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88+N89+N91)+O37*(N90+N92))/N87 =(P97*(O88+O89+O91)+P37*(O90+O92))/O87 =(Q97*(P88+P89+P91)+Q37*(P90+P92))/P87 =(R97*(Q88+Q89+Q91)+R37*(Q90+Q92))/Q87 =(S97*(R88+R89+R91)+S37*(R90+R92))/R87 =(T97*(S88+S89+S91)+T37*(S90+S92))/S87 =(U97*(T88+T89+T91)+U37*(T90+T92))/T87 =(V97*(U88+U89+U91)+V37*(U90+U92))/U87 =(W97*(V88+V89+V91)+W37*(V90+V92))/V87 Diff. STATA =E108 =F108 =G108 =H108 =I108 =J108 =K108 =L108 =M108 =N108 =O108 =P108 =Q108 =R108 =S108 =T108 =U108 =V108 =W108 (i - g) =((1+C96/100)/((1+C23/100)*(1+C41/100))-1)*100 =((1+D96/100)/((1+D23/100)*(1+D41/100))-1)*100 =((1+E96/100)/((1+E23/100)*(1+E41/100))-1)*100 =((1+F96/100)/((1+F23/100)*(1+F41/100))-1)*100 =((1+G96/100)/((1+G23/100)*(1+G41/100))-1)*100 =((1+H96/100)/((1+H23/100)*(1+H41/100))-1)*100 =((1+I96/100)/((1+I23/100)*(1+I41/100))-1)*100 =((1+J96/100)/((1+J23/100)*(1+J41/100))-1)*100 =((1+K96/100)/((1+K23/100)*(1+K41/100))-1)*100 =((1+L96/100)/((1+L23/100)*(1+L41/100))-1)*100 =((1+M96/100)/((1+M23/100)*(1+M41/100))-1)*100 =((1+N96/100)/((1+N23/100)*(1+N41/100))-1)*100 =((1+O96/100)/((1+O23/100)*(1+O41/100))-1)*100 =((1+P96/100)/((1+P23/100)*(1+P41/100))-1)*100 =((1+Q96/100)/((1+Q23/100)*(1+Q41/100))-1)*100 =((1+R96/100)/((1+R23/100)*(1+R41/100))-1)*100 =((1+S96/100)/((1+S23/100)*(1+S41/100))-1)*100 =((1+T96/100)/((1+T23/100)*(1+T41/100))-1)*100 =((1+U96/100)/((1+U23/100)*(1+U41/100))-1)*100 =((1+V96/100)/((1+V23/100)*(1+V41/100))-1)*100 =((1+W96/100)/((1+W23/100)*(1+W41/100))-1)*100 Per memo - STATA results Debt 48.4689 47.48942 48.80021 50.91009 55.08279 59.39212 63.85165 68.7166 73.98103 79.44759 85.07632 90.84272 96.85401 103.131 109.6054 116.2131 123.0527 130.2083 137.7062 145.6082 153.7701 IIR 3.469995 3.590007 4.826077 4.537611 4.180669 4.739128 5.173497 5.511672 5.775837 5.982463 6.143624 6.269081 6.366651 6.419635 6.436716 6.425914 6.393559 6.344418 6.282157 6.209555 6.128747 IIR difference STATA - Excel 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Share of long-term debt that matures every year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 CY 0.03801916 0.07859744 0.05947547 0.09687696 0.11684023 0.13811532 0.13659083 0.14219136 0.1389396 0.12512538 0.1284918 0.07208514 0.06868139 0.0680495 0.06808078 0.06766632 0.06922052 0.06662979 0.06643431 0.06639338 0.06621254 EL 0.03033705 0.03594311 0.04116618 0.01594102 0.01585014 0.03752878 0.03405028 0.04734439 0.04407593 0.0508599 0.06623794 0.06025377 0.09003059 0.07295239 0.07736666 0.09083936 0.0996211 0.10965455 0.09865441 0.10313576 0.11073873 IE 0.001 0.07537306 0.04688205 0.05421672 0.06734311 0.07328111 0.06373561 0.07199902 0.07792014 0.07366593 0.09283323 0.09749916 0.10431984 0.07769295 0.08189674 0.07226059 0.07247516 0.07270425 0.07292216 0.07311259 0.07343585 PT 0.08381841 0.06939163 0.04649241 0.04919325 0.05671274 0.06401188 0.0649313 0.06391246 0.06169361 0.05442604 0.08556656 0.08165381 0.07587859 0.06135627 0.08179735 0.08444232 0.06027019 0.07297076 0.05731596 0.06079668 0.05729366 Adjustment scenario Country ='Input data'!C3 Key years ='Input data'!B5 =+'Input data'!C5 Last year of adjustment =+C5+'Criteria results'!$F$5 Last year of no-fiscal-policy-change projections =C5+'Criteria results'!$F$5+10 Key assumptions 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Fiscal assumptions (% of GDP) Structural primary balance ('+' means 'surplus') ='Input data'!C13 ='Input data'!D13 ='Input data'!E13 ='Input data'!F13 =IF(G10<=$C$6, IF(AND(F87=1,F77<=-3.05,'Criteria results'!$F$6<0.5),F12+0.5, IF(AND(F78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),F12+0.4, IF(AND(F78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),F12+0.25, F12+'Criteria results'!$F$6))),F12) =IF(H10<=$C$6, IF(AND(G87=1,G77<=-3.05,'Criteria results'!$F$6<0.5),G12+0.5, IF(AND(G78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),G12+0.4, IF(AND(G78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),G12+0.25, G12+'Criteria results'!$F$6))),G12) =IF(I10<=$C$6, IF(AND(H87=1,H77<=-3.05,'Criteria results'!$F$6<0.5),H12+0.5, IF(AND(H78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),H12+0.4, IF(AND(H78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),H12+0.25, H12+'Criteria results'!$F$6))),H12) =IF(J10<=$C$6, IF(AND(I87=1,I77<=-3.05,'Criteria results'!$F$6<0.5+J91),I12+0.5+J91, IF(AND(I78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),I12+0.4, IF(AND(I78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),I12+0.25, I12+'Criteria results'!$F$6))),I12) =IF(K10<=$C$6, IF(AND(J87=1,J77<=-3.05,'Criteria results'!$F$6<0.5+K91),J12+0.5+K91, IF(AND(J78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),J12+0.4, IF(AND(J78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),J12+0.25, J12+'Criteria results'!$F$6))),J12) =IF(L10<=$C$6, IF(AND(K87=1,K77<=-3.05,'Criteria results'!$F$6<0.5+L91),K12+0.5+L91, IF(AND(K78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),K12+0.4, IF(AND(K78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),K12+0.25, K12+'Criteria results'!$F$6))),K12) =IF(M10<=$C$6, IF(AND(L87=1,L77<=-3.05,'Criteria results'!$F$6<0.5+M91),L12+0.5+M91, IF(AND(L78<=-1.55,'Criteria results'!$F$5=4,'Criteria results'!$F$6<0.4),L12+0.4, IF(AND(L78<=-1.55,'Criteria results'!$F$5=7,'Criteria results'!$F$6<0.25),L12+0.25, L12+'Criteria results'!$F$6))),L12) =M12 =N12 =O12 =P12 =Q12 =R12 =S12 =T12 =U12 =V12 Annual change in SPB =G12-F12 =H12-G12 =I12-H12 =J12-I12 =K12-J12 =L12-K12 =M12-L12 =N12-M12 =O12-N12 =P12-O12 =Q12-P12 =R12-Q12 =S12-R12 =T12-S12 =U12-T12 =V12-U12 =W12-V12 One-off and other temporary measures ='Input data'!C14 ='Input data'!D14 ='Input data'!E14 ='Input data'!F14 ='Input data'!G14 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 =0 Stock flow adjustments (without exchange rate effect) ='Input data'!C15 ='Input data'!D15 ='Input data'!E15 ='Input data'!F15 ='Input data'!G15 ='Input data'!H15 ='Input data'!I15 ='Input data'!J15 ='Input data'!K15 ='Input data'!L15 ='Input data'!M15 ='Input data'!N15 ='Input data'!O15 ='Input data'!P15 ='Input data'!Q15 ='Input data'!R15 ='Input data'!S15 ='Input data'!T15 ='Input data'!U15 ='Input data'!V15 ='Input data'!W15 ='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 =H109 =I109 =J109 =K109 =L109 =M109 =N109 =O109 =P109 =Q109 =R109 =S109 =T109 =U109 =V109 =W109 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