Fiscal targets

The government complied with the quantitative fiscal rules it has established

look specifically at debt and deficit levels (based on EU benchmarks), and it is expected these are included in national fiscal targets. If these are the only fiscal targets this is what is also assessed for criterion 1, but the government may establish other quantitative fiscal targets and if this is the case compliance with these additional targets is also assessed under criterion 1.

Difference between public sector debt outturn from approved target (%)

Look specifically at debt and deficit levels (based on EU benchmarks), and it is expected these are included in national fiscal targets. If public debt outturn as a percentage of GDP is within the national target for the year, then 3 points will be awarded. Where the target is missed, the points are allocated based on the GDP variation between the public debt outturn and the national target for the year (x): • x > 4% = 0 points. • 0% < x ≤ 4% = linear function. • x = 0% = 3 points. If no national targets are set, please select 'Data not available (0 points)' from the 'Data is questionable' drop-down menu.

Difference between public sector fiscal deficit from approved target (%)

Look specifically at debt and deficit levels (based on EU benchmarks), and it is expected these are included in national fiscal targets. If public sector fiscal deficit outturn as a percentage of GDP is within the national target for the year, then 3 points will be awarded. Where the target is missed, the points are allocated based on the GDP variation between the public sector fiscal deficit outturn and the national target for the year (x): • x > 1% = 0 points. • 0% < x ≤ 1% = linear function. • x = 0% = 3 points. If no national targets are set, please select 'Data not available (0 points)' from the 'Data is questionable' drop-down menu.

Public debt as a share of GDP (%)

Look specifically at debt and deficit levels (based on EU benchmarks), and it is expected these are included in national fiscal targets. Public debt and deficit are calculated as the total public sector debt and deficit levels as a percentage of GDP, according to the definitions of ESA 2010. The benchmarks assigned are based on the reference values referred to in Article 126 (2) of the Treaty on the Functioning of the European Union established in the Protocol (No 12) on the excessive deficit procedure Article 1 (https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A12008M%2FPRO%2F12). In Article 1 it says: “The reference values referred to in Article 126(2) of the Treaty on the Functioning of the European Union are: - 3 % for the ratio of the planned or actual government deficit to gross domestic product at market prices; - 60 % for the ratio of government debt to gross domestic product at market prices.” Points are allocated based on the public debt as a share of GDP (x): • x > 90% = 0 points. • 60% < x ≤ 90% = linear function. • x ≤ 60% = 2 points.

Public sector deficit as a share of GDP (%)

Look specifically at debt and deficit levels (based on EU benchmarks), and it is expected these are included in national fiscal targets. Public debt and deficit are calculated as the total public sector debt and deficit levels as a percentage of GDP, according to the definitions of ESA 2010. The benchmarks assigned are based on the reference values referred to in Article 126 (2) of the Treaty on the Functioning of the European Union established in the Protocol (No 12) on the excessive deficit procedure Article 1 (https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A12008M%2FPRO%2F12). In Article 1 it says: “The reference values referred to in Article 126(2) of the Treaty on the Functioning of the European Union are: - 3 % for the ratio of the planned or actual government deficit to gross domestic product at market prices; - 60 % for the ratio of government debt to gross domestic product at market prices.” points are allocated based on the public sector deficit as a share of GDP (x): • x > 5% = 0 points. • 3% < x ≤ 5% = linear function. • x ≤ 3% = 2 points.