Today, the Ministry of Finance publishes the Economic Survey, August 2010, with the following assessment of the economic outlook until 2011:
The central government budget proposal for 2011 is presented today. The proposal reflects the Fiscal Consolidation Agreement from May 2010. The agreement includes expenditure cuts, higher taxes and a labour market reform. The agreement consolidates general government finances by approx. DKK 24bn in 2011-2013.
Today, the Ministry of Finance publishes the Economic Survey, May 2010.
The final account for the central government in 2009 reflects a deficit on the CIL-account of DKK 29¾bn (1.8 per cent of GDP) in 2009, and in 2010 a deficit of DKK 99½bn (5.8 per cent of GDP) is expected. In 2009 and 2010 deficits on the net balance are estimated at DKK 110bn and DKK 102¾bn respectively.
Today Denmark has submitted its Convergence Programme 2009 to the EU. The Convergence Programme is prepared in accordance with the provisions of the EU’s Stability and Growth Pact.
Due to the weakened cyclical conditions and discretionary fiscal policy initiated to support growth and employment a significant deterioration of the public finances is expected. The large general government surpluses in the latter years are thus expected to be followed by deficits.
Today Budget Outlook 3 and Economic Survey, December 2009 will be available at www.fm.dk.
Seeing that the central-government carries the interest rate risk on the financing of the subsidised housing that receives governmental debt service support, it is the intention to cover this risk in connection with the auctions of adjustable-rate mortgage bonds in December.
The Ministry of Finance has published the August 2009 edition of its Economic Survey. The main points in the survey are: