Council Opinion

of 18 January 2005

on the updated Stability Programme of Luxembourg, 2004-2007

(2005/C 79/01)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community,

Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies [1], and in particular Article 5(3) thereof,

Having regard to the recommendation of the Commission,

After consulting the Economic and Financial Committee,

HAS DELIVERED THIS OPINION:

| 2004 | 2005 | 2006 | 2007 |

Real GDP(% change) | SP Nov 2004 | 4,4 | 3,8 | 3,3 | 4,3 |

COM autumn 2004forecast | 4,0 | 3,5 | 3,6 | n.a. |

SP Nov 2003 | 2,0 | 3,0 | 3,8 | n.a. |

HICP inflation(%) | SP Nov 2004 | 2,6 | 3,2 | 1,5 | 1,7 |

COM autumn 2004 | 3,0 | 2,3 | 1,6 | n.a. |

SP Nov 2003 | 1,5 | 1,3 | 1,2 | n.a. |

General government balance(% of GDP) | SP Nov 2004 | – 1,4 | – 1,0 | – 0,9 | – 1,0 |

COM autumn 2004 | – 0,8 | – 1,6 | – 2,0 | n.a. |

SP Nov 2003 | – 1,8 | – 2,3 | – 1,5 | n.a. |

Primary balance(% of GDP) | SP Nov 2004 | – 1,2 | – 0,9 | – 0,8 | – 0,9 |

COM autumn 2004 | – 0,6 | – 1,4 | – 1,8 | n.a. |

SP Nov 2003 | – 1,6 | – 2,1 | – 1,5 | n.a. |

Cyclically-adjusted balance(% of GDP) | SP Nov 2004 | – 0,7 | 0,3 | 1,4 | 2,0 |

COM autumn 2004 | 0,4 | 0,3 | 0,7 | n.a. |

SP Nov 2003 | 0,9 | 1,0 | 2,2 | n.a. |

Government gross debt(% of GDP) | SP Nov 2004 | 5,0 | 5,0 | 4,6 | 4,5 |

COM autumn 2004 | 4,9 | 4,8 | 4,7 | n.a. |

SP Nov 2003 | 5,2 | 5,0 | 4,4 | n.a. |

[1] OJ L 209, 2.8.1997, p. 1

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