GENERAL GOVERNMENT CYCLICALLY ADJUSTED

Rules involving targets for cyclically adjusted deficits can accomplish both of these goals. Most importantly, the rules must recognize their own imperfection and thus must remain open to review and improvement.

The IMF estimates that these cyclical effects on revenue and outlays have raised the overall deficit by nearly 5 of Greek GDP. On a cyclically adjusted basis, Greece s overall budget would show a surplus of 0.6 of GDP this year.

Sweden and Chile are almost poles apart geographically, but both have used sophisticated fiscal rules successfully. Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

Adjusted Scale

(temperature adjusted)

(electricity adjusted)

In fact, the latest forecast reflects an even worse outcome for France and Italy this year than originally promised, with France s deficit set to increase slightly for 2015 and Italy s cyclically adjusted deficit expected to deteriorate. The Stability and Growth Pact prescribes an annual improvement of at least 0.5 of GDP.

Reflecting these reforms, the International Monetary Fund recently projected that Italy will have a cyclically adjusted budget surplus of nearly 1 of GDP in 2013. Unfortunately, because Italy will still be in recession next year, its actual deficit is expected to be 1.8 of GDP, adding to the national debt.

Change of adjusted emissions

A dogmatic target of budgetary balance four years hence, irrespective of a country s position in the economic cycle, would achieve little targets are meaningless if they are impossible to implement. So the rules would have to be set with reference to each member state s cyclically adjusted fiscal position (for which the OECD already produces estimates).

Despite cuts in government spending and increases in taxes, the IMF still projects the cyclically adjusted fiscal deficit to exceed 3.2 of GDP in 2013 and 2.3 of GDP in 2015. The key to solving Spain s fiscal problem lies in the semi autonomous regions that generate spending and shift the financing burden to Madrid.

A limit on the structural deficit means that a country can run a deficit above the limit to the extent and only to the extent that the gap between revenue and spending is cyclical (that is, its economy is operating below potential due to temporary negative shocks). In other words, the target is cyclically adjusted.

Price adjusted rates of exchange

Gross national product adjusted for

Print runs were being adjusted.

A temperature adjusted base year (1990) was used in the projections however, emission inventory data were not adjusted.

Debris will cyclically collide with each other and thus create more remains that effectively form a lethal shell around the earth.

G. Imputed or significantly adjusted figures

Adjusted total gross appropriations 590 593.5

Table 2 Adjusted unencumbered balance Gross

She too seems to have adjusted.

It's like a happiness adjusted life expectancy.

Slowly his eyes adjusted to the darkness.

And I adjusted affairs for him adjustably

And I adjusted affairs for him adjustably

3.33 million adjusted from West Oil loan

That's adjusted in our rates for 1941.

Several participants referred to the practice of other United Nations bodies, where items are taken up cyclically or in multi year programmes of work.

The adjusted pay gap cannot be fully explained.

Both adjusted and unadjusted data should be provided.

Both adjusted and unadjusted data should be provided.

It is important to note that for several years the subvention has not been adjusted for inflation while the salaries have been adjusted.

The perception of certain concepts needs to be adjusted.

Figure in bracket refers to seasonally adjusted unemployment rate.

This fourth instalment reports the adjusted recommended award amounts.

They must be adjusted over time according to circumstances.

The fuel consumption is then adjusted by the formula

Depending on the outcome, local salaries are adjusted accordingly.

Weighted average ratio, adjusted for cost of living difference

(c) A rise in the seasonally adjusted unemployment rate from 6.3 to 7.2 , between February 1999 (when the wage was last adjusted) and end 2002.

The Panel recommends that the company's award be adjusted accordingly.

The column Total for the table should be adjusted accordingly.

The subvention is currently set at 238,200, and is cost adjusted.

Remaining shares have been adjusted accordingly to absorb this slight revision.