Download

K49>1,J49>1),IF(AND(K49>0,J49>0),K26*(K50/100+1),0)+IF(K49>0,J22*(1+K51/100),0)-J22*(1+'Input data'!K30/100),IF(K49=1,K26,J22*(1+K51/100))) =IF(AND(L49>1,K49>1),IF(AND(L49>0,K49>0),L26*(L50/100+1),0)+IF(L49>0,K22*(1+L51/100),0)-K22*(1+'Input data'!L30/100),IF(L49=1,L26,K22*(1+L51/100))) =IF(AND(M49>1,L49>1),IF(AND(M49>0,L49>0),M26*(M50/100+1),0)+IF(M49>0,L22*(1+M51/100),0)-L22*(1+'Input data'!M30/100),IF(M49=1,M26,L22*(1+M51/100))) =IF(AND(N49>1,M49>1),IF(AND(N49>0,M49>0),N26*(N50/100+1),0)+IF(N49>0,M22*(1+N51/100),0)-M22*(1+'Input data'!N30/100),IF(N49=1,N26,M22*(1+N51/100))) =IF(AND(O49>1,N49>1),IF(AND(O49>0,N49>0),O26*(O50/100+1),0)+IF(O49>0,N22*(1+O51/100),0)-N22*(1+'Input data'!O30/100),IF(O49=1,O26,N22*(1+O51/100))) =IF(AND(P49>1,O49>1),IF(AND(P49>0,O49>0),P26*(P50/100+1),0)+IF(P49>0,O22*(1+P51/100),0)-O22*(1+'Input data'!P30/100),IF(P49=1,P26,O22*(1+P51/100))) =IF(AND(Q49>1,P49>1),IF(AND(Q49>0,P49>0),Q26*(Q50/100+1),0)+IF(Q49>0,P22*(1+Q51/100),0)-P22*(1+'Input data'!Q30/100),IF(Q49=1,Q26,P22*(1+Q51/100))) =IF(AND(R49>1,Q49>1),IF(AND(R49>0,Q49>0),R26*(R50/100+1),0)+IF(R49>0,Q22*(1+R51/100),0)-Q22*(1+'Input data'!R30/100),IF(R49=1,R26,Q22*(1+R51/100))) =IF(AND(S49>1,R49>1),IF(AND(S49>0,R49>0),S26*(S50/100+1),0)+IF(S49>0,R22*(1+S51/100),0)-R22*(1+'Input data'!S30/100),IF(S49=1,S26,R22*(1+S51/100))) =IF(AND(T49>1,S49>1),IF(AND(T49>0,S49>0),T26*(T50/100+1),0)+IF(T49>0,S22*(1+T51/100),0)-S22*(1+'Input data'!T30/100),IF(T49=1,T26,S22*(1+T51/100))) =IF(AND(U49>1,T49>1),IF(AND(U49>0,T49>0),U26*(U50/100+1),0)+IF(U49>0,T22*(1+U51/100),0)-T22*(1+'Input data'!U30/100),IF(U49=1,U26,T22*(1+U51/100))) =IF(AND(V49>1,U49>1),IF(AND(V49>0,U49>0),V26*(V50/100+1),0)+IF(V49>0,U22*(1+V51/100),0)-U22*(1+'Input data'!V30/100),IF(V49=1,V26,U22*(1+V51/100))) =IF(AND(W49>1,V49>1),IF(AND(W49>0,V49>0),W26*(W50/100+1),0)+IF(W49>0,V22*(1+W51/100),0)-V22*(1+'Input data'!W30/100),IF(W49=1,W26,V22*(1+W51/100))) Growth rate =+'Input data'!C30 =+'Input data'!D30 =+'Input data'!E30 =+'Input data'!F30 =+'Input data'!G30 =100*(H22/G22-1) =100*(I22/H22-1) =100*(J22/I22-1) =100*(K22/J22-1) =100*(L22/K22-1) =100*(M22/L22-1) =100*(N22/M22-1) =100*(O22/N22-1) =100*(P22/O22-1) =100*(Q22/P22-1) =100*(R22/Q22-1) =100*(S22/R22-1) =100*(T22/S22-1) =100*(U22/T22-1) =100*(V22/U22-1) =100*(W22/V22-1) Potential GDP (real) Level ='Input data'!C34 =+C26*(1+'Input data'!D33/100) =+D26*(1+'Input data'!E33/100) =+E26*(1+'Input data'!F33/100) =+F26*(1+'Input data'!G33/100) =+G26*(1+'Input data'!H33/100) =+H26*(1+'Input data'!I33/100) =+I26*(1+'Input data'!J33/100) =+J26*(1+'Input data'!K33/100) =+K26*(1+'Input data'!L33/100) =+L26*(1+'Input data'!M33/100) =+M26*(1+'Input data'!N33/100) =+N26*(1+'Input data'!O33/100) =+O26*(1+'Input data'!P33/100) =+P26*(1+'Input data'!Q33/100) =+Q26*(1+'Input data'!R33/100) =+R26*(1+'Input data'!S33/100) =+S26*(1+'Input data'!T33/100) =+T26*(1+'Input data'!U33/100) =+U26*(1+'Input data'!V33/100) =+V26*(1+'Input data'!W33/100) Output gap Output gap =100*(C22/C26-1) =100*(D22/D26-1) =100*(E22/E26-1) =100*(F22/F26-1) =100*(G22/G26-1) =100*(H22/H26-1) =100*(I22/I26-1) =100*(J22/J26-1) =100*(K22/K26-1) =100*(L22/L26-1) =100*(M22/M26-1) =100*(N22/N26-1) =100*(O22/O26-1) =100*(P22/P26-1) =100*(Q22/Q26-1) =100*(R22/R26-1) =100*(S22/S26-1) =100*(T22/T26-1) =100*(U22/U26-1) =100*(V22/V26-1) =100*(W22/W26-1) Actual GDP (nominal, national currency) Growth rate =100*((1+C23/100)*(1+C41/100)-1) =100*((1+D23/100)*(1+D41/100)-1) =100*((1+E23/100)*(1+E41/100)-1) =100*((1+F23/100)*(1+F41/100)-1) =100*((1+G23/100)*(1+G41/100)-1) =100*((1+H23/100)*(1+H41/100)-1) =100*((1+I23/100)*(1+I41/100)-1) =100*((1+J23/100)*(1+J41/100)-1) =100*((1+K23/100)*(1+K41/100)-1) =100*((1+L23/100)*(1+L41/100)-1) =100*((1+M23/100)*(1+M41/100)-1) =100*((1+N23/100)*(1+N41/100)-1) =100*((1+O23/100)*(1+O41/100)-1) =100*((1+P23/100)*(1+P41/100)-1) =100*((1+Q23/100)*(1+Q41/100)-1) =100*((1+R23/100)*(1+R41/100)-1) =100*((1+S23/100)*(1+S41/100)-1) =100*((1+T23/100)*(1+T41/100)-1) =100*((1+U23/100)*(1+U41/100)-1) =100*((1+V23/100)*(1+V41/100)-1) =100*((1+W23/100)*(1+W41/100)-1) Interest rate Nominal implicit interest rate on debt ='Input data'!C37 ='Input data'!D37 ='Input data'!E37 ='Input data'!F37 ='Input data'!G37 =H96 =I96 =J96 =K96 =L96 =M96 =N96 =O96 =P96 =Q96 =R96 =S96 =T96 =U96 =V96 =W96 Long-term interest rate ='Input data'!E39 ='Input data'!F39 ='Input data'!G39 =G36+($O$36-$G$36)/($O$10-$G$10) =H36+($O$36-$G$36)/($O$10-$G$10) =I36+($O$36-$G$36)/($O$10-$G$10) =J36+($O$36-$G$36)/($O$10-$G$10) =K36+($O$36-$G$36)/($O$10-$G$10) =L36+($O$36-$G$36)/($O$10-$G$10) =M36+($O$36-$G$36)/($O$10-$G$10) ='Input data'!$C$52 =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!P$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!Q$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!R$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!S$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!T$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!U$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!V$10-2033) =$O$36+('Input data'!$C$54-'Input data'!$C$52)/20*('Baseline NFPC'!W$10-2033) Short-term interest rate ='Input data'!E$38 ='Input data'!F$38 ='Input data'!G$38 =G37+($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$53 =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!P$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!Q$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!R$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!S$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!T$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!U$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!V$10-2033) =$O$37+('Input data'!$C$55-'Input data'!$C$53)/20*('Baseline NFPC'!W$10-2033) Share of long-term debt that matures every year 0.08214458 0.09967769 0.11722498 0.07480801 =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(G$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(G10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(H$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(H10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(I$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(I10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(J$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(J10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(K$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(K10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(L$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(L10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(M$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(M10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(N$10,$B$110:$T$110,0),0),$F$38+('Input data'!$C$59-$F$38)/($O$10-$F$10)*(N10-$F$10)) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(O$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(P$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(Q$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(R$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(S$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$T$114,MATCH(T$10,$B$110:$T$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$W$114,MATCH(U$10,$B$110:$W$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$W$114,MATCH(V$10,$B$110:$W$110,0),0),'Input data'!$C$59) =IF(OR($C$3="EL",$C$3="CY",$C$3="IE",$C$3="PT"),VLOOKUP($C$3,$B$110:$W$114,MATCH(W$10,$B$110:$W$110,0),0),'Input data'!$C$59) Inflation and exchange rate GDP deflator (national currency) ='Input data'!C42 ='Input data'!D42 ='Input data'!E42 ='Input data'!F42 ='Input data'!G42 =$G$41+($O$41-$G$41)/($O$10-$G$10)*(H10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(I10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(J10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(K10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(L10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(M10-$G$10) =$G$41+($O$41-$G$41)/($O$10-$G$10)*(N10-$G$10) ='Input data'!$C$61 =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(P$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(Q$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(R$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(S$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(T$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(U$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(V$10-2033) =$O$41+('Input data'!$C$62-'Input data'!$C$61)/20*(W$10-2033) Exchange rate composite change (weighted by share of debt in each currency) 1.007653 1.012054 0.9995905 1.004347 1.000506 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 =IF(AND(ABS((D12-C12)-('Input data'!D13-'Input data'!C13))>0.0001,ABS(D12-C12)>0.0001,D$10>$C$5),4,IF(C49=4,3,IF(C49=3,2,IF(C49=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(D49=4,3,IF(D49=3,2,IF(D49=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(E49=4,3,IF(E49=3,2,IF(E49=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(F49=4,3,IF(F49=3,2,IF(F49=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(G49=4,3,IF(G49=3,2,IF(G49=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(H49=4,3,IF(H49=3,2,IF(H49=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(I49=4,3,IF(I49=3,2,IF(I49=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(J49=4,3,IF(J49=3,2,IF(J49=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(K49=4,3,IF(K49=3,2,IF(K49=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(L49=4,3,IF(L49=3,2,IF(L49=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(M49=4,3,IF(M49=3,2,IF(M49=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(N49=4,3,IF(N49=3,2,IF(N49=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(O49=4,3,IF(O49=3,2,IF(O49=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(P49=4,3,IF(P49=3,2,IF(P49=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(Q49=4,3,IF(Q49=3,2,IF(Q49=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(R49=4,3,IF(R49=3,2,IF(R49=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(S49=4,3,IF(S49=3,2,IF(S49=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(T49=4,3,IF(T49=3,2,IF(T49=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(U49=4,3,IF(U49=3,2,IF(U49=2,1,0)))) =IF(AND(ABS((W12-V12)-('Input data'!W13-'Input data'!V13))>0.0001,ABS(W12-V12)>0.0001,W$10>$C$5),4,IF(V49=4,3,IF(V49=3,2,IF(V49=2,1,0)))) OG intermediate auxiliary value =IF(C49=4,2/3*C29,IF(C49=3,1/3*B29,0)) =IF(D49=4,2/3*D29,IF(D49=3,1/3*C29,0)) =IF(E49=4,2/3*E29,IF(E49=3,1/3*D29,0)) =IF(F49=4,2/3*F29,IF(F49=3,1/3*E29,0)) =IF(G49=4,2/3*G29,IF(G49=3,1/3*F29,0)) =IF(H49=4,2/3*H29,IF(H49=3,1/3*G29,0)) =IF(I49=4,2/3*I29,IF(I49=3,1/3*H29,0)) =IF(J49=4,2/3*J29,IF(J49=3,1/3*I29,0)) =IF(K49=4,2/3*K29,IF(K49=3,1/3*J29,0)) =IF(L49=4,2/3*L29,IF(L49=3,1/3*K29,0)) =IF(M49=4,2/3*M29,IF(M49=3,1/3*L29,0)) =IF(N49=4,2/3*N29,IF(N49=3,1/3*M29,0)) =IF(O49=4,2/3*O29,IF(O49=3,1/3*N29,0)) =IF(P49=4,2/3*P29,IF(P49=3,1/3*O29,0)) =IF(Q49=4,2/3*Q29,IF(Q49=3,1/3*P29,0)) =IF(R49=4,2/3*R29,IF(R49=3,1/3*Q29,0)) =IF(S49=4,2/3*S29,IF(S49=3,1/3*R29,0)) =IF(T49=4,2/3*T29,IF(T49=3,1/3*S29,0)) =IF(U49=4,2/3*U29,IF(U49=3,1/3*T29,0)) =IF(V49=4,2/3*V29,IF(V49=3,1/3*U29,0)) GDP intermediate growth rate - only feedback effect and no closure of the OG ='Input data'!D30-$C$46*((D12-C12)-('Input data'!D13-'Input data'!C13)) ='Input data'!E30-$C$46*((E12-D12)-('Input data'!E13-'Input data'!D13)) ='Input data'!F30-$C$46*((F12-E12)-('Input data'!F13-'Input data'!E13)) ='Input data'!G30-$C$46*((G12-F12)-('Input data'!G13-'Input data'!F13)) ='Input data'!H30-$C$46*((H12-G12)) ='Input data'!I30-$C$46*((I12-H12)) ='Input data'!J30-$C$46*((J12-I12)) ='Input data'!K30-$C$46*((K12-J12)) ='Input data'!L30-$C$46*((L12-K12)) ='Input data'!M30-$C$46*((M12-L12)) ='Input data'!N30-$C$46*((N12-M12)) ='Input data'!O30-$C$46*((O12-N12)) ='Input data'!P30-$C$46*((P12-O12)) ='Input data'!Q30-$C$46*((Q12-P12)) ='Input data'!R30-$C$46*((R12-Q12)) ='Input data'!S30-$C$46*((S12-R12)) ='Input data'!T30-$C$46*((T12-S12)) ='Input data'!U30-$C$46*((U12-T12)) ='Input data'!V30-$C$46*((V12-U12)) ='Input data'!W30-$C$46*((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 =+C56+D57 =+D56+E57 =+E56+F57 =+F56+G57 =+G56+H57 =+H56+I57 =+I56+J57 =+J56+K57 =+K56+L57 =+L56+M57 =+M56+N57 =+N56+O57 =+O56+P57 =+P56+Q57 =+Q56+R57 =+R56+S57 =+S56+T57 =+T56+U57 =+U56+V57 =+V56+W57 Change in debt (-1+2+3) =-D58+D66+D71 =-E58+E66+E71 =-F58+F66+F71 =-G58+G66+G71 =-H58+H66+H71 =-I58+I66+I71 =-J58+J66+J71 =-K58+K66+K71 =-L58+L66+L71 =-M58+M66+M71 =-N58+N66+N71 =-O58+O66+O71 =-P58+P66+P71 =-Q58+Q66+Q71 =-R58+R66+R71 =-S58+S66+S71 =-T58+T66+T71 =-U58+U66+U71 =-V58+V66+V71 =-W58+W66+W71 (1) Primary balance (1.1 + 1.2 - 1.3 -1.4 -1.5 - 1.6 -1.7) =D59+D60-D61-D62-D63-D64-D65 =E59+E60-E61-E62-E63-E64-E65 =F59+F60-F61-F62-F63-F64-F65 =G59+G60-G61-G62-G63-G64-G65 =H59+H60-H61-H62-H63-H64-H65 =I59+I60-I61-I62-I63-I64-I65 =J59+J60-J61-J62-J63-J64-J65 =K59+K60-K61-K62-K63-K64-K65 =L59+L60-L61-L62-L63-L64-L65 =M59+M60-M61-M62-M63-M64-M65 =N59+N60-N61-N62-N63-N64-N65 =O59+O60-O61-O62-O63-O64-O65 =P59+P60-P61-P62-P63-P64-P65 =Q59+Q60-Q61-Q62-Q63-Q64-Q65 =R59+R60-R61-R62-R63-R64-R65 =S59+S60-S61-S62-S63-S64-S65 =T59+T60-T61-T62-T63-T64-T65 =U59+U60-U61-U62-U63-U64-U65 =V59+V60-V61-V62-V63-V64-V65 =W59+W60-W61-W62-W63-W64-W65 (1.1) Structural primary balance (before ageing cost) =D12 =E12 =F12 =IF(G12="",F59,G12) =IF(H12="",G59,H12) =IF(I12="",H59,I12) =IF(J12="",I59,J12) =IF(K12="",J59,K12) =IF(L12="",K59,L12) =IF(M12="",L59,M12) =IF(N12="",M59,N12) =IF(O12="",N59,O12) =IF(P12="",O59,P12) =IF(Q12="",P59,Q12) =IF(R12="",Q59,R12) =IF(S12="",R59,S12) =IF(T12="",S59,T12) =IF(U12="",T59,U12) =IF(V12="",U59,V12) =IF(W12="",V59,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) Cyclica