
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