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='Input data'!B19 Total ageing cost (net of taxes on pensions) ='Input data'!C20 ='Input data'!D20 ='Input data'!E20 ='Input data'!F20 ='Input data'!G20 ='Input data'!H20 ='Input data'!I20 ='Input data'!J20 ='Input data'!K20 ='Input data'!L20 ='Input data'!M20 ='Input data'!N20 ='Input data'!O20 ='Input data'!P20 ='Input data'!Q20 ='Input data'!R20 ='Input data'!S20 ='Input data'!T20 ='Input data'!U20 ='Input data'!V20 ='Input data'!W20 Property income ='Input data'!C26 ='Input data'!D26 ='Input data'!E26 ='Input data'!F26 ='Input data'!G26 ='Input data'!H26 ='Input data'!I26 ='Input data'!J26 ='Input data'!K26 ='Input data'!L26 ='Input data'!M26 ='Input data'!N26 ='Input data'!O26 ='Input data'!P26 ='Input data'!Q26 ='Input data'!R26 ='Input data'!S26 ='Input data'!T26 ='Input data'!U26 ='Input data'!V26 ='Input data'!W26 GDP growth assumptions Actual GDP (real) Level ='Input data'!C31 ='Baseline NFPC'!D22 ='Baseline NFPC'!E22 ='Baseline NFPC'!F22 =IF(AND(G50>1,F50>1),IF(AND(G50>0,F50>0),G27*(G51/100+1),0)+IF(G50>0,F23*(1+G52/100),0)-F23*(1+'Input data'!G30/100),IF(G50=1,G27,F23*(1+G52/100))) =IF(AND(H50>1,G50>1),IF(AND(H50>0,G50>0),H27*(H51/100+1),0)+IF(H50>0,G23*(1+H52/100),0)-G23*(1+'Input data'!H30/100),IF(H50=1,H27,G23*(1+H52/100))) =IF(AND(I50>1,H50>1),IF(AND(I50>0,H50>0),I27*(I51/100+1),0)+IF(I50>0,H23*(1+I52/100),0)-H23*(1+'Input data'!I30/100),IF(I50=1,I27,H23*(1+I52/100))) =IF(AND(J50>1,I50>1),IF(AND(J50>0,I50>0),J27*(J51/100+1),0)+IF(J50>0,I23*(1+J52/100),0)-I23*(1+'Input data'!J30/100),IF(J50=1,J27,I23*(1+J52/100))) =IF(AND(K50>1,J50>1),IF(AND(K50>0,J50>0),K27*(K51/100+1),0)+IF(K50>0,J23*(1+K52/100),0)-J23*(1+'Input data'!K30/100),IF(K50=1,K27,J23*(1+K52/100))) =IF(AND(L50>1,K50>1),IF(AND(L50>0,K50>0),L27*(L51/100+1),0)+IF(L50>0,K23*(1+L52/100),0)-K23*(1+'Input data'!L30/100),IF(L50=1,L27,K23*(1+L52/100))) =IF(AND(M50>1,L50>1),IF(AND(M50>0,L50>0),M27*(M51/100+1),0)+IF(M50>0,L23*(1+M52/100),0)-L23*(1+'Input data'!M30/100),IF(M50=1,M27,L23*(1+M52/100))) =IF(AND(N50>1,M50>1),IF(AND(N50>0,M50>0),N27*(N51/100+1),0)+IF(N50>0,M23*(1+N52/100),0)-M23*(1+'Input data'!N30/100),IF(N50=1,N27,M23*(1+N52/100))) =IF(AND(O50>1,N50>1),IF(AND(O50>0,N50>0),O27*(O51/100+1),0)+IF(O50>0,N23*(1+O52/100),0)-N23*(1+'Input data'!O30/100),IF(O50=1,O27,N23*(1+O52/100))) =IF(AND(P50>1,O50>1),IF(AND(P50>0,O50>0),P27*(P51/100+1),0)+IF(P50>0,O23*(1+P52/100),0)-O23*(1+'Input data'!P30/100),IF(P50=1,P27,O23*(1+P52/100))) =IF(AND(Q50>1,P50>1),IF(AND(Q50>0,P50>0),Q27*(Q51/100+1),0)+IF(Q50>0,P23*(1+Q52/100),0)-P23*(1+'Input data'!Q30/100),IF(Q50=1,Q27,P23*(1+Q52/100))) =IF(AND(R50>1,Q50>1),IF(AND(R50>0,Q50>0),R27*(R51/100+1),0)+IF(R50>0,Q23*(1+R52/100),0)-Q23*(1+'Input data'!R30/100),IF(R50=1,R27,Q23*(1+R52/100))) =IF(AND(S50>1,R50>1),IF(AND(S50>0,R50>0),S27*(S51/100+1),0)+IF(S50>0,R23*(1+S52/100),0)-R23*(1+'Input data'!S30/100),IF(S50=1,S27,R23*(1+S52/100))) =IF(AND(T50>1,S50>1),IF(AND(T50>0,S50>0),T27*(T51/100+1),0)+IF(T50>0,S23*(1+T52/100),0)-S23*(1+'Input data'!T30/100),IF(T50=1,T27,S23*(1+T52/100))) =IF(AND(U50>1,T50>1),IF(AND(U50>0,T50>0),U27*(U51/100+1),0)+IF(U50>0,T23*(1+U52/100),0)-T23*(1+'Input data'!U30/100),IF(U50=1,U27,T23*(1+U52/100))) =IF(AND(V50>1,U50>1),IF(AND(V50>0,U50>0),V27*(V51/100+1),0)+IF(V50>0,U23*(1+V52/100),0)-U23*(1+'Input data'!V30/100),IF(V50=1,V27,U23*(1+V52/100))) =IF(AND(W50>1,V50>1),IF(AND(W50>0,V50>0),W27*(W51/100+1),0)+IF(W50>0,V23*(1+W52/100),0)-V23*(1+'Input data'!W30/100),IF(W50=1,W27,V23*(1+W52/100))) Growth rate =+'Input data'!C30 ='Baseline NFPC'!D23 ='Baseline NFPC'!E23 ='Baseline NFPC'!F23 =100*(G23/F23-1) =100*(H23/G23-1) =100*(I23/H23-1) =100*(J23/I23-1) =100*(K23/J23-1) =100*(L23/K23-1) =100*(M23/L23-1) =100*(N23/M23-1) =100*(O23/N23-1) =100*(P23/O23-1) =100*(Q23/P23-1) =100*(R23/Q23-1) =100*(S23/R23-1) =100*(T23/S23-1) =100*(U23/T23-1) =100*(V23/U23-1) =100*(W23/V23-1) Potential GDP (real) Level ='Input data'!C34 =+C27*(1+'Input data'!D33/100) =+D27*(1+'Input data'!E33/100) =+E27*(1+'Input data'!F33/100) =+F27*(1+'Input data'!G33/100) =+G27*(1+'Input data'!H33/100) =+H27*(1+'Input data'!I33/100) =+I27*(1+'Input data'!J33/100) =+J27*(1+'Input data'!K33/100) =+K27*(1+'Input data'!L33/100) =+L27*(1+'Input data'!M33/100) =+M27*(1+'Input data'!N33/100) =+N27*(1+'Input data'!O33/100) =+O27*(1+'Input data'!P33/100) =+P27*(1+'Input data'!Q33/100) =+Q27*(1+'Input data'!R33/100) =+R27*(1+'Input data'!S33/100) =+S27*(1+'Input data'!T33/100) =+T27*(1+'Input data'!U33/100) =+U27*(1+'Input data'!V33/100) =+V27*(1+'Input data'!W33/100) Output gap Output gap =100*(C23/C27-1) =100*(D23/D27-1) =100*(E23/E27-1) =100*(F23/F27-1) =100*(G23/G27-1) =100*(H23/H27-1) =100*(I23/I27-1) =100*(J23/J27-1) =100*(K23/K27-1) =100*(L23/L27-1) =100*(M23/M27-1) =100*(N23/N27-1) =100*(O23/O27-1) =100*(P23/P27-1) =100*(Q23/Q27-1) =100*(R23/R27-1) =100*(S23/S27-1) =100*(T23/T27-1) =100*(U23/U27-1) =100*(V23/V27-1) =100*(W23/W27-1) Actual GDP (nominal, national currency) Growth rate =100*((1+C24/100)*(1+C42/100)-1) =100*((1+D24/100)*(1+D42/100)-1) =100*((1+E24/100)*(1+E42/100)-1) =100*((1+F24/100)*(1+F42/100)-1) =100*((1+G24/100)*(1+G42/100)-1) =100*((1+H24/100)*(1+H42/100)-1) =100*((1+I24/100)*(1+I42/100)-1) =100*((1+J24/100)*(1+J42/100)-1) =100*((1+K24/100)*(1+K42/100)-1) =100*((1+L24/100)*(1+L42/100)-1) =100*((1+M24/100)*(1+M42/100)-1) =100*((1+N24/100)*(1+N42/100)-1) =100*((1+O24/100)*(1+O42/100)-1) =100*((1+P24/100)*(1+P42/100)-1) =100*((1+Q24/100)*(1+Q42/100)-1) =100*((1+R24/100)*(1+R42/100)-1) =100*((1+S24/100)*(1+S42/100)-1) =100*((1+T24/100)*(1+T42/100)-1) =100*((1+U24/100)*(1+U42/100)-1) =100*((1+V24/100)*(1+V42/100)-1) =100*((1+W24/100)*(1+W42/100)-1) Interest rates Nominal implicit interest rate on debt ='Input data'!C37 ='Input data'!D37 ='Input data'!E37 ='Input data'!F37 ='Input data'!G37 =H101 =I101 =J101 =K101 =L101 =M101 =N101 =O101 =P101 =Q101 =R101 =S101 =T101 =U101 =V101 =W101 Long-term interest rate ='Input data'!D$39 ='Input data'!E$39 ='Input data'!F$39 ='Input data'!G$39 =G37+($O$37-$G$37)/($O$10-$G$10) =H37+($O$37-$G$37)/($O$10-$G$10) =I37+($O$37-$G$37)/($O$10-$G$10) =J37+($O$37-$G$37)/($O$10-$G$10) =K37+($O$37-$G$37)/($O$10-$G$10) =L37+($O$37-$G$37)/($O$10-$G$10) =M37+($O$37-$G$37)/($O$10-$G$10) ='Input data'!$C$52 ='Baseline NFPC'!P36 ='Baseline NFPC'!Q36 ='Baseline NFPC'!R36 ='Baseline NFPC'!S36 ='Baseline NFPC'!T36 ='Baseline NFPC'!U36 ='Baseline NFPC'!V36 ='Baseline NFPC'!W36 Short-term interest rate ='Input data'!D$38 ='Input data'!E$38 ='Input data'!F$38 ='Input data'!G$38 =G38+($O$38-$G$38)/($O$10-$G$10) =H38+($O$38-$G$38)/($O$10-$G$10) =I38+($O$38-$G$38)/($O$10-$G$10) =J38+($O$38-$G$38)/($O$10-$G$10) =K38+($O$38-$G$38)/($O$10-$G$10) =L38+($O$38-$G$38)/($O$10-$G$10) =M38+($O$38-$G$38)/($O$10-$G$10) ='Input data'!$C$53 ='Baseline NFPC'!P37 ='Baseline NFPC'!Q37 ='Baseline NFPC'!R37 ='Baseline NFPC'!S37 ='Baseline NFPC'!T37 ='Baseline NFPC'!U37 ='Baseline NFPC'!V37 ='Baseline NFPC'!W37 Share of long-term debt that matures every year ='Baseline NFPC'!C38 ='Baseline NFPC'!D38 ='Baseline NFPC'!E38 ='Baseline NFPC'!F38 ='Baseline NFPC'!G38 ='Baseline NFPC'!H38 ='Baseline NFPC'!I38 ='Baseline NFPC'!J38 ='Baseline NFPC'!K38 ='Baseline NFPC'!L38 ='Baseline NFPC'!M38 ='Baseline NFPC'!N38 ='Baseline NFPC'!O38 ='Baseline NFPC'!P38 ='Baseline NFPC'!Q38 ='Baseline NFPC'!R38 ='Baseline NFPC'!S38 ='Baseline NFPC'!T38 ='Baseline NFPC'!U38 ='Baseline NFPC'!V38 ='Baseline NFPC'!W38 Inflation and exchange rate GDP deflator (National currency) ='Input data'!C42 ='Input data'!D42 ='Input data'!E42 ='Input data'!F42 ='Input data'!G42 ='Baseline NFPC'!H41 ='Baseline NFPC'!I41 ='Baseline NFPC'!J41 ='Baseline NFPC'!K41 ='Baseline NFPC'!L41 ='Baseline NFPC'!M41 ='Baseline NFPC'!N41 ='Baseline NFPC'!O41 ='Baseline NFPC'!P41 ='Baseline NFPC'!Q41 ='Baseline NFPC'!R41 ='Baseline NFPC'!S41 ='Baseline NFPC'!T41 ='Baseline NFPC'!U41 ='Baseline NFPC'!V41 ='Baseline NFPC'!W41 Exchange rate composite change (weighted by share of debt in each currency) ='Baseline NFPC'!C42 ='Baseline NFPC'!D42 ='Baseline NFPC'!E42 ='Baseline NFPC'!F42 ='Baseline NFPC'!G42 ='Baseline NFPC'!H42 ='Baseline NFPC'!I42 ='Baseline NFPC'!J42 ='Baseline NFPC'!K42 ='Baseline NFPC'!L42 ='Baseline NFPC'!M42 ='Baseline NFPC'!N42 ='Baseline NFPC'!O42 ='Baseline NFPC'!P42 ='Baseline NFPC'!Q42 ='Baseline NFPC'!R42 ='Baseline NFPC'!S42 ='Baseline NFPC'!T42 ='Baseline NFPC'!U42 ='Baseline NFPC'!V42 ='Baseline NFPC'!W42 Intermediate calculations (growth rate equation) Fiscal multiplier ='Input data'!C49 Budget balance semi-elasticity ='Input data'!C50 Auxiliary variable to control the closure of the output gap 0 =IF(AND(ABS((D12-C12)-('Input data'!D13-'Input data'!C13))>0.0001,ABS(D12-C12)>0.0001,D$10>$C$5),4,IF(C50=4,3,IF(C50=3,2,IF(C50=2,1,0)))) =IF(AND(ABS((E12-D12)-('Input data'!E13-'Input data'!D13))>0.0001,ABS(E12-D12)>0.0001,E$10>$C$5),4,IF(D50=4,3,IF(D50=3,2,IF(D50=2,1,0)))) =IF(AND(ABS((F12-E12)-('Input data'!F13-'Input data'!E13))>0.0001,ABS(F12-E12)>0.0001,F$10>$C$5),4,IF(E50=4,3,IF(E50=3,2,IF(E50=2,1,0)))) =IF(AND(ABS((G12-F12)-('Input data'!G13-'Input data'!F13))>0.0001,ABS(G12-F12)>0.0001,G$10>$C$5),4,IF(F50=4,3,IF(F50=3,2,IF(F50=2,1,0)))) =IF(AND(ABS((H12-G12)-('Input data'!H13-'Input data'!G13))>0.0001,ABS(H12-G12)>0.0001,H$10>$C$5),4,IF(G50=4,3,IF(G50=3,2,IF(G50=2,1,0)))) =IF(AND(ABS((I12-H12)-('Input data'!I13-'Input data'!H13))>0.0001,ABS(I12-H12)>0.0001,I$10>$C$5),4,IF(H50=4,3,IF(H50=3,2,IF(H50=2,1,0)))) =IF(AND(ABS((J12-I12)-('Input data'!J13-'Input data'!I13))>0.0001,ABS(J12-I12)>0.0001,J$10>$C$5),4,IF(I50=4,3,IF(I50=3,2,IF(I50=2,1,0)))) =IF(AND(ABS((K12-J12)-('Input data'!K13-'Input data'!J13))>0.0001,ABS(K12-J12)>0.0001,K$10>$C$5),4,IF(J50=4,3,IF(J50=3,2,IF(J50=2,1,0)))) =IF(AND(ABS((L12-K12)-('Input data'!L13-'Input data'!K13))>0.0001,ABS(L12-K12)>0.0001,L$10>$C$5),4,IF(K50=4,3,IF(K50=3,2,IF(K50=2,1,0)))) =IF(AND(ABS((M12-L12)-('Input data'!M13-'Input data'!L13))>0.0001,ABS(M12-L12)>0.0001,M$10>$C$5),4,IF(L50=4,3,IF(L50=3,2,IF(L50=2,1,0)))) =IF(AND(ABS((N12-M12)-('Input data'!N13-'Input data'!M13))>0.0001,ABS(N12-M12)>0.0001,N$10>$C$5),4,IF(M50=4,3,IF(M50=3,2,IF(M50=2,1,0)))) =IF(AND(ABS((O12-N12)-('Input data'!O13-'Input data'!N13))>0.0001,ABS(O12-N12)>0.0001,O$10>$C$5),4,IF(N50=4,3,IF(N50=3,2,IF(N50=2,1,0)))) =IF(AND(ABS((P12-O12)-('Input data'!P13-'Input data'!O13))>0.0001,ABS(P12-O12)>0.0001,P$10>$C$5),4,IF(O50=4,3,IF(O50=3,2,IF(O50=2,1,0)))) =IF(AND(ABS((Q12-P12)-('Input data'!Q13-'Input data'!P13))>0.0001,ABS(Q12-P12)>0.0001,Q$10>$C$5),4,IF(P50=4,3,IF(P50=3,2,IF(P50=2,1,0)))) =IF(AND(ABS((R12-Q12)-('Input data'!R13-'Input data'!Q13))>0.0001,ABS(R12-Q12)>0.0001,R$10>$C$5),4,IF(Q50=4,3,IF(Q50=3,2,IF(Q50=2,1,0)))) =IF(AND(ABS((S12-R12)-('Input data'!S13-'Input data'!R13))>0.0001,ABS(S12-R12)>0.0001,S$10>$C$5),4,IF(R50=4,3,IF(R50=3,2,IF(R50=2,1,0)))) =IF(AND(ABS((T12-S12)-('Input data'!T13-'Input data'!S13))>0.0001,ABS(T12-S12)>0.0001,T$10>$C$5),4,IF(S50=4,3,IF(S50=3,2,IF(S50=2,1,0)))) =IF(AND(ABS((U12-T12)-('Input data'!U13-'Input data'!T13))>0.0001,ABS(U12-T12)>0.0001,U$10>$C$5),4,IF(T50=4,3,IF(T50=3,2,IF(T50=2,1,0)))) =IF(AND(ABS((V12-U12)-('Input data'!V13-'Input data'!U13))>0.0001,ABS(V12-U12)>0.0001,V$10>$C$5),4,IF(U50=4,3,IF(U50=3,2,IF(U50=2,1,0)))) =IF(AND(ABS((W12-V12)-('Input data'!W13-'Input data'!V13))>0.0001,ABS(W12-V12)>0.0001,W$10>$C$5),4,IF(V50=4,3,IF(V50=3,2,IF(V50=2,1,0)))) OG intermediate auxiliary value 0 =IF(C50=4,2/3*C30,IF(C50=3,1/3*B30,0)) =IF(D50=4,2/3*D30,IF(D50=3,1/3*C30,0)) =IF(E50=4,2/3*E30,IF(E50=3,1/3*D30,0)) =IF(F50=4,2/3*F30,IF(F50=3,1/3*E30,0)) =IF(G50=4,2/3*G30,IF(G50=3,1/3*F30,0)) =IF(H50=4,2/3*H30,IF(H50=3,1/3*G30,0)) =IF(I50=4,2/3*I30,IF(I50=3,1/3*H30,0)) =IF(J50=4,2/3*J30,IF(J50=3,1/3*I30,0)) =IF(K50=4,2/3*K30,IF(K50=3,1/3*J30,0)) =IF(L50=4,2/3*L30,IF(L50=3,1/3*K30,0)) =IF(M50=4,2/3*M30,IF(M50=3,1/3*L30,0)) =IF(N50=4,2/3*N30,IF(N50=3,1/3*M30,0)) =IF(O50=4,2/3*O30,IF(O50=3,1/3*N30,0)) =IF(P50=4,2/3*P30,IF(P50=3,1/3*O30,0)) =IF(Q50=4,2/3*Q30,IF(Q50=3,1/3*P30,0)) =IF(R50=4,2/3*R30,IF(R50=3,1/3*Q30,0)) =IF(S50=4,2/3*S30,IF(S50=3,1/3*R30,0)) =IF(T50=4,2/3*T30,IF(T50=3,1/3*S30,0)) =IF(U50=4,2/3*U30,IF(U50=3,1/3*T30,0)) =IF(V50=4,2/3*V30,IF(V50=3,1/3*U30,0)) GDP intermediate growth rate - only feedback effect and no closure of the OG ='Input data'!D30-$C$47*((D12-C12)-('Input data'!D13-'Input data'!C13)) ='Input data'!E30-$C$47*((E12-D12)-('Input data'!E13-'Input data'!D13)) ='Input data'!F30-$C$47*((F12-E12)-('Input data'!F13-'Input data'!E13)) ='Input data'!G30-$C$47*((G12-F12)) ='Input data'!H30-$C$47*((H12-G12)) ='Input data'!I30-$C$47*((I12-H12)) ='Input data'!J30-$C$47*((J12-I12)) ='Input data'!K30-$C$47*((K12-J12)) ='Input data'!L30-$C$47*((L12-K12)) ='Input data'!M30-$C$47*((M12-L12)) ='Input data'!N30-$C$47*((N12-M12)) ='Input data'!O30-$C$47*((O12-N12)) ='Input data'!P30-$C$47*((P12-O12)) ='Input data'!Q30-$C$47*((Q12-P12)) ='Input data'!R30-$C$47*((R12-Q12)) ='Input data'!S30-$C$47*((S12-R12)) ='Input data'!T30-$C$47*((T12-S12)) ='Input data'!U30-$C$47*((U12-T12)) ='Input data'!V30-$C$47*((V12-U12)) ='Input data'!W30-$C$47*((W12-V12)) Debt projections 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Gross debt =+'Input data'!C12 =+C57+D58 =+D57+E58 =+E57+F58 =+F57+G58 =+G57+H58 =+H57+I58 =+I57+J58 =+J57+K58 =+K57+L58 =+L57+M58 =+M57+N58 =+N57+O58 =+O57+P58 =+P57+Q58 =+Q57+R58 =+R57+S58 =+S57+T58 =+T57+U58 =+U57+V58 =+V57+W58 Change in debt (-1+2+3) =-D59+D67+D72 =-E59+E67+E72 =-F59+F67+F72 =-G59+G67+G72 =-H59+H67+H72 =-I59+I67+I72 =-J59+J67+J72 =-K59+K67+K72 =-L59+L67+L72 =-M59+M67+M72 =-N59+N67+N72 =-O59+O67+O72 =-P59+P67+P72 =-Q59+Q67+Q72 =-R59+R67+R72 =-S59+S67+S72 =-T59+T67+T72 =-U59+U67+U72 =-V59+V67+V72 =-W59+W67+W72 (1) Primary balance (1.1 + 1.2 - 1.3 -1.4 -1.5 - 1.6 -1.7) =D60+D61-D62-D63-D64-D65-D66 =E60+E61-E62-E63-E64-E65-E66 =F60+F61-F62-F63-F64-F65-F66 =G60+G61-G62-G63-G64-G65-G66 =H60+H61-H62-H63-H64-H65-H66 =I60+I61-I62-I63-I64-I65-I66 =J60+J61-J62-J63-J64-J65-J66 =K60+K61-K62-K63-K64-K65-K66 =L60+L61-L62-L63-L64-L65-L66 =M60+M61-M62-M63-M64-M65-M66 =N60+N61-N62-N63-N64-N65-N66 =O60+O61-O62-O63-O64-O65-O66 =P60+P61-P62-P63-P64-P65-P66 =Q60+Q61-Q62-Q63-Q64-Q65-Q66 =R60+R61-R62-R63-R64-R65-R66 =S60+S61-S62-S63-S64-S65-S66 =T60+T61-T62-T63-T64-T65-T66 =U60+U61-U62-U63-U64-U65-U66 =V60+V61-V62-V63-V64-V65-V66 =W60+W61-W62-W63-W64-W65-W66 (1.1) Structural primary balance (before ageing cost) =D12 =E12 =F12 =IF(G12="",F60,G12) =IF(H12="",G60,H12) =IF(I12="",H60,I12) =IF(J12="",I60,J12) =IF(K12="",J60,K12) =IF(L12="",K60,L12) =IF(M12="",L60,M12) =IF(N12="",M60,N12) =IF(O12="",N60,O12) =IF(P12="",O60,P12) =IF(Q12="",P60,Q12) =IF(R12="",Q60,R12) =IF(S12="",R60,S12) =IF(T12="",S60,T12) =IF(U12="",T60,U12) =IF(V12="",U60,V12) =IF(W12="",V60,W12) (1.2) Cumulated budgetary effort (in terms of primary balance) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1.3) Cyclical component =-$C$48*D30 =-$C$48*E30 =-$C$48*F30 =-$C$48*G30 =-$C$48*H30 =-$C$48*I30 =-$C$48*J30 =-$C$48*K30 =-$C$48*L30 =-$C$48*M30 =-$C$48*N30 =-$C$48*O30 =-$C$48*P30 =-$C$48*Q30 =-$C$48*R30 =-$C$48*S30 =-$C$48*T30 =-$C$48*U30 =-$C$48*V30 =-$C$48*W30 (1.4) One-off and other temporary measures =-D14 =-E14 =-F14 =-G14 =-H14 =-I14 =-J14 =-K14 =-L14 =-M14 =-N14 =-O14 =-P14 =-Q14 =-R14 =-S14 =-T14 =-U14 =-V14 =-W14 (1.5) Cost of ageing =IF(D$56<=$C$6,0,HLOOKUP(D$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(E$56<=$C$6,0,HLOOKUP(E$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(F$56<=$C$6,0,HLOOKUP(F$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(G$56<=$C$6,0,HLOOKUP(G$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(H$56<=$C$6,0,HLOOKUP(H$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(I$56<=$C$6,0,HLOOKUP(I$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(J$56<=$C$6,0,HLO