{"text_format":"1","workbook":"xlsx","n_sheets":12,"sheets":["Readme","List of countries","IFS CODES AND COUNTRIES","Source Data","GDP&Prices","Deficits&Financing","Policies&Assumptions","SEI","Control Panel","DDT Input","DDT Debt Dynamics","DDT Output"],"not_rendered":{"charts":15,"images":2,"macros":1,"external_links":0,"defined_names":18,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Readme","index":0,"n_rows":59,"n_cols":6,"rows_kept":59,"cut":false,"hidden":false,"merged":[[2,1,2,16],[1,1,1,16],[16,1,16,16]]}
[]
[null,"Macroframework Foundations Tool (MFT) 1.0"]
[null,"The Macroframework Foundations Tool (MFT) is a macroeconomic projection tool based on a multi-sector macroeconomic framework that can be used for forecasting and policy analysis, developed by the IMF Institute for Capacity Development (Version: 1.0, May 2025). "]
[]
[null,"Basic Inputs"]
[null,null,"Use drop-down list below"]
[null,"Select country","Macrofoundland",null,"General conventions"]
[]
[null,"IFS Code",{"$f":"VLOOKUP(C7,'IFS CODES AND COUNTRIES'!$B$3:$C$201,2,FALSE)","v":999},null,null,"= yellow shade generally indicates cells that users need to provide inputs or make assumptions or discretions."]
[]
[null,"First year of projection",2024,null,"red ","= red font color indicates hard numbers"]
[]
[null,"Definition of the public sector","General Government",null,"blue","= blue font color indicates users' assumptions on policy or exogenous variables during the projection years."]
[null,null,null,null,null,"   The value could be entered as hard number or based on projection formula created by users."]
[null,"Includes public guarantees?","Yes"]
[]
[null,"Six-step Process for Building the MFT and Generating Projection"]
[null,"Step 1 (Sheet: Source Data): "]
[null,"Collect input data comprising of: 1) country data during the historical period and 2) external data (e.g., global and trading partner’s economic indicators) during the historical and projection period. "]
[null,"Step 2 (Sheet: Source Data, SEI): "]
[null,"Analyze input data to ensure they are consistent across sectors and produce coherent macroeconomic developments in recent years."]
[null,"Compare macroeconomic indicators during the historical period in the SEI sheet with those published by the country authorities and/or the IMF Article IV Consultation Staff Reports"]
[null,"Step 3 (Sheet: GDP&Prices)"]
[null,"Specify the MFT behavioral equations and customize to the country’s context, choose the parameter estimates, and confirm their signs and magnitudes to ensure meaningful economic relationships. "]
[null,"Modify, estimate, and calibrate the MFT equations as needed."]
[null,"Step 4 (Sheet: GDP&Prices, Deficits&Financing, Policies&Assumptions)"]
[null,"Verify assumptions on policy and exogenous variables that are needed for making projections (e.g., potential GDP, structural unemployment, money demand parameters, tax elasticity, etc.)"]
[null,"Step 5 (Sheet: GDP&Prices, Deficits&Financing, Policies&Assumptions)"]
[null,"Solve the model to generate projections by using Goal Seek to reach convergence solution of simultaneously determined variables. Check the results and iterate the process as needed."]
[null,"Complete the baseline projection before working on the alternative scenarios."]
[null,"Step 6 (Sheet: SEI, Control Panel)"]
[null,"Analyze the projection results and build alternative scenarios for policy analysis."]
[]
[null,"Notes on DDT sheets:"]
[null,"DDT Input: Presents macroeconomic projection produced by the MFT in a specific format used as Input for the Public Debt Dynamics Tool (DDT)."]
[null,"DDT Debt Dynamics: Shows the calculation of debt dynamics and projection based on the DDT."]
[null,"DDT Output: Presents public debt projection that has been reconciled between the MFT and DDT in the DDT format. "]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Steps for changing the first year of projection (for example from 2024 to 2025):"]
[null,"1. In the \"Readme\" sheet, use the drop down menu (row 11) to change the first of year of projection from \"2024\" to \"2025\"."]
[null,"2. The first year of projection in all other worksheets would automatically change to \"2025.\" The projection years become 2025-29 (from 2024-28). "]
[null,"3. In the \"Source Data\" sheet, copy and paste values (do not cut and paste) input data during 2014-24 to 2013-2023 (moving the hard coded data 1 column to the left) so that the 2013-23 data are in correct years."]
[null,"   Note: If users want to keep the 2012 data in the file, then first insert a new column on the left of the 2013 data to store the 2012 data."]
[null,"4. In the \"Source Data\" sheet, enter the 2024 input data hard coded in column \"2024.\""]
[null,"5. Finally, in \"SEI\" sheet, check and verify whether the macroframework indicators for the historical years (now up to 2024) make sense."]

{"sheet":"List of countries","index":1,"n_rows":204,"n_cols":6,"rows_kept":204,"cut":false,"hidden":true,"merged":[]}
[]
[null,null,"Countries","Years","Definition public sector","Guarantees"]
[null,null,"Choose Country","Choose Year","Choose Sector","Choose Guarantees"]
[null,null,"Afghanistan",2010,"Consolidated Public Sector","Yes"]
[null,null,"Albania",2011,"Non-financial Public Sector","No"]
[null,null,"Algeria",2012,"General Government"]
[null,null,"Angola",2013,"Central Government"]
[null,null,"Anguilla",2014,"Other"]
[null,null,"Antigua and Barbuda",2015]
[null,null,"Argentina",2016]
[null,null,"Armenia",2017]
[null,null,"Australia",2018]
[null,null,"Austria",2019]
[null,null,"Azerbaijan",2020]
[null,null,"Bahamas, The",2021]
[null,null,"Bahrain",2022]
[null,null,"Bangladesh",2023]
[null,null,"Barbados",2024]
[null,null,"Belarus",2025]
[null,null,"Belgium",2026]
[null,null,"Belize",2027]
[null,null,"Benin",2028]
[null,null,"Bhutan",2029]
[null,null,"Bolivia",2030]
[null,null,"Bosnia and Herzegovina",2031]
[null,null,"Botswana",2032]
[null,null,"Brazil",2033]
[null,null,"Brunei Darussalam",2034]
[null,null,"Bulgaria",2035]
[null,null,"Burkina Faso",2036]
[null,null,"Burundi"]
[null,null,"Cambodia"]
[null,null,"Cameroon"]
[null,null,"Canada"]
[null,null,"Cabo Verde"]
[null,null,"Central African Republic"]
[null,null,"Chad"]
[null,null,"Chile"]
[null,null,"China"]
[null,null,"Colombia"]
[null,null,"Comoros"]
[null,null,"Democratic Republic of the Congo"]
[null,null,"Congo, Republic of"]
[null,null,"Costa Rica"]
[null,null,"Côte d'Ivoire"]
[null,null,"Croatia"]
[null,null,"Cyprus"]
[null,null,"Czech Republic"]
[null,null,"Czechoslovakia, former"]
[null,null,"Denmark"]
[null,null,"Djibouti"]
[null,null,"Dominica"]
[null,null,"Dominican Republic"]
[null,null,"Eastern Caribbean Currency Union"]
[null,null,"Ecuador"]
[null,null,"Egypt"]
[null,null,"El Salvador"]
[null,null,"Equatorial Guinea"]
[null,null,"Eritrea"]
[null,null,"Estonia"]
[null,null,"Ethiopia"]
[null,null,"Euro area"]
[null,null,"Fiji"]
[null,null,"Finland"]
[null,null,"France"]
[null,null,"Gabon"]
[null,null,"Gambia, The"]
[null,null,"Georgia"]
[null,null,"Germany"]
[null,null,"Ghana"]
[null,null,"Greece"]
[null,null,"Grenada"]
[null,null,"Guatemala"]
[null,null,"Guinea"]
[null,null,"Guinea-Bissau"]
[null,null,"Guyana"]
[null,null,"Haiti"]
[null,null,"Honduras"]
[null,null,"Hong Kong SAR"]
[null,null,"Hungary"]
[null,null,"Iceland"]
[null,null,"India"]
[null,null,"Indonesia"]
[null,null,"Iran"]
[null,null,"Iraq"]
[null,null,"Ireland"]
[null,null,"Israel"]
[null,null,"Italy"]
[null,null,"Jamaica"]
[null,null,"Japan"]
[null,null,"Jordan"]
[null,null,"Kazakhstan"]
[null,null,"Kenya"]
[null,null,"Kiribati"]
[null,null,"Korea"]
[null,null,"Kosovo"]
[null,null,"Kuwait"]
[null,null,"Kyrgyz Republic"]
[null,null,"Lao P.D.R."]
[null,null,"Latvia"]
[null,null,"Lebanon"]
[null,null,"Lesotho"]
[null,null,"Liberia"]
[null,null,"Libya"]
[null,null,"Lithuania"]
[null,null,"Luxembourg"]
[null,null,"FYR Macedonia "]
[null,null,"Macondo"]
[null,null,"Macroland"]
[null,null,"Madagascar"]
[null,null,"Malawi"]
[null,null,"Malaysia"]
[null,null,"Maldives"]
[null,null,"Mali"]
[null,null,"Malta"]
[null,null,"Marshall Islands"]
[null,null,"Mauritania"]
[null,null,"Mauritius"]
[null,null,"Mexico"]
[null,null,"Micronesia, Fed. States of"]
[null,null,"Moldova"]
[null,null,"Mongolia"]
[null,null,"Montenegro, Rep. of"]
[null,null,"Montserrat"]
[null,null,"Morocco"]
[null,null,"Mozambique"]
[null,null,"Myanmar"]
[null,null,"Namibia"]
[null,null,"Nepal"]
[null,null,"Netherlands"]
[null,null,"Netherlands Antilles"]
[null,null,"New Zealand"]
[null,null,"Nicaragua"]
[null,null,"Niger"]
[null,null,"Nigeria"]
[null,null,"Norway"]
[null,null,"Oman"]
[null,null,"Pakistan"]
[null,null,"Palau"]
[null,null,"Panama"]
[null,null,"Papua New Guinea"]
[null,null,"Paraguay"]
[null,null,"Peru"]
[null,null,"Philippines"]
[null,null,"Poland"]
[null,null,"Portugal"]
[null,null,"Qatar"]
[null,null,"Romania"]
[null,null,"Russia"]
[null,null,"Rwanda"]
[null,null,"Samoa"]
[null,null,"San Marino"]
[null,null,"São Tomé and Príncipe"]
[null,null,"Saudi Arabia"]
[null,null,"Senegal"]
[null,null,"Serbia"]
[null,null,"Serbia and Montenegro"]
[null,null,"Seychelles"]
[null,null,"Sierra Leone"]
[null,null,"Singapore"]
[null,null,"Slovak Republic"]
[null,null,"Slovenia"]
[null,null,"Solomon Islands"]
[null,null,"Somalia"]
[null,null,"South Africa"]
[null,null,"South Sudan"]
[null,null,"Spain"]
[null,null,"Sri Lanka"]
[null,null,"St. Kitts and Nevis"]
[null,null,"St. Lucia"]
[null,null,"St. Vincent and the Grenadines"]
[null,null,"Sudan"]
[null,null,"Suriname"]
[null,null,"Swaziland"]
[null,null,"Sweden"]
[null,null,"Switzerland"]
[null,null,"Syria"]
[null,null,"Taiwan Province of China"]
[null,null,"Tajikistan"]
[null,null,"Tanzania"]
[null,null,"Thailand"]
[null,null,"Timor-Leste, Dem. Rep. of"]
[null,null,"Togo"]
[null,null,"Tonga"]
[null,null,"Trinidad and Tobago"]
[null,null,"Tunisia"]
[null,null,"Turkey"]
[null,null,"Turkmenistan"]
[null,null,"Tuvalu"]
[null,null,"Uganda"]
[null,null,"Ukraine"]
[null,null,"United Arab Emirates"]
[null,null,"United Kingdom"]
[null,null,"United States"]
[null,null,"Uruguay"]
[null,null,"Uzbekistan"]
[null,null,"Vanuatu"]
[null,null,"Venezuela"]
[null,null,"Vietnam"]
[null,null,"Yemen, Former P. D. Rep. of"]
[null,null,"Yemen"]
[null,null,"Zambia"]
[null,null,"Zimbabwe"]
[null,null,"Macrofoundland"]

{"sheet":"IFS CODES AND COUNTRIES","index":2,"n_rows":201,"n_cols":5,"rows_kept":201,"cut":false,"hidden":true,"merged":[[0,0,0,4]]}
["List of Countries"]
["#","Name","Code","ISO-3 code","ISO-2 code"]
[1,"Afghanistan",512,"AFG","AF"]
[2,"Albania","914","ALB","AL"]
[3,"Algeria","612","DZA","DZ"]
[4,"Angola","614","AGO","AO"]
[5,"Anguilla","312","AIA","AI"]
[6,"Antigua and Barbuda","311","ATG","AG"]
[7,"Argentina","213","ARG","AR"]
[8,"Armenia","911","ARM","AM"]
[9,"Aruba",314,"ABW","AW"]
[10,"Australia","193","AUS","AU"]
[11,"Austria","122","AUT","AT"]
[12,"Azerbaijan","912","AZE","AZ"]
[13,"Bahamas, The","313","BHS","BS"]
[14,"Bahrain","419","BHR","BH"]
[15,"Bangladesh","513","BGD","BD"]
[16,"Barbados","316","BRB","BB"]
[17,"Belarus","913","BLR","BY"]
[18,"Belgium","124","BEL","BE"]
[19,"Belize","339","BLZ","BZ"]
[20,"Benin","638","BEN","BJ"]
[21,"Bhutan","514","BTN","BT"]
[22,"Bolivia","218","BOL","BO"]
[23,"Bosnia and Herzegovina","963","BIH","BA"]
[24,"Botswana","616","BWA","BW"]
[25,"Brazil","223","BRA","BR"]
[26,"Brunei Darussalam","516","BRN","BN"]
[27,"Bulgaria","918","BGR","BG"]
[28,"Burkina Faso","748","BFA","BF"]
[29,"Burundi","618","BDI","BI"]
[30,"Cambodia","522","KHM","KH"]
[31,"Cameroon","622","CMR","CM"]
[32,"Canada","156","CAN","CA"]
[33,"Cabo Verde","624","CPV","CV"]
[34,"Central African Republic","626","CAF","CF"]
[35,"Chad","628","TCD","TD"]
[36,"Chile","228","CHL","CL"]
[37,"China","924","CHN","CN"]
[38,"Colombia","233","COL","CO"]
[39,"Comoros","632","COM","KM"]
[40,"Democratic Republic of the Congo","636","COD","CD"]
[41,"Congo, Republic of","634","COG","CG"]
[42,"Costa Rica","238","CRI","CR"]
[43,"Côte d'Ivoire","662","CIV","CI"]
[44,"Croatia","960","HRV","HR"]
[45,"Cyprus","423","CYP","CY"]
[46,"Czech Republic","935","CZE","CZ"]
[47,"Denmark","128","DNK","DK"]
[48,"Djibouti","611","DJI","DJ"]
[49,"Dominica","321","DMA","DM"]
[50,"Dominican Republic","243","DOM","DO"]
[51,"Eastern Caribbean Currency Union","309","",""]
[52,"Ecuador","248","ECU","EC"]
[53,"Egypt","469","EGY","EG"]
[54,"El Salvador","253","SLV","SV"]
[55,"Equatorial Guinea","642","GNQ","GQ"]
[56,"Eritrea","643","ERI","ER"]
[57,"Estonia","939","EST","EE"]
[58,"Eswatini","734","SWZ","SZ"]
[59,"Ethiopia","644","ETH","ET"]
[60,"Euro area","163","",""]
[61,"Fiji","819","FJI","FJ"]
[62,"Finland","172","FIN","FI"]
[63,"France","132","FRA","FR"]
[64,"Gabon","646","GAB","GA"]
[65,"Gambia, The","648","GMB","GM"]
[66,"Georgia","915","GEO","GE"]
[67,"Germany","134","DEU","DE"]
[68,"Ghana","652","GHA","GH"]
[69,"Greece","174","GRC","GR"]
[70,"Grenada","328","GRD","GD"]
[71,"Guatemala","258","GTM","GT"]
[72,"Guinea","656","GIN","GN"]
[73,"Guinea-Bissau","654","GNB","GW"]
[74,"Guyana","336","GUY","GY"]
[75,"Haiti","263","HTI","HT"]
[76,"Honduras","268","HND","HN"]
[77,"Hong Kong SAR","532","HKG","HK"]
[78,"Hungary","944","HUN","HU"]
[79,"Iceland","176","ISL","IS"]
[80,"India","534","IND","IN"]
[81,"Indonesia","536","IDN","ID"]
[82,"Iran","429","IRN","IR"]
[83,"Iraq","433","IRQ","IQ"]
[84,"Ireland","178","IRL","IE"]
[85,"Israel","436","ISR","IL"]
[86,"Italy","136","ITA","IT"]
[87,"Jamaica","343","JAM","JM"]
[88,"Japan","158","JPN","JP"]
[89,"Jordan","439","JOR","JO"]
[90,"Kazakhstan","916","KAZ","KZ"]
[91,"Kenya","664","KEN","KE"]
[92,"Kiribati","826","KIR","KI"]
[93,"Korea","542","KOR","KR"]
[94,"Kosovo","967","KOS","KV"]
[95,"Kuwait","443","KWT","KW"]
[96,"Kyrgyz Republic","917","KGZ","KG"]
[97,"Lao P.D.R.","544","LAO","LA"]
[98,"Latvia","941","LVA","LV"]
[99,"Lebanon","446","LBN","LB"]
[100,"Lesotho","666","LSO","LS"]
[101,"Liberia","668","LBR","LR"]
[102,"Libya","672","LBY","LY"]
[103,"Lithuania","946","LTU","LT"]
[104,"Luxembourg","137","LUX","LU"]
[105,"Macao SAR",546,"MAC","MO"]
[106,"Madagascar","674","MDG","MG"]
[107,"Malawi","676","MWI","MW"]
[108,"Malaysia","548","MYS","MY"]
[109,"Maldives","556","MDV","MV"]
[110,"Mali","678","MLI","ML"]
[111,"Malta","181","MLT","MT"]
[112,"Marshall Islands","867","MHL","MH"]
[113,"Mauritania","682","MRT","MR"]
[114,"Mauritius","684","MUS","MU"]
[115,"Mexico","273","MEX","MX"]
[116,"Micronesia, Fed. States of","868","FSM","FM"]
[117,"Moldova","921","MDA","MD"]
[118,"Mongolia","948","MNG","MN"]
[119,"Montenegro, Rep. of","943","MNE","ME"]
[120,"Montserrat","351","MSR","MS"]
[121,"Morocco","686","MAR","MA"]
[122,"Mozambique","688","MOZ","MZ"]
[123,"Myanmar","518","MMR","MM"]
[124,"Namibia","728","NAM","NA"]
[125,"Nauru","836","NRU","NR"]
[126,"Nepal","558","NPL","NP"]
[127,"Netherlands","138","NLD","NL"]
[128,"New Zealand","196","NZL","NZ"]
[129,"Nicaragua","278","NIC","NI"]
[130,"Niger","692","NER","NE"]
[131,"Nigeria","694","NGA","NG"]
[132,"North Macedonia ","962","MKD","MK"]
[133,"Norway","142","NOR","NO"]
[134,"Oman","449","OMN","OM"]
[135,"Pakistan","564","PAK","PK"]
[136,"Palau",565,"PLW","PW"]
[137,"Panama","283","PAN","PA"]
[138,"Papua New Guinea","853","PNG","PG"]
[139,"Paraguay","288","PRY","PY"]
[140,"Peru","293","PER","PE"]
[141,"Philippines","566","PHL","PH"]
[142,"Poland","964","POL","PL"]
[143,"Portugal","182","PRT","PT"]
[144,"Puerto Rico",359,"PRI","PR"]
[145,"Qatar","453","QAT","QA"]
[146,"Romania","968","ROU","RO"]
[147,"Russia","922","RUS","RU"]
[148,"Rwanda","714","RWA","RW"]
[149,"Samoa","862","WSM","WS"]
[150,"San Marino",135,"SMR","SM"]
[151,"São Tomé and Príncipe","716","STP","ST"]
[152,"Saudi Arabia","456","SAU","SA"]
[153,"Senegal","722","SEN","SN"]
[154,"Serbia","942","SRB","RS"]
[155,"Seychelles","718","SYC","SC"]
[156,"Sierra Leone","724","SLE","SL"]
[157,"Singapore","576","SGP","SG"]
[158,"Slovak Republic","936","SVK","SK"]
[159,"Slovenia","961","SVN","SI"]
[160,"Solomon Islands","813","SLB","SB"]
[161,"Somalia","726","SOM","SO"]
[162,"South Africa","199","ZAF","ZA"]
[163,"South Sudan",733,"SSD","SS"]
[164,"Spain","184","ESP","ES"]
[165,"Sri Lanka","524","LKA","LK"]
[166,"St. Kitts and Nevis","361","KNA","KN"]
[167,"St. Lucia","362","LCA","LC"]
[168,"St. Vincent and the Grenadines","364","VCT","VC"]
[169,"Sudan","732","SDN","SD"]
[170,"Suriname","366","SUR","SR"]
[171,"Sweden","144","SWE","SE"]
[172,"Switzerland","146","CHE","CH"]
[173,"Syria","463","SYR","SY"]
[174,"Taiwan Province of China","528","TWN","TW"]
[175,"Tajikistan","923","TJK","TJ"]
[176,"Tanzania","738","TZA","TZ"]
[177,"Thailand","578","THA","TH"]
[178,"Timor-Leste, Dem. Rep. of","537","TLS","TL"]
[179,"Togo","742","TGO","TG"]
[180,"Tonga","866","TON","TO"]
[181,"Trinidad and Tobago","369","TTO","TT"]
[182,"Tunisia","744","TUN","TN"]
[183,"Turkey","186","TUR","TR"]
[184,"Turkmenistan","925","TKM","TM"]
[185,"Tuvalu","869","TUV","TV"]
[186,"Uganda","746","UGA","UG"]
[187,"Ukraine","926","UKR","UA"]
[188,"United Arab Emirates","466","ARE","AE"]
[189,"United Kingdom","112","GBR","GB"]
[190,"United States","111","USA","US"]
[191,"Uruguay","298","URY","UY"]
[192,"Uzbekistan","927","UZB","UZ"]
[193,"Vanuatu","846","VUT","VU"]
[194,"Venezuela","299","VEN","VE"]
[195,"Vietnam","582","VNM","VN"]
[196,"Yemen","474","YEM","YE"]
[197,"Zambia","754","ZMB","ZM"]
[198,"Zimbabwe","698","ZWE","ZW"]
[199,"Macrofoundland",999,"MFL","MF"]

{"sheet":"Source Data","index":3,"n_rows":115,"n_cols":20,"rows_kept":115,"cut":false,"hidden":false,"merged":[[0,1,0,18]]}
[null,{"$f":"\"Country:\"&\" \"&Country_Name &\" - Historical Source Data\"","v":"Country: Macrofoundland - Historical Source Data"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,"Year/Variable",{"$f":"+D3-1","v":2012},2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"+O3-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"O3+1","v":2025},{"$f":"P3+1","v":2026},2027,2028]
[null,"National Accounts: Expenditure, constant prices, local currency (LC) in billions"]
[null,"Private consumption",915.59609989413286,935.95000658659501,985.61963416907884,1049.0588897012908,1112.3761886063119,1160.7652169137991,1226.6912996176297,1283.4287885329679,1240.1175608410888,1321.9498358590299,1389.5449627672688,1435.0947919830619,null,null,null,null,null,{"$f":"'GDP&Prices'!T9","v":0}]
[null,"Public consumption",109.7237637216021,116.61484895532149,121.64673640488037,130.04287145389191,132.57765082433269,133.67367061270107,137.43973526167218,146.15968400226831,153.36957499389609,153.4638680184477,159.40934272309829,171.84800646904588]
[null,"Gross capital formation",286.02829329504078,278.97531258020689,305.05710183301642,362.64447364286605,407.31174702305918,406.2438026707004,460.40901220790414,497.82496166063987,437.7615700050809,534.38180904351805,555.86427142073796,566.98155684915287]
[null,"Private capital formation",219.6151837532681,234.94692776379227,263.80269896447595,307.61191619905316,362.93144020999665,353.23790834315622,408.88520529587845,446.26411415785429,378.97263468774776,480.49050140778746,502.32731651847428,500.3240216512076]
[null,"Public capital formation",66.41310954177284,44.028384816414736,41.254402868540744,55.032557443812969,44.380306813062425,53.005894327544404,51.523806912026039,51.560847502785947,58.788935317332921,53.891307635730939,53.536954902263766,66.65753519794481]
[null,"Exports of goods and services (G&S)",313.5084364348391,341.87594710907467,376.73837729234799,383.142492213124,416.85090896971599,431.84333379564583,447.99098782375597,465.02823912821708,334.03775355135798,431.23375372286699,501.66225853401971,503.49597812805001]
[null,"Imports of goods and services (G&S)",409.00473244795427,400.06441888563427,419.17254137077958,465.3820556912184,503.18480382429908,488.21187399709896,529.83513103056134,560.63381375044185,479.28963685248237,602.30230127684047,689.0030096421815,660.96201374454927]
[null,"Real GDP *",1220.7306127991799,1280.2437337619299,1375.5068533548499,1465.442120392544,1568.0288459077101,1635.9707861504701,1740.20289756586,1838.6260886892567,1725.0660143248699,1915.5387481595601,2019.0876599273729,2077.7186469594099]
[null,"CHECK: Statistical Discrepancy GDP-(C+G+I+X-M)",{"$f":"C12-(C5+C6+C7+C10-C11)","v":4.8787519015193084},{"$f":"D12-(D5+D6+D7+D10-D11)","v":6.8920374163660654},5.6175450263056064,5.935449072589563,2.0971543085895519,-8.3433638452775085,-2.4930063145409349,6.8182291156051633,39.069191785928524,76.81178279253777,101.60983412442965,61.260327274648489]
[null,"National Accounts: Expenditure, current prices, in billions"]
[null,"Private consumption",1253.3337493176289,1341.919558908922,1466.536113922572,1591.348610463423,1720.7916577017388,1848.66820909743,2025.0864616863018,2165.2035558141097,2174.172606398653,2506.9962415488199,2869.8291578619105,3105.7531755951049]
[null,"Public consumption",165.11954173581441,191.6056105937372,214.44841284338221,230.87519938457379,251.49946556853087,291.1712707103809,322.00483069923769,353.48918607998587,393.90748949426421,432.79650998324018,497.14968579784966,561.59186304732759]
[null,"Gross capital formation ",402.18765230120329,409.19685295332124,466.53407857408371,521.84982067832311,560.11509400591069,631.66604869841899,764.42928870251296,855.04039456804503,853.09196886695599,1169.972398665567,1453.985534814771,1394.3096104731499]
[null,"Private capital formation",308.80341992012171,344.61667078284722,403.4423337376237,442.65729929495404,499.08547749155485,549.24750198462129,678.88294615781001,766.48194373026217,738.52647930862508,1051.9830857908364,1313.9478277555181,1230.3867441749185]
[null,"Public capital formation",93.384232381081603,64.580182170474032,63.091744836460059,79.192521383369098,61.029616514355858,82.418546713797696,85.546342544702895,88.5584508377828,114.56548955833098,117.98931287473049,140.03770705925277,163.92286629823158]
[null,"Exports of goods and services (G&S)",410.59103249934907,461.52511844433263,5150.91819362149,533.20006840038889,593.65300134205097,630.38532681281356,678.321779030887,736.73241389377699,590.76357594545004,801.142722864436,966.87600269336303,1035.52128218026]
[null,"Imports of goods and services (G&S)",564.62323918628738,577.92691071269201,621.45582211293492,637.49731431751252,675.61459792094729,706.53565026176295,845.18589935743591,892.34142835226191,811.04798260206701,1169.54570628392,1409.7635604759421,1378.0925855332159]
[null,"Nominal GDP *",1670.2113728699346,1833.8387875589251,2057.9655713091197,2243.9585953031797,2451.10475889193,2661.8590407097845,2945.09273686397,3193.5645530153329,3139.6601637265899,3754.8998714586701,4382.394813017494,4712.7368821700902]
[null,"CHECK: Statistical Discrepancy GDP-(C+G+I+X-M)",{"$f":"C22-(C15+C16+C17+C20-C21)","v":3.6026362022262219},{"$f":"D22-(D15+D16+D17+D20-D21)","v":7.5185573713042686},-4619.0154055394732,4.1822106939835066,0.66013819464569679,-33.496164347496233,0.43627610246630866,-24.559568988322098,-61.227494376666527,13.537704680526986,4.3179923255411268,-6.3464635925356561]
[null,"National Accounts: Production, constant prices, in billions"]
[null,"Agriculture",84.77856611,87.212530650000005,89.31864010999999,91.414527959999987,96.574272899999997,102.19415178,107.81394287999998,112.22220540999999,115.40437684999999,118.44924230999999,124.41592820999999,127.41256352774413]
[null,"Manufacturing",335.85679401917986,368.25855651192984,401.60038622484905,432.31468701254397,460.40990428771096,486.72194688047011,523.93095171586424,556.72582036925689,528.58984841486608,626.13510933955797,620.30139391737282,635.24174031354505]
[null,"Services",698.70702299999994,721.30353973999991,768.36102469000002,815.49152390999996,866.88283331999992,899.27799968999989,950.63107474999993,990.27117867999993,912.42376532999992,984.06858920999991,1063.5731464400001,1089.189969779909]
[null,"Factor cost adjustment (taxes minus subsidies)",101.3882296700001,103.46910686000024,116.22680233000096,126.22138151000001,144.16183539999906,147.77668779999999,157.82692821999581,179.40688422999995,168.64802373000384,186.88580730000206,210.79719135999994,225.87437333821163]
[null,"Real GDP *",1220.7306127991799,1280.2437337619301,1375.5068533548499,1465.442120392544,1568.0288459077099,1635.9707861504701,1740.20289756586,1838.6260886892569,1725.0660143248697,1915.5387481595599,2019.0876599273729,2077.7186469594099]
[null,"Prices and Unemployment, percent (for 5.3% enter 5.3)"]
[null,"Unemployment rate",8.2390476551014036,9.0116140205984543,8.3668938357926308,7.1814457534963081,6.9384698686206328,5.6189701476845162,5.7687976099708083,6.2903472981720121,5.9455437384130203,7.2362608515153024,5.3990607745196675,6.0759999999999996]
[null,"Consumer Price Index (CPI), average",3.6206071372707949,4.7343319480600456,2.938669416026872,0.82001141979050007,1.5818827510031266,3.2139658078501232,3.4931455749308888,1.8106037704304114,3.7054111631721645,8.0777381234312173,7.7353488167914097,4.690196693489507]
[null,"Consumer Price Index (CPI), end period",3.8286933927245093,3.7985174600339118,1.5503396096638589,2.2975878121032789,1.6614290439959589,4.120191916727677,1.1471827688466321,3.6562789262573023,5.44257487327602,8.325785006801155,7.67072363318543,3.4971858652150112]
[null,"Inflation target",5.5,5,4.5,4,4,4,4,4,4,4,4,4]
[null,"Interest and Exchange Rates, percent unless indicated (for 5.3% enter 5.3)"]
[null,"Policy rate",5,6.25,6.25,5.25,5.5,5.5,5.5,4.75,3,3.25,7.75,6.75]
[null,"Representative market rate, average",8.0748250000000006,6.0687749999999996,6.45269166666667,5.90095833333333,6.0516666666666703,6.3,5.6967333333333299,6.1187252743231904,5.3724474834220199,4.2407311078227297,7.9877387031928606,10.096438420344301]
[null,"Average lending rate (domestic currency)",15.4825,13.591400536666701,13.9025,14.876666666666701,15.0841666666667,13.91,12.5337,12.4867666666667,10.9796416666667,9.6083083333333299,11.85005,13.9345416666667]
[null,"Average lending rate (foreign currency)",6.8558333333333303,6.6233333333333304,6.5191666666666697,6.3641666666666703,6.0158333333333296,5.8983333333333299,5.773625,5.7131833333333297,4.5110666666666699,3.49315,4.6787416666666699,7.8009833333333303]
[null,"Share of foreign currency lending (%)",17.275047533797363,20.338879589461246,20.54030644750344,21.480590235879664,21.086107642239504,20.439771650837031,20.769701160147065,21.099164044223031,19.655685769449164,17.342774838170101,20.002802891170763,20.275578426908105]
[null,"Exchange rate (Local currency/US$, end period)",39.522371,41.876625000000004,43.394204000000002,44.601514999999999,45.728417,47.281227000000001,49.23471,51.872526999999998,57.055109999999992,56.196336000000002,54.879999999999995,55.86]
[null,"Exchange rate (Local currency/US$, average)",38.492534196277084,40.908927643274865,42.625567292270553,44.089331946457257,45.099982534090898,46.535049555555531,48.477774271464632,50.218005528985501,55.339173367773242,55.949323694444402,53.9,55.86]
[null,"Real Effective Exchange Rate % appreciation",-0.94894737340178881,-5.022985354444895,-2.3956008416611905,3.8389303787426639,0.53197904733132573,-3.6206152894061905,-4.1413145242869005,-0.29956392546162391,-7.6328625176322289,-2.8743606966264337,8.67225786455068,1.355322306410764]
[null,"Nominal Effective Exchange Rate  % appreciation",-9.4349780579611797E-2,-2.8540015685910904,-2.0189413784307293,2.7980887414812932,-0.60085769964908531,-3.0929057231455852,-3.3035918425918354,-0.93542856478181868,-6.419532271482935,0.30805887262862874,8.59409887997613,-0.34581893547317766]
[null,"Balance of Payments, US$ millions"]
[null,"Current account"]
[null,"Goods & services balance",-3875.41,-2620.2399999999998,-2303.21,-2167.83,-1833.58,-1434.93,-2843.89,-2811.7599999999998,-3788.7499999999995,-5662.37,-8168.23,-6028.75]
[null,"Oil imports: share of total G&S (%)",23.233293550296434,22.227840343216119,19.155358174965048,12.669007245835513,11.196444564285784,13.632237551862289,15.404903294297185,14.50542281660279,9.9379860998231688,13.067361919567233,16.476852373893362,14.643485222578093]
[null,"Oil exports: share of total G&S (%)",0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Primary income from abroad",-1640.499,-2080.61,-2273.1799999999998,-2055.48,-2277.1699999999996,-2655.66,-2584.1899999999996,-2848.23,-2677.5,-3297.35,-3017.7,-3806.32]
[null,"Secondary income from abroad",2736.5099999999998,2903.32,3057.25,3327.1,3540.46,3997.42,4503.03,4828.46,5530.1399999999994,7080.0099999999993,6601.7,6771.6599999999989]
[null,"Government grants",3444.2907094870675,2153.4790062379998,1470.7640317790001,67310.317384400987,716.58934688599993,1292.4099999999999,1432.1703878090977,1548.4356681631391,1693.1785289918728,1849.072371845748,2018.6115054200827,2203.6954701491031]
[null,"Current account balance (US$)",-2779.3989999999999,-1797.53,-1519.1399999999999,-896.20999999999992,-570.29000000000133,-93.169999999999234,-925.05,-831.53,-936.1099999999999,-1879.7099999999971,-4584.2299999999996,-3063.41]
[null,"Reserves and financial flows"]
[null,"Gross international reserves",2920.6914482587099,3728.2632549015134,3833.5182129433974,4117.0783954163708,4846.9695247831751,5216.4788974022131,5799.7467673019701,6594.3849150472088,7989.9091046772883,9512.4722590049605,10500.944996096168,10588.58136582652]
[null,"Net international reserves",2246.8668695403558,3070.5529336063814,3255.3140458488651,3636.5378703674573,4232.6899838663021,4746.282156336707,5338.9755185498898,6146.9808202220465,7526.1318343572184,9060.0657047330496,10065.265947485139,10156.378009715208]
[null,"Foreign direct investment (FDI), net inflow",2391.13,1119.93,1669.71,1559.1100000000001,1761.2699999999998,2518.5299999999997,1921.1499999999999,1980.4399999999998,1722.4199999999998,2344.7899999999995,2773.12,2884.0448000000001]
[null,"External debt"]
[null,"Total external debt",18838.133999999998,20658.441999999999,21521.219999999998,20688.139695849499,22152.843999999997,23479.980439999999,24106.973239999996,26101.60690666669,31109.544573333307,32110.079613259899,32287.606613259897,34263.714045498906]
[null,"  Short-term external debt",2852.9619999999995,2958.529,3061.7019999999998,2689.4258092736995,2613.8139999999999,2244.8509999999997,1911.1679999999997,1498.56,2254.9519999999998,2384.8440000000001,3248.1260000000002,3168.0527413888922]
[null,"Government Accounts, current prices, in billions"]
[null,"Revenues"]
[null,"Tax revenue",215.57970388404797,245.51794600307102,272.22828533496403,286.94325924007796,314.03638623674101,345.335532728739,384.95908421934598,423.76571970668596,385.42358978731994,541.77624117760502,604.53118138786863,678.31526463623993]
[null,"Nontax revenue",6.1221402523477,9.323288299493699,14.87341969974791,18.212586987316818,22.706253203425398,23.460083433901588,33.389022285968991,33.468006699274696,44.541104982336194,42.081877704053603,59.398755539883901,64.249158594662987]
[null,"Grants",3.4442907094870607,2.1534790062379998,3.6137032484559994,67.38381738440799,0.78307995835999988,1.3973717394209999,0.67583109270599995,0.72690850259999995,10.749439117080998,2.5770166719779999,1.6136915038020001,4.7923972126239995]
[null,"Expenditure"]
[null,"Total expenditure",330.45035502288317,338.8429475472027,348.15092339205853,374.3182149167489,414.3638183765612,454.22278326558768,484.84138770092966,570.41264873772832,689.22078433960291,699.78534291132246,811.29898858754893,905.64845650319603]
[null,"Domestic interest spending",39.353476505338797,41.453230658027927,49.021754343445167,56.083565723254516,66.931257644733719,76.363229740153301,85.658726020151192,103.51673254125629,114.3902394231296,125.9026488859559,139.06171501401269,153.52925929654808]
[null,"External interest spending",12.385569587314,14.37391417730135,17.79700301150044,23.063274402153787,28.937686538863336,32.98704088020019,37.783520334743677,50.380943355938506,55.816347045447237,60.538769568541447,66.326930045563103,73.353404623159491]
[null,"Acquisition of nonfinancial assets",83.338135051335499,54.879676867698549,41.744267246783778,48.140057286830313,40.735129901857789,47.743276729929271,44.925801342532594,48.05791724406329,52.154348054470191,57.601144051178693,75.542305580375199,101.941738932649]
[null,"Financing"]
[null,"External budget financing (in local currency)",77.751145746064665,60.432468695284022,42.130138330583499,-49.982349705466817,37.013183124332798,57.732285496387107,59.280526547984557,58.431081420185755,247.52004030912261,55.635194705864912,121.47884996799455,114.56056039182309]
[null,"Public debt"]
[null,"External debt (in Local currency)",386.8300478406448,474.052953985025,528.25764314819992,535.39456843425,592.90844425294995,655.25980123975,774.60724132749999,881.22399883120397,1268.7281662213129,1380.356209441517,1488.4958212773879,1654.424457006706]
[null,"Domestic debt (in local currency)",320.01098648002397,382.61772233306084,391.50546828285832,467.3738391318542,544.43492596366502,646.56026182640824,721.7351999345459,829.86411784466395,963.08152988933898,1006.3628824304928,1121.093967170835,1210.8882937111659]
[null,"Monetary Survey, current prices, end period, in millions"]
[null,"Net Foreign Assets (NFA)",49311.34758845652,86217.062190222583,105569.2711932558,109355.44280767329,135640.87535268898,174511.47076636562,219420.34227315022,256421.89106233351,435894.56952109595,463548.15101953881,458549.06363828096,506532.65923312289]
[null,"o.w., Monetary Authorities",50659.236345356519,91170.924190911595,113353.4397313318,143878.9212079233,176210.38039588899,210406.21368750057,252943.85858692019,311450.33703487547,394012.22555637604,454764.32994553883,476614.76590874302,523548.8719935228]
[null,"Net Domestic Assets (NDA)",498387.14432124549,527347.5288497936,562784.60257526219,641128.88224186969,688208.19975422893,727446.41494387249,744916.7767742218,823813.35283644916,872399.08252415119,1020861.8504981062,1120710.3719550944,1299212.1884506983]
[null,"Claims on government",295738.57205656398,317154.33759967994,332459.71437798702,384220.61538839998,424045.53124210198,450343.04110924102,456879.96466416511,510900.897073147,511887.50721689005,569602.51986871101,593879.03005671082,637610.10572455695]
[null,"Credit private sector",362895.126055756,417292.63139148196,498725.56542817387,561862.64823680592,629872.73532822798,693771.84281477099,771073.01916370599,862411.3132418138,908307.13949341793,1013729.9323811799,1182327.9352827759,1415099.6872829739]
[null,"Exogenous Global Indicators, percent unless indicated (for 5.3% enter 5.3"]
[null,"Partners' real GDP",3.6824844645473469,3.2839562251566869,3.0827931278675469,2.7221895331594639,1.0839696222634341,2.0208335717570201,1.8869664471707559,0.83053834759866163,-4.9454875884792431,6.2695348464406022,3.450561763815478,3.0628920056678468,2.8879292555500813,2.6117687564377969,2.4187029694695736,2.4213299356409888,2.4027264975648603]
[null,"Partners' nonoil imports ",2.1677585305448428,5.1120732913351192,6.914504791917599,5.0771831638354552,1.0344147235428209,4.961370102754457,5.4614853015940534,-0.48417529000357662,-5.8959443803462914,13.25291600067254,5.6233014266483723,-1.040101625863717,1.1009082901574101,2.9279580951138988,3.0591746903499968,3.0972970106317983,2.9887219714098032]
[null,"Partners' nonoil export deflators (US$)",2.1480104296306601,-2.3337249454040099,-1.417937464239013,-7.2517485636257097,-4.2894607636602,6.2826151848270451,6.8724944549815579,2.9819699333204288,7.8441224097809004,36.80410777855834,0.99264872383340474,-3.7451656209077964,0.33579861058752603,1.7626513169650577,2.2075560853732745,1.8759336264682023,1.8971763009071461]
[null,"Partners' CPI (US$)",3.116309955416467,2.4641970593130131,2.3724696808533898,1.561337286511671,1.990749672266688,2.7045681957787839,3.091593862828371,3.310674431625793,2.4815337634426888,4.3871459142233311,8.23504534544203,6.5725421200532441,7.9417640920633961,3.7004414855551677,2.9557164041636974,2.6316062528113049,2.4874539113279281]
[null,"Average petroleum spot price (APSP)",0.98777641391187643,-0.87995369677209656,-7.5314880179226451,-47.146300179739114,-15.022149497565174,22.452431023357704,29.36122533893047,-10.360330409299749,-32.013819483552894,65.806664046654078,39.15103208295718,-16.362406522644093,-2.4635976925484075,-6.2713336273766238,-4.2322804583263842,-2.6481217862969633,-1.334910343701798]
[null,"Foreign interest rate",0.68678333333333497,0.40893333333333248,0.32937499999999997,0.48431666666666751,1.0564416666666669,1.475958333333333,2.4899416666666681,2.320416666666667,0.69079166666666747,0.19772500000000001,2.8546166666666748,5.581433333333325,5.5198833333333246,4.6448833333333246,3.832383333333325,3.6233322214300001,3.301133333333325]
[null,"Doodle pad to facilitate calculation "]
[null,"Total consumption (current price)",{"$f":"C15+C16","v":1418.4532910534433},1533.5251695026591,1680.9845267659541,1822.2238098479968,1972.2911232702697,2139.8394798078107,2347.0912923855394,2518.6927418940954,2568.0800958929171,2939.7927515320598,3366.9788436597601,3667.3450386424324]
[null,"Percent change ",null,{"$f":"D90/C90-1","v":8.1124897925793027E-2},{"$f":"E90/D90-1","v":9.6157115772099067E-2},{"$f":"F90/E90-1","v":8.4021762742678474E-2},{"$f":"G90/F90-1","v":8.235394171190813E-2},{"$f":"H90/G90-1","v":8.4951128441792978E-2},{"$f":"I90/H90-1","v":9.6853906348313146E-2},{"$f":"J90/I90-1","v":7.3112388114287441E-2},{"$f":"K90/J90-1","v":1.9608328232081806E-2},{"$f":"L90/K90-1","v":0.14474340431734034},{"$f":"M90/L90-1","v":0.14531163528622004},{"$f":"N90/M90-1","v":8.9209409660616412E-2}]
[null,"Total consumption (constant price)",{"$f":"C5+C6","v":1025.3198636157349},1052.5648555419166,1107.2663705739592,1179.1017611551827,1244.9538394306446,1294.4388875265001,1364.131034879302,1429.5884725352362,1393.4871358349849,1475.4137038774777,1548.954305490367,1606.9427984521078]
[null,"Percent change ",null,{"$f":"D92/C92-1","v":2.6572187756222387E-2},{"$f":"E92/D92-1","v":5.196973349815992E-2},{"$f":"F92/E92-1","v":6.4876340951262712E-2},{"$f":"G92/F92-1","v":5.5849359609933646E-2},{"$f":"H92/G92-1","v":3.9748500328724345E-2},{"$f":"I92/H92-1","v":5.3839658267663904E-2},{"$f":"J92/I92-1","v":4.7984714065042677E-2},{"$f":"K92/J92-1","v":-2.5252957332699499E-2},{"$f":"L92/K92-1","v":5.879248249636837E-2},{"$f":"M92/L92-1","v":4.9844054870589849E-2},{"$f":"N92/M92-1","v":3.7437187627935131E-2}]
[null,"Deflators"]
[null,"  Consumption deflator",{"$f":"100*C90/C92","v":138.34251548110507},145.69412625059749,151.81392404201748,154.54338801620807,158.42283149809461,165.31019737028745,172.0576126759853,176.18306178892439,184.2916256527987,199.25209748330954,217.37108910994274,{"$f":"100*N90/N92","v":228.2187668518763}]
[null,"Percent change ",null,{"$f":"D95/C95-1","v":5.3140646922070101E-2},4.2004423575002559E-2,1.7979009444714533E-2,2.5102617017039197E-2,4.3474578803218034E-2,{"$f":"I95/H95-1","v":4.0816691365892721E-2},{"$f":"J95/I95-1","v":2.3977137941045612E-2},{"$f":"K95/J95-1","v":4.6023515436397266E-2},{"$f":"L95/K95-1","v":8.1178250924412776E-2},9.0935010750142542E-2,4.9903958186670261E-2]
[null,"  Investment deflator",{"$f":"100*C17/C7","v":140.61114292855743},146.67851759666902,152.93336092514812,143.90121968113684,137.51508472310297,155.4893993571749,166.03265106316474,171.7552273224326,194.8759387118094,218.9394135177773,261.5720436750716,245.91798333294111]
[null,"Percent change ",null,{"$f":"D97/C97-1","v":4.3150027385769452E-2},4.2643213409603975E-2,-5.905932616253684E-2,-4.4378602017304369E-2,0.13070794866079294,{"$f":"I97/H97-1","v":6.7806884260777966E-2},{"$f":"J97/I97-1","v":3.4466571620848319E-2},{"$f":"K97/J97-1","v":0.13461430985138367},{"$f":"L97/K97-1","v":0.12348099496035769},0.1947234144474066,-5.984607575867773E-2]
[null,"  Export deflator",{"$f":"100*C20/C10","v":130.96650194441835},134.9978325024089,1367.2401072175323,139.16495278832059,142.41374759367014,145.97546783276746,151.4141573083933,158.42745706689135,176.85533137038678,185.77922436454068,192.73445156484604,205.66624703343794]
[null,"Percent change ",null,{"$f":"D99/C99-1","v":3.07813868289879E-2},9.127867106259913,-0.89821469392707121,2.3344920831404936E-2,2.5009665845319162E-2,{"$f":"I99/H99-1","v":3.7257558111452704E-2},{"$f":"J99/I99-1","v":4.631865264893098E-2},{"$f":"K99/J99-1","v":0.11631742782890719},{"$f":"L99/K99-1","v":5.0458716313531271E-2},3.7438132407408675E-2,6.7096439497953186E-2]
[null,"  Import deflator",{"$f":"100*C21/C11","v":138.04809440881849},144.45846304514851,148.25776041547184,136.98364741860456,134.26768709749368,144.71906315534662,159.51865964672788,159.1665373129768,169.21876048233744,194.17918606728907,204.60920210030312,208.49800092533391]
[null,"Percent change ",null,{"$f":"D101/C101-1","v":4.6435763302506983E-2},2.6300275457976641E-2,-7.6043999081553237E-2,-1.9826894467273593E-2,7.7839845787051054E-2,{"$f":"I101/H101-1","v":0.10226431935573577},{"$f":"J101/I101-1","v":-2.2074052937186561E-3},{"$f":"K101/J101-1","v":6.3155380138693928E-2},{"$f":"L101/K101-1","v":0.14750389090314209},5.3713357462523037E-2,1.9005982062939797E-2]
[null,"GNDI",{"$f":"C22+C42*(C50+C51)/1000","v":1712.3996137669305},1867.4949714203237,2091.3869998559703,2300.0234715929337,2508.0791158274219,2724.2979088014467,3038.1138292470273,3293.0077541039959,3297.5229032424345,3966.5371402246969,4575.572413017494,{"$f":"N22+N42*(N50+N51)/1000","v":4878.3807745700906}]
[null,null,{"$f":"C63/C22","v":0.12907330616101365},0.13388196807086131,0.13228029133732946,0.12787368708169469,0.12812034454973981,0.12973471827293129,0.13071204156011157,0.13269364456922295,0.12275965221976287,0.14428513668119214,0.13794539451173254,0.14393234368813176]
[null,"Real GNDI",{"$f":"C103/(C22/C12)","v":1251.5653191121992},1303.7398659100838,1397.8451298819248,1502.0559114676428,1604.476670027753,1674.3455319788684,1795.1674059745519,1895.8783724083232,1811.8026777425346,2023.5041807287373,2108.0897980222339,2150.7465737457537]
[null,"Real Private DI",{"$f":"C105*(1-C104)","v":1090.0216454979236},1129.1926068096011,1212.9377688566767,1309.9824838654197,1398.910566241778,{"$f":"H105*(1-H104)","v":1457.1247860960486},{"$f":"I105*(1-I104)","v":1560.5174093974488},{"$f":"J105*(1-J104)","v":1644.3073615134963},1589.3864111320258,1731.5426034373277,1817.2885191678981,{"$f":"N105*(1-N104)","v":1841.184578707308}]
[null,"Percent change ",null,{"$f":"D106/C106-1","v":3.5935948128611894E-2},7.4163753412880951E-2,8.0007991753952901E-2,6.7884940044354414E-2,4.1613968225763909E-2,{"$f":"I106/H106-1","v":7.0956601855913348E-2},{"$f":"J106/I106-1","v":5.3693699033066755E-2},-3.340065955243221E-2,8.9440925950821759E-2,4.9519957268365333E-2,1.3149293184524957E-2]
[null,"Inflation rate",null,{"$f":"D32/100","v":4.7343319480600457E-2},2.938669416026872E-2,8.2001141979050011E-3,1.5818827510031264E-2,3.2139658078501235E-2,3.4931455749308886E-2,1.8106037704304113E-2,3.7054111631721648E-2,8.0777381234312176E-2,7.7353488167914097E-2,4.6901966934895067E-2]
[null,"Depreciation rate",null,{"$f":"D42/C42-1","v":6.2775639418188423E-2},4.1962470000796781E-2,3.4340062717526099E-2,2.2922792045499518E-2,3.181968020452941E-2,4.1747558764062109E-2,3.589750733554653E-2,0.10197871828724536,1.1025649454794451E-2,-3.6628212087716383E-2,3.6363636363636376E-2]
[null,"FX lending share",null,{"$f":"D40/100","v":0.20338879589461245},0.2054030644750344,0.21480590235879662,0.21086107642239504,0.2043977165083703,0.20769701160147064,0.21099164044223032,0.19655685769449163,0.173427748381701,0.20002802891170762,0.20275578426908106]
[null,"Domestic currency lending rate",null,{"$f":"D38/100","v":0.13591400536666701},0.13902500000000001,0.14876666666666702,0.15084166666666701,0.1391,0.125337,0.124867666666667,0.10979641666666699,9.6083083333333305E-2,0.11850049999999999,0.139345416666667]
[null,"FX lending rate + depreciation",null,{"$f":"(D39+D109)/100","v":6.6861089727515199E-2},6.5611291366674665E-2,6.3985067293841971E-2,6.0387561253788295E-2,5.9301530135378595E-2,5.8153725587640627E-2,5.7490808406688763E-2,4.6130453849539156E-2,3.5041756494547945E-2,4.6421134545789534E-2,7.8373469696969664E-2]
[null,"Effective lending rate",null,{"$f":"((1-D110)*D38+D110*(D39+D109))/100","v":0.12186941600180766},0.12394559927223767,0.13055507870996533,0.13176841663248262,0.12278937497880937,0.11138323467495141,0.11065171281455054,9.7282435073238013E-2,8.5496823461451252E-2,0.10408260660298765,0.12698300174041319]
[null,"Effective real lending rate",null,{"$f":"((1+D113)/(1+D108)-1)","v":7.1157274921241909E-2},9.1859459276483202E-2,0.12135980029064242,0.11414396542212768,8.7826987550374325E-2,7.3871345296283586E-2,9.0899839194476195E-2,5.8076355675165336E-2,4.3667107667899607E-3,2.4809979944955263E-2,{"$f":"((1+N113)/(1+N108)-1)","v":7.6493346401839579E-2}]
[null,"Change in real effective lending rate",null,{"$f":"D114-C114","v":7.1157274921241909E-2},2.0702184355241293E-2,2.9500341014159215E-2,-7.2158348685147367E-3,-2.6316977871753355E-2,{"$f":"I114-H114","v":-1.3955642254090739E-2},{"$f":"J114-I114","v":1.7028493898192609E-2},-3.2823483519310859E-2,{"$f":"L114-K114","v":-5.3709644908375376E-2},2.0443269178165302E-2,5.1683366456884317E-2]

{"sheet":"GDP&Prices","index":4,"n_rows":170,"n_cols":24,"rows_kept":170,"cut":false,"hidden":false,"merged":[[0,1,0,18]]}
[null,{"$f":"\"Country:\"&\" \"&Country_Name&\" - Output, Demand & Prices\"","v":"Country: Macrofoundland - Output, Demand & Prices"}]
[]
[null,"Instructions: Calibration of behavioral equations can be found at the bottom of the sheet."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,"Year/Variable",null,null,{"$f":"F5-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"O5-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"O5+1","v":2025},{"$f":"P5+1","v":2026},2027,2028]
[null,"Real Expenditure, [Units], constant prices"]
[null,"Consumption",null,null,{"$f":"E9+E13","v":1107.2663705739592},1179.1017611551827,1244.9538394306446,1294.4388875265001,1364.131034879302,1429.5884725352362,1393.4871358349849,1475.4137038774777,1548.954305490367,{"$f":"N9+N13","v":1606.9427984521078},{"$f":"O9+O13","v":1685.0943723388502},{"$f":"P9+P13","v":1773.7145622870155},{"$f":"Q9+Q13","v":1868.7373772380281},1966.7698444654829,2069.0175214195128]
[null,"Growth rate",null,null,{"$f":"E7/('Source Data'!D5+'Source Data'!D6)-1","v":5.196973349815992E-2},{"$f":"F7/E7-1","v":6.4876340951262712E-2},5.5849359609933646E-2,3.9748500328724345E-2,5.3839658267663904E-2,{"$f":"J7/I7-1","v":4.7984714065042677E-2},{"$f":"K7/J7-1","v":-2.5252957332699499E-2},5.879248249636837E-2,{"$f":"M7/L7-1","v":4.9844054870589849E-2},{"$f":"N7/M7-1","v":3.7437187627935131E-2},{"$f":"O7/N7-1","v":4.863369994378286E-2},5.2590639078073487E-2,{"$f":"Q7/P7-1","v":5.3572777137540495E-2},{"$f":"R7/Q7-1","v":5.2459199682914015E-2},{"$f":"S7/R7-1","v":5.1987616772626533E-2}]
[null,"Private",null,null,{"$f":"'Source Data'!E5","v":985.61963416907884},{"$f":"'Source Data'!F5","v":1049.0588897012908},{"$f":"'Source Data'!G5","v":1112.3761886063119},{"$f":"'Source Data'!H5","v":1160.7652169137991},{"$f":"'Source Data'!I5","v":1226.6912996176297},{"$f":"'Source Data'!J5","v":1283.4287885329679},{"$f":"'Source Data'!K5","v":1240.1175608410888},{"$f":"'Source Data'!L5","v":1321.9498358590299},{"$f":"'Source Data'!M5","v":1389.5449627672688},{"$f":"'Source Data'!N5","v":1435.0947919830619},{"$f":"N9*(1+O10)","v":1503.2820125335097},1580.5836370914626,{"$f":"P9*(1+Q10)","v":1663.1819974637217},{"$f":"Q9*(1+R10)","v":1747.8367776065677},{"$f":"R9*(1+S10)","v":1835.8156615378359}]
[null,"Actual",null,null,{"$f":"E9/'Source Data'!D5-1","v":5.3068675926002395E-2},{"$f":"F9/E9-1","v":6.4364845557986605E-2},6.0356286502705414E-2,4.3500597013060416E-2,5.6795363733514126E-2,{"$f":"J9/I9-1","v":4.6252458897380055E-2},{"$f":"K9/J9-1","v":-3.3746498503735678E-2},6.5987514088938326E-2,5.1132898597709753E-2,3.278039245673714E-2,{"$f":"O11+O12","v":4.7514088220071034E-2},{"$f":"P11+P12","v":5.1421904814569548E-2},{"$f":"Q11+Q12","v":5.2258139609906315E-2},5.0899288395341462E-2,5.0335869492198003E-2]
[null,"Fitted",null,null,null,{"$f":"$E$123*F82+$E$124*E10+$E$125*F91","v":6.0544516972940367E-2},7.0728291981449531E-2,5.7152390328795891E-2,6.7479630924864045E-2,4.8184567585231951E-2,-1.083391515001926E-3,8.0921991842319352E-2,4.9676579871351073E-2,-1.6108956997800579E-3,4.7514088220071034E-2,5.1421904814569548E-2,5.2258139609906315E-2,5.0899288395341462E-2,5.0335869492198003E-2]
[null,"Add factor",null,null,{"$f":"E10-E11","v":5.3068675926002395E-2},3.8203285850462385E-3,-1.0372005478744117E-2,-1.3651793315735475E-2,-1.0684267191349919E-2,{"$f":"J10-J11","v":-1.9321086878518953E-3},{"$f":"K10-K11","v":-3.2663106988733752E-2},-1.4934477753381026E-2,1.4563187263586796E-3,3.4391288156517194E-2]
[null,"Public",null,null,{"$f":"'Source Data'!E6","v":121.64673640488037},{"$f":"'Source Data'!F6","v":130.04287145389191},{"$f":"'Source Data'!G6","v":132.57765082433269},{"$f":"'Source Data'!H6","v":133.67367061270107},{"$f":"'Source Data'!I6","v":137.43973526167218},{"$f":"'Source Data'!J6","v":146.15968400226831},{"$f":"'Source Data'!K6","v":153.36957499389609},{"$f":"'Source Data'!L6","v":153.4638680184477},{"$f":"'Source Data'!M6","v":159.40934272309829},{"$f":"'Source Data'!N6","v":171.84800646904588},{"$f":"N13*(1+O14)","v":181.81235980534055},193.13092519555289,{"$f":"P13*(1+Q14)","v":205.5553797743064},{"$f":"Q13*(1+R14)","v":218.93306685891523},{"$f":"R13*(1+S14)","v":233.20185988167682}]
[null,"Growth rate",null,null,{"$f":"E13/'Source Data'!D6-1","v":4.3149628839177501E-2},{"$f":"F13/E13-1","v":6.9020635465849578E-2},1.9491874810988907E-2,8.2670026324469514E-3,2.8173570993518249E-2,{"$f":"J13/I13-1","v":6.3445616538726268E-2},{"$f":"K13/J13-1","v":4.9328862749292046E-2},6.1480919247092203E-4,3.8741853580387398E-2,7.8029703488296409E-2,{"$f":"(1+'Policies&Assumptions'!O18)/(1+'GDP&Prices'!O71)-1","v":5.7983525913578138E-2},{"$f":"(1+'Policies&Assumptions'!P18)/(1+'GDP&Prices'!P71)-1","v":6.2254103089199653E-2},{"$f":"(1+'Policies&Assumptions'!Q18)/(1+'GDP&Prices'!Q71)-1","v":6.4331771652692327E-2},{"$f":"(1+'Policies&Assumptions'!R18)/(1+'GDP&Prices'!R71)-1","v":6.5080695524958321E-2},{"$f":"(1+'Policies&Assumptions'!S18)/(1+'GDP&Prices'!S71)-1","v":6.5174225289397203E-2}]
[null,"Gross capital formation",null,null,{"$f":"'Source Data'!E7","v":305.05710183301642},{"$f":"'Source Data'!F7","v":362.64447364286605},{"$f":"'Source Data'!G7","v":407.31174702305918},{"$f":"'Source Data'!H7","v":406.2438026707004},{"$f":"'Source Data'!I7","v":460.40901220790414},{"$f":"'Source Data'!J7","v":497.82496166063987},{"$f":"'Source Data'!K7","v":437.7615700050809},{"$f":"'Source Data'!L7","v":534.38180904351805},{"$f":"'Source Data'!M7","v":555.86427142073796},{"$f":"'Source Data'!N7","v":566.98155684915287},{"$f":"O17+O21","v":607.18853591670347},{"$f":"P17+P21","v":648.741838565183},{"$f":"Q17+Q21","v":679.27060577991961},713.25204440248876,748.90597986327214]
[null,"Growth rate",null,null,{"$f":"E15/'Source Data'!D7-1","v":9.349138822207026E-2},{"$f":"F15/E15-1","v":0.18877571269057714},{"$f":"G15/F15-1","v":0.1231709749537826},{"$f":"H15/G15-1","v":-2.6219335930380838E-3},{"$f":"I15/H15-1","v":0.13333178052468608},{"$f":"J15/I15-1","v":8.126676164158142E-2},{"$f":"K15/J15-1","v":-0.12065162714059186},0.22071430125151403,4.0200586946758321E-2,2.000000000000024E-2,7.0914086325823522E-2,6.843558497978619E-2,{"$f":"Q15/P15-1","v":4.7058422009988998E-2},{"$f":"R15/Q15-1","v":5.0026364063777917E-2},{"$f":"S15/R15-1","v":4.9987848952682157E-2}]
[null,"Private",null,null,{"$f":"E15-E21","v":277.76137839225902},329.19093002905834,377.68944777939362,375.53863760651609,433.35059866402764,{"$f":"J15-J21","v":469.84449318043164},{"$f":"K15-K21","v":410.99872365307527},{"$f":"L15-L21","v":508.07263833474497},{"$f":"M15-M21","v":526.98415697157498},{"$f":"N15-N21","v":525.5280049165018},563.116007950675,{"$f":"O17*(1+P18)","v":601.94420326045974},{"$f":"P17*(1+Q18)","v":629.6982198592159},660.70868395268724,693.26927392193431]
[null,"Actual",null,null,"…",{"$f":"F17/E17-1","v":0.1851573171708909},0.14732640946715692,-5.6946525393365421E-3,0.15394410925590596,{"$f":"J17/I17-1","v":8.4213324335793427E-2},{"$f":"K17/J17-1","v":-0.12524520427816987},0.23619030691591614,3.7222076549554561E-2,-2.7631799472705998E-3,{"$f":"O19+O20","v":7.1524262613075082E-2},{"$f":"P19+P20","v":6.8952391268525037E-2},{"$f":"Q19+Q20","v":4.6107291088484992E-2},4.9246548768082078E-2,4.9281310750228749E-2]
[null,"Fitted",null,null,{"$f":"$E$132*(E55-D55)+$E$133*E57+$E$134*(E90-D90)","v":8.4350587986127851E-2},2.959154202150454E-2,5.8519957218109167E-2,3.3241306320514412E-2,7.5143005861001338E-2,3.6406129100122753E-2,-7.9900674712565622E-2,0.24061559388498138,-1.1141064298821442E-2,-1.1742449270903503E-3,7.1524262613075082E-2,6.8952391268525037E-2,4.6107291088484992E-2,4.9246548768082078E-2,4.9281310750228749E-2]
[null,"Add factor",null,null,null,{"$f":"F18-F19","v":0.15556577514938635},8.8806452249047749E-2,-3.8935958859850954E-2,7.880110339490462E-2,{"$f":"J18-J19","v":4.7807195235670674E-2},{"$f":"K18-K19","v":-4.5344529565604252E-2},-4.4252869690652452E-3,4.8363140848376007E-2,-1.5889350201802495E-3]
[null,"Public",null,null,{"$f":"'Deficits&Financing'!E14/('GDP&Prices'!E72/100)","v":27.295723440757399},{"$f":"'Deficits&Financing'!F14/('GDP&Prices'!F72/100)","v":33.453543613807682},{"$f":"'Deficits&Financing'!G14/('GDP&Prices'!G72/100)","v":29.622299243665562},{"$f":"'Deficits&Financing'!H14/('GDP&Prices'!H72/100)","v":30.7051650641843},{"$f":"'Deficits&Financing'!I14/('GDP&Prices'!I72/100)","v":27.058413543876512},{"$f":"'Deficits&Financing'!J14/('GDP&Prices'!J72/100)","v":27.980468480208255},{"$f":"'Deficits&Financing'!K14/('GDP&Prices'!K72/100)","v":26.762846352005621},{"$f":"'Deficits&Financing'!L14/('GDP&Prices'!L72/100)","v":26.309170708773106},{"$f":"'Deficits&Financing'!M14/('GDP&Prices'!M72/100)","v":28.880114449162956},{"$f":"'Deficits&Financing'!N14/('GDP&Prices'!N72/100)","v":41.453551932651095},{"$f":"'Deficits&Financing'!O14/('GDP&Prices'!O72/100)","v":44.072527966028439},{"$f":"'Deficits&Financing'!P14/('GDP&Prices'!P72/100)","v":46.797635304723279},{"$f":"'Deficits&Financing'!Q14/('GDP&Prices'!Q72/100)","v":49.572385920703674},{"$f":"'Deficits&Financing'!R14/('GDP&Prices'!R72/100)","v":52.543360449801575},{"$f":"'Deficits&Financing'!S14/('GDP&Prices'!S72/100)","v":55.636705941337794}]
[null,"Growth rate",null,null,null,{"$f":"F21/E21-1","v":0.22559651831229921},-0.11452432108151334,3.6555765358095904E-2,-0.1187667127887061,{"$f":"J21/I21-1","v":3.4076459613442855E-2},{"$f":"K21/J21-1","v":-4.3516859950501141E-2},-1.695169629064941E-2,9.7720440102376127E-2,0.43536660859225096,6.3178567608207725E-2,6.1832335571841535E-2,{"$f":"Q21/P21-1","v":5.9292538990754151E-2},{"$f":"R21/Q21-1","v":5.9932046318091237E-2},{"$f":"S21/R21-1","v":5.8872243135105862E-2}]
[null,"Exports of goods and services ",null,null,{"$f":"'Source Data'!E10","v":376.73837729234799},{"$f":"'Source Data'!F10","v":383.142492213124},{"$f":"'Source Data'!G10","v":416.85090896971599},{"$f":"'Source Data'!H10","v":431.84333379564583},{"$f":"'Source Data'!I10","v":447.99098782375597},{"$f":"'Source Data'!J10","v":465.02823912821708},{"$f":"'Source Data'!K10","v":334.03775355135798},{"$f":"'Source Data'!L10","v":431.23375372286699},{"$f":"'Source Data'!M10","v":501.66225853401971},{"$f":"'Source Data'!N10","v":503.49597812805001},{"$f":"N23*(1+O24)","v":523.77120500845535},542.57263467064104,{"$f":"P23*(1+Q24)","v":561.16240890379504},{"$f":"Q23*(1+R24)","v":579.86838660279113},{"$f":"R23*(1+S24)","v":598.3838024021361}]
[null,"Actual",null,null,{"$f":"E23/'Source Data'!D10-1","v":0.10197391913082021},{"$f":"F23/E23-1","v":1.6998838734728627E-2},8.7978800163573512E-2,3.5965916118510854E-2,3.7392389240287427E-2,{"$f":"J23/I23-1","v":3.8030343840675052E-2},{"$f":"K23/J23-1","v":-0.28168286257717468},0.29097309851404329,0.16331862754976667,3.6552871236295026E-3,{"$f":"O25+O26","v":4.0268895405652927E-2},{"$f":"P25+P26","v":3.5896264404000934E-2},{"$f":"Q25+Q26","v":3.4262277610883629E-2},3.3334338512690645E-2,3.1930376318355866E-2]
[null,"Fitted",null,null,{"$f":"$E$142*E99/100+$E$143*E96","v":6.0379537751729148E-2},1.6345630253134909E-2,4.5810078281430843E-3,5.2832667166312158E-2,4.127041667503676E-2,1.5829969701195708E-2,-3.107298074262875E-3,0.10714221548783995,-3.9981793362148035E-3,-1.4057322913099798E-2,4.0268895405652927E-2,3.5896264404000934E-2,3.4262277610883629E-2,3.3334338512690645E-2,3.1930376318355866E-2]
[null,"Add factor",null,null,{"$f":"E24-E25","v":4.1594381379091064E-2},6.5320848159371864E-4,8.3397792335430432E-2,-1.6866751047801304E-2,{"$f":"I24-I25","v":-3.8780274347493329E-3},{"$f":"J24-J25","v":2.2200374139479343E-2},-0.27857556450291182,0.18383088302620335,0.16731680688598147,1.77126100367293E-2]
[null,"Imports of goods and services",null,null,{"$f":"'Source Data'!E11","v":419.17254137077958},{"$f":"'Source Data'!F11","v":465.3820556912184},{"$f":"'Source Data'!G11","v":503.18480382429908},{"$f":"'Source Data'!H11","v":488.21187399709896},{"$f":"'Source Data'!I11","v":529.83513103056134},{"$f":"'Source Data'!J11","v":560.63381375044185},{"$f":"'Source Data'!K11","v":479.28963685248237},{"$f":"'Source Data'!L11","v":602.30230127684047},{"$f":"'Source Data'!M11","v":689.0030096421815},{"$f":"'Source Data'!N11","v":660.96201374454927},{"$f":"N27*(1+O28)","v":662.39089925316853},688.18225296063804,{"$f":"P27*(1+Q28)","v":713.46848138343478},{"$f":"Q27*(1+R28)","v":740.22587398130963},{"$f":"R27*(1+S28)","v":767.98397420033393}]
[null,"Actual",null,null,{"$f":"E27/'Source Data'!D11-1","v":4.7762614176912743E-2},{"$f":"F27/E27-1","v":0.11023984101946249},8.1229492351039045E-2,-2.9756323548332575E-2,8.5256543829390186E-2,{"$f":"J27/I27-1","v":5.8128804445215287E-2},{"$f":"K27/J27-1","v":-0.14509324072659069},0.256656215711627,{"$f":"M27/L27-1","v":0.14394882467083603},{"$f":"N27/M27-1","v":-4.0697929479574735E-2},{"$f":"O29+O30","v":2.1618269717562713E-3},{"$f":"P29+P30","v":3.8936757338527257E-2},{"$f":"Q29+Q30","v":3.6743505537976923E-2},3.7503258092062348E-2,3.7499500077898172E-2]
[null,"Fitted",null,null,{"$f":"$E$151*E55+$E$152*E96","v":5.8711631856027249E-2},8.1308848909471959E-2,6.9163640340763693E-2,2.3059969372612711E-2,5.7487042828000295E-2,3.4511337620845128E-2,-9.6839685090395033E-2,9.0522209638894818E-2,9.4715753581927006E-2,3.4363050093338829E-2,2.1618269717562713E-3,3.8936757338527257E-2,3.6743505537976923E-2,3.7503258092062348E-2,3.7499500077898172E-2,null,null,null,null,"This Excel Macro "]
[null,"Add factor",null,null,{"$f":"E28-E29","v":-1.0949017679114506E-2},2.8930992109990533E-2,1.2065852010275352E-2,-5.2816292920945286E-2,2.776950100138989E-2,{"$f":"J28-J29","v":2.3617466824370159E-2},-4.8253555636195655E-2,0.16613400607273218,4.9233071088909022E-2,-7.5060979572913564E-2,null,null,null,null,null,null,null,null,null,"performs Goal Seeks"]
[null,"Statistical discrepancy",null,null,{"$f":"E36-(E7+E15+E23-E27)","v":5.6175450263056064},5.935449072589563,2.0971543085895519,-8.3433638452775085,{"$f":"I36-(I7+I15+I23-I27)","v":-2.4930063145409349},6.8182291156051633,39.069191785928524,76.81178279253777,101.60983412442965,61.260327274648489,0,0,0,0,0,null,null,null,null,"automatically during "]
[null,"GDP",null,null,{"$f":"E36","v":1375.5068533548499},1465.442120392544,1568.0288459077101,1635.9707861504701,{"$f":"I36","v":1740.20289756586},{"$f":"J36","v":1838.6260886892567},1725.0660143248699,1915.5387481595601,{"$f":"M36","v":2019.0876599273729},2077.7186469594099,{"$f":"O7+O15+O23-O27+O31","v":2153.6632140108404},{"$f":"P7+P15+P23-P27+P31","v":2276.8467825622015},{"$f":"Q7+Q15+Q23-Q27+Q31","v":2395.7019105383079},2519.6644014894537,2648.3233294845868,null,null,null,null,"the projection years."]
[null,"Growth rate",null,null,{"$f":"E37","v":7.4410143225613901E-2},6.5383365279745975E-2,7.0003942214849513E-2,4.3329521915414393E-2,{"$f":"I37","v":6.3712697254609152E-2},{"$f":"J32/I32-1","v":5.6558457212700919E-2},-6.1763550002351453E-2,0.11041475065476525,5.405733079913011E-2,2.9038356380300057E-2,{"$f":"O32/N32-1","v":3.6551901366708162E-2},5.7197229237134106E-2,{"$f":"Q32/P32-1","v":5.2201636441410182E-2},5.1743704175321037E-2,5.1061930278920808E-2]
[]
[null,"Real Output by Sector, [Units], constant prices"]
[null,"GDP ",null,null,{"$f":"'Source Data'!E12","v":1375.5068533548499},{"$f":"'Source Data'!F12","v":1465.442120392544},{"$f":"'Source Data'!G12","v":1568.0288459077101},{"$f":"'Source Data'!H12","v":1635.9707861504701},{"$f":"'Source Data'!I12","v":1740.20289756586},{"$f":"'Source Data'!J12","v":1838.6260886892567},{"$f":"'Source Data'!K12","v":1725.0660143248699},{"$f":"'Source Data'!L12","v":1915.5387481595601},{"$f":"'Source Data'!M12","v":2019.0876599273729},{"$f":"'Source Data'!N12","v":2077.7186469594099},{"$f":"N36*(1+O37)","v":2153.663340965868},{"$f":"O36*(1+P37)","v":2276.8467973103598},{"$f":"P36*(1+Q37)","v":2395.701939710405},2519.6644285491639,2648.3233283038103,"Goal seek:","Basic model solution and goal seek"]
[null,"Growth rate",null,null,{"$f":"'Source Data'!E12/'Source Data'!D12-1","v":7.4410143225613901E-2},{"$f":"F36/E36-1","v":6.5383365279745975E-2},{"$f":"G36/F36-1","v":7.0003942214849513E-2},{"$f":"H36/G36-1","v":4.3329521915414393E-2},{"$f":"I36/H36-1","v":6.3712697254609152E-2},{"$f":"J36/I36-1","v":5.6558457212700919E-2},-6.1763550002351453E-2,0.11041475065476525,5.405733079913011E-2,2.9038356380300057E-2,3.6551962469797278E-2,5.7197173764979958E-2,5.2201642438326964E-2,5.1743702663505642E-2,5.1061918522510998E-2,"Change this row ","Use goal seek to eliminate the difference in the"]
[null,"Check: GDP Expenditure - GDP Production",null,null,{"$f":"E32-E36","v":0},0,0,0,{"$f":"I32-I36","v":0},0,0,0,0,0,-1.2695502755377674E-4,-1.4748158264410449E-5,{"$f":"Q32-Q36","v":-2.917209712904878E-5},-2.7059710191679187E-5,1.1807765076810028E-6,"to make this = zero","GDPs by adjusting initial GDP growth estimate (orange)"]
[null,{"$f":"'Source Data'!B25","v":"Agriculture"},null,null,{"$f":"'Source Data'!E25","v":89.31864010999999},{"$f":"'Source Data'!F25","v":91.414527959999987},{"$f":"'Source Data'!G25","v":96.574272899999997},{"$f":"'Source Data'!H25","v":102.19415178},{"$f":"'Source Data'!I25","v":107.81394287999998},{"$f":"'Source Data'!J25","v":112.22220540999999},{"$f":"'Source Data'!K25","v":115.40437684999999},{"$f":"'Source Data'!L25","v":118.44924230999999},{"$f":"'Source Data'!M25","v":124.41592820999999},{"$f":"'Source Data'!N25","v":127.41256352774413},{"$f":"N39*(1+O40)","v":131.61916476953198},{"$f":"O39*(1+P40)","v":138.87526426741189},{"$f":"P39*(1+Q40)","v":143.64472951061902},150.03581005533673,156.49179059778163,null,"Notes:"]
[null,"Growth rate",null,null,{"$f":"'Source Data'!E25/'Source Data'!D25-1","v":2.4149161184786605E-2},{"$f":"F39/E39-1","v":2.3465290642791015E-2},{"$f":"G39/F39-1","v":5.6443380009113531E-2},{"$f":"H39/G39-1","v":5.819229812705129E-2},{"$f":"I39/H39-1","v":5.4991318016886837E-2},{"$f":"J39/I39-1","v":4.088768495283146E-2},{"$f":"K39/J39-1","v":2.8355987376776692E-2},{"$f":"L39/K39-1","v":2.638431524965168E-2},{"$f":"M39/L39-1","v":5.0373356415267301E-2},2.4085624412061968E-2,{"$f":"AVERAGE(J40:N40)/AVERAGE(J37:N37)*O37","v":3.3015592225109518E-2},{"$f":"AVERAGE(K40:O40)/AVERAGE(K37:O37)*P37","v":5.5129505726506475E-2},3.4343518756682775E-2,4.4492273169307039E-2,4.3029597667808714E-2,null,"Basic model set up to use external estimate for production GDP"]
[null,{"$f":"'Source Data'!B26","v":"Manufacturing"},null,null,{"$f":"'Source Data'!E26","v":401.60038622484905},{"$f":"'Source Data'!F26","v":432.31468701254397},{"$f":"'Source Data'!G26","v":460.40990428771096},{"$f":"'Source Data'!H26","v":486.72194688047011},{"$f":"'Source Data'!I26","v":523.93095171586424},{"$f":"'Source Data'!J26","v":556.72582036925689},{"$f":"'Source Data'!K26","v":528.58984841486608},{"$f":"'Source Data'!L26","v":626.13510933955797},{"$f":"'Source Data'!M26","v":620.30139391737282},{"$f":"'Source Data'!N26","v":635.24174031354505},{"$f":"N41*(1+O42)","v":661.30421905917876},{"$f":"O41*(1+P42)","v":703.96051995214373},{"$f":"P41*(1+Q42)","v":742.95717513577563},772.44608079559953,811.5357071098374,null,"which goal seek then adjusts to bring in line with expenditure "]
[null,"Growth rate",null,null,{"$f":"'Source Data'!E26/'Source Data'!D26-1","v":9.053918537216421E-2},{"$f":"F41/E41-1","v":7.6479759086931054E-2},{"$f":"G41/F41-1","v":6.4987885258572797E-2},{"$f":"H41/G41-1","v":5.714916718280838E-2},{"$f":"I41/H41-1","v":7.6448175542271013E-2},{"$f":"J41/I41-1","v":6.2593875292135559E-2},{"$f":"K41/J41-1","v":-5.0538291785585221E-2},{"$f":"L41/K41-1","v":0.18453865736773101},{"$f":"M41/L41-1","v":-9.3170233311761219E-3},2.4085624412061746E-2,{"$f":"AVERAGE(J42:N42)/AVERAGE(J37:N37)*O37","v":4.102765465753181E-2},{"$f":"AVERAGE(K42:O42)/AVERAGE(K37:O37)*P37","v":6.4503294646526113E-2},5.5396082704017149E-2,3.9691258994079659E-2,5.0604990155399092E-2,null,"based projection. To make the expenditure GDP the adjusting"]
[null,{"$f":"'Source Data'!B27","v":"Services"},null,null,{"$f":"'Source Data'!E27","v":768.36102469000002},{"$f":"'Source Data'!F27","v":815.49152390999996},{"$f":"'Source Data'!G27","v":866.88283331999992},{"$f":"'Source Data'!H27","v":899.27799968999989},{"$f":"'Source Data'!I27","v":950.63107474999993},{"$f":"'Source Data'!J27","v":990.27117867999993},{"$f":"'Source Data'!K27","v":912.42376532999992},{"$f":"'Source Data'!L27","v":984.06858920999991},{"$f":"'Source Data'!M27","v":1063.5731464400001},{"$f":"'Source Data'!N27","v":1089.189969779909},{"$f":"N43*(1+O44)","v":1120.1602819020718},{"$f":"O43*(1+P44)","v":1170.8763507858221},{"$f":"P43*(1+Q44)","v":1225.5826719721515},1287.9642953843972,1344.6469871272864,null,"outcome, manually adjust expenditure add factors until the GDPs "]
[null,"Growth rate",null,null,{"$f":"'Source Data'!E27/'Source Data'!D27-1","v":6.5239503700428747E-2},{"$f":"F43/E43-1","v":6.1339003027925498E-2},{"$f":"G43/F43-1","v":6.3018814914956423E-2},{"$f":"H43/G43-1","v":3.7369717249945422E-2},{"$f":"I43/H43-1","v":5.7104783034503726E-2},{"$f":"J43/I43-1","v":4.1698725176246398E-2},{"$f":"K43/J43-1","v":-7.8612217568290843E-2},{"$f":"L43/K43-1","v":7.8521435546001994E-2},{"$f":"M43/L43-1","v":8.0791682715760205E-2},2.4085624412061968E-2,{"$f":"AVERAGE(J44:N44)/AVERAGE(J37:N37)*O37","v":2.8434261222972046E-2},{"$f":"AVERAGE(K44:O44)/AVERAGE(K37:O37)*P37","v":4.5275725003954347E-2},4.6722543460386616E-2,5.0899563806547747E-2,4.4009521029441383E-2,null,"are aligned or choose one expenditure equation add factor as the  "]
[null,"Other - [residual]",null,null,{"$f":"E47-E39-E41-E43","v":0},0,0,0,0,0,0,0,0,0,{"$f":"O36-O39-O41-O43-O48","v":6.4491502797263252},{"$f":"P36-P39-P41-P43-P48","v":15.612533030065634},{"$f":"Q36-Q39-Q41-Q43-Q48","v":23.074172128959617},35.298756317012476,47.742502996389192,"Should be small","quantity that adjusts to align expenditure GDP with production "]
[null,"Growth rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"GDP."]
[null,"= Total value added",null,null,{"$f":"E36-E48","v":1259.2800510248489},1339.2207388825441,1423.867010507711,1488.1940983504701,1582.3759693458642,1659.2192044592566,1556.4179905948661,1728.6529408595579,1808.290468567373,1851.8442736211982,{"$f":"SUM(O39,O41,O43,O45)","v":1919.5328160105089},{"$f":"SUM(P39,P41,P43,P45)","v":2029.3246680354432},{"$f":"SUM(Q39,Q41,Q43,Q45)","v":2135.2587487475057},{"$f":"SUM(R39,R41,R43,R45)","v":2245.7449425523464},{"$f":"SUM(S39,S41,S43,S45)","v":2360.4169878312946}]
[null,"plus: Taxes minus Subsidies",null,null,{"$f":"'Source Data'!E28","v":116.22680233000096},{"$f":"'Source Data'!F28","v":126.22138151000001},{"$f":"'Source Data'!G28","v":144.16183539999906},{"$f":"'Source Data'!H28","v":147.77668779999999},{"$f":"'Source Data'!I28","v":157.82692821999581},{"$f":"'Source Data'!J28","v":179.40688422999995},{"$f":"'Source Data'!K28","v":168.64802373000384},{"$f":"'Source Data'!L28","v":186.88580730000206},{"$f":"'Source Data'!M28","v":210.79719135999994},{"$f":"'Source Data'!N28","v":225.87437333821163},{"$f":"N48*(1+O37)","v":234.13052495535891},{"$f":"O48*(1+P37)","v":247.52212927491652},260.44319096289905,273.91948599681791,287.90634047251552,null,"Taxes & subsidies could be linked to fiscal projections depending"]
[null,"= GDP",null,null,{"$f":"'Source Data'!E29","v":1375.5068533548499},{"$f":"'Source Data'!F29","v":1465.442120392544},{"$f":"'Source Data'!G29","v":1568.0288459077099},{"$f":"'Source Data'!H29","v":1635.9707861504701},{"$f":"'Source Data'!I29","v":1740.20289756586},{"$f":"'Source Data'!J29","v":1838.6260886892569},{"$f":"'Source Data'!K29","v":1725.0660143248697},{"$f":"'Source Data'!L29","v":1915.5387481595599},{"$f":"'Source Data'!M29","v":2019.0876599273729},{"$f":"'Source Data'!N29","v":2077.7186469594099},{"$f":"O47+O48","v":2153.663340965868},{"$f":"P47+P48","v":2276.8467973103598},2395.701939710405,2519.6644285491643,2648.3233283038103,null,"data availability. Reminder to check the \"residual\" should be small. "]
[null,"Growth rate",null,null,{"$f":"E37","v":7.4410143225613901E-2},{"$f":"F49/E49-1","v":6.5383365279745975E-2},7.0003942214849291E-2,4.3329521915414393E-2,6.3712697254609152E-2,{"$f":"J49/I49-1","v":5.6558457212700919E-2},{"$f":"K49/J49-1","v":-6.1763550002351675E-2},{"$f":"L49/K49-1","v":0.11041475065476525},{"$f":"M49/L49-1","v":5.405733079913011E-2},{"$f":"N49/M49-1","v":2.9038356380300057E-2},3.6551962469797195E-2,5.7197173764979903E-2,{"$f":"Q49/P49-1","v":5.2201642438326923E-2},{"$f":"R49/Q49-1","v":5.1743702663505919E-2},{"$f":"S49/R49-1","v":5.1061918522510741E-2}]
[]
[null,"Output Gaps, Unemployment & Inflation, in percent",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"The basic model does not use a \"bottom-up\" production forecast."]
[null,"Business Cycle",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"If used, this GDP should drive the production estimate "]
[null,"GDP",null,null,{"$f":"E36","v":1375.5068533548499},1465.442120392544,1568.0288459077101,1635.9707861504701,1740.20289756586,1838.6260886892567,1725.0660143248699,1915.5387481595601,2019.0876599273729,2077.7186469594099,2153.663340965868,2276.8467973103598,2395.701939710405,2519.6644285491639,2648.3233283038103,null,"and GDP expenditure adjusted accordingly to obtain a coherent solution."]
[null,"Growth rate",null,null,{"$f":"E37","v":7.4410143225613901E-2},{"$f":"F54/E54-1","v":6.5383365279745975E-2},7.0003942214849513E-2,4.3329521915414393E-2,6.3712697254609152E-2,{"$f":"J54/I54-1","v":5.6558457212700919E-2},{"$f":"K54/J54-1","v":-6.1763550002351453E-2},0.11041475065476525,5.405733079913011E-2,2.9038356380300057E-2,3.6551962469797195E-2,5.7197173764979903E-2,{"$f":"Q54/P54-1","v":5.2201642438326923E-2},{"$f":"R54/Q54-1","v":5.1743702663505697E-2},{"$f":"S54/R54-1","v":5.1061918522510963E-2}]
[null,"Potential GDP",null,null,{"$f":"E54","v":1375.5068533548499},{"$f":"E56*(1+F57)","v":1444.2821960225924},1516.4963058237222,1592.3211211149085,1671.937177170654,{"$f":"I56*(1+J57)","v":1755.5340360291868},{"$f":"J56*(1+K57)","v":1808.2000571100625},{"$f":"K56*(1+L57)","v":1880.5280593944651},1974.5544623641886,2073.2821854823983,2176.9462947565185,2285.7936094943443,{"$f":"P56*(1+Q57)","v":2400.0832899690618},{"$f":"Q56*(1+R57)","v":2520.0874544675148},{"$f":"R56*(1+S57)","v":2646.0918271908909}]
[null,null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.03,0.04,0.05,0.05,0.05,0.05,0.05,0.05,0.05,null,"Forecast assumption"]
[null,"Output gap",null,null,{"$f":"(E54-E56)/E56","v":0},1.4650824075948501E-2,3.3981315936009969E-2,2.7412601928560158E-2,{"$f":"(I54-I56)/I56","v":4.0830314276956929E-2},{"$f":"(J54-J56)/J56","v":4.7331496259687661E-2},{"$f":"(K54-K56)/K56","v":-4.5976131047170049E-2},1.861747746341446E-2,2.2553542286123374E-2,2.1398252047293378E-3,-1.0695235728474677E-2,{"$f":"(P54-P56)/P56","v":-3.9140944951559873E-3},-1.8254992553667769E-3,-1.6786160242218364E-4,8.4331960440254584E-4]
[null,"Unemployment rate",null,null,{"$f":"'Source Data'!E31","v":8.3668938357926308},{"$f":"'Source Data'!F31","v":7.1814457534963081},{"$f":"'Source Data'!G31","v":6.9384698686206328},{"$f":"'Source Data'!H31","v":5.6189701476845162},{"$f":"'Source Data'!I31","v":5.7687976099708083},{"$f":"'Source Data'!J31","v":6.2903472981720121},{"$f":"'Source Data'!K31","v":5.9455437384130203},{"$f":"'Source Data'!L31","v":7.2362608515153024},{"$f":"'Source Data'!M31","v":5.3990607745196675},{"$f":"'Source Data'!N31","v":6.0759999999999996},{"$f":"O60+O61","v":6.4278094291389873},{"$f":"P60+P61","v":6.1565637798062394},{"$f":"Q60+Q61","v":6.0730199702146708},6.0067144640968877,5.9662672158238985]
[null,"Structural unemployment",null,null,6,6,6,6,6,6,6,6,6,6,{"$f":"N60","v":6},{"$f":"O60","v":6},{"$f":"P60","v":6},{"$f":"Q60","v":6},{"$f":"R60","v":6},null,"Forecast assumption"]
[null,"Cyclical unemployment",null,null,{"$f":"E59-E60","v":2.3668938357926308},1.1814457534963081,0.93846986862063275,-0.38102985231548381,-0.23120239002919174,0.2903472981720121,{"$f":"K59-K60","v":-5.4456261586979693E-2},1.2362608515153024,-0.60093922548033252,7.5999999999999623E-2,{"$f":"-100*O58*$E$170","v":0.42780942913898712},{"$f":"-100*P58*$E$170","v":0.15656377980623951},{"$f":"-100*Q58*$E$170","v":7.301997021467109E-2},{"$f":"-100*R58*$E$170","v":6.7144640968873461E-3},{"$f":"-100*S58*$E$170","v":-3.3732784176101836E-2}]
[null,"Key Prices"]
[null,"Consumer Price Index (CPI), average",null,null,{"$f":"'Source Data'!E32/100","v":2.938669416026872E-2},{"$f":"'Source Data'!F32/100","v":8.2001141979050011E-3},{"$f":"'Source Data'!G32/100","v":1.5818827510031264E-2},{"$f":"'Source Data'!H32/100","v":3.2139658078501235E-2},{"$f":"'Source Data'!I32/100","v":3.4931455749308886E-2},{"$f":"'Source Data'!J32/100","v":1.8106037704304113E-2},{"$f":"'Source Data'!K32/100","v":3.7054111631721648E-2},{"$f":"'Source Data'!L32/100","v":8.0777381234312176E-2},{"$f":"'Source Data'!M32/100","v":7.7353488167914097E-2},{"$f":"'Source Data'!N32/100","v":4.6901966934895067E-2},{"$f":"O64+O65","v":4.4439703393134307E-2},{"$f":"P64+P65","v":4.0240745398382988E-2},{"$f":"Q64+Q65","v":3.8210104621943422E-2},3.7480075118032377E-2,3.7388977094129874E-2]
[null,"Fitted",null,null,{"$f":"$E$161*E58+$E$162*D63+$E$163*E107+$E$164*E115","v":2.2499999999999999E-2},3.7623511895324063E-2,3.0896320286154494E-2,3.3391934140727664E-2,4.4235891894641999E-2,4.6932027126591974E-2,1.9857792642718045E-2,4.2250551308543716E-2,6.4899399074380762E-2,5.9104709124902913E-2,4.4439703393134307E-2,4.0240745398382988E-2,3.8210104621943422E-2,3.7480075118032377E-2,3.7388977094129874E-2]
[null,"Add factor",null,null,{"$f":"E63-E64","v":6.8866941602687207E-3},-2.9423397697419064E-2,-1.507749277612323E-2,-1.252276062226429E-3,-9.3044361453331129E-3,{"$f":"J63-J64","v":-2.8825989422287861E-2},{"$f":"K63-K64","v":1.7196318989003603E-2},3.852682992576846E-2,1.2454089093533335E-2,-1.2202742190007845E-2]
[null,"Consumer Price Index, end period",null,null,{"$f":"'Source Data'!E33/100","v":1.5503396096638589E-2},{"$f":"'Source Data'!F33/100","v":2.297587812103279E-2},{"$f":"'Source Data'!G33/100","v":1.661429043995959E-2},{"$f":"'Source Data'!H33/100","v":4.1201919167276772E-2},{"$f":"'Source Data'!I33/100","v":1.1471827688466321E-2},{"$f":"'Source Data'!J33/100","v":3.6562789262573024E-2},{"$f":"'Source Data'!K33/100","v":5.4425748732760203E-2},{"$f":"'Source Data'!L33/100","v":8.3257850068011549E-2},{"$f":"'Source Data'!M33/100","v":7.6707236331854306E-2},{"$f":"'Source Data'!N33/100","v":3.4971858652150113E-2}]
[null,"GDP Deflator",null,null,{"$f":"100*'Deficits&Financing'!E20/'GDP&Prices'!E36","v":149.61507216701673},{"$f":"100*'Deficits&Financing'!F20/'GDP&Prices'!F54","v":153.12502377795013},{"$f":"100*'Deficits&Financing'!G20/'GDP&Prices'!G54","v":156.31758084609851},{"$f":"100*'Deficits&Financing'!H20/'GDP&Prices'!H54","v":162.70822579743532},{"$f":"100*'Deficits&Financing'!I20/'GDP&Prices'!I54","v":169.23846874312596},{"$f":"100*'Deficits&Financing'!J20/'GDP&Prices'!J54","v":173.6929859018808},{"$f":"100*'Deficits&Financing'!K20/'GDP&Prices'!K54","v":182.00231977530103},{"$f":"100*'Deficits&Financing'!L20/'GDP&Prices'!L54","v":196.02317494576181},{"$f":"100*'Deficits&Financing'!M20/'GDP&Prices'!M54","v":217.04826887878309},{"$f":"100*'Deficits&Financing'!N20/'GDP&Prices'!N54","v":226.82266865472079},{"$f":"100*'Deficits&Financing'!O20/'GDP&Prices'!O54","v":244.26730620188769},{"$f":"100*'Deficits&Financing'!P20/'GDP&Prices'!P54","v":254.88143759691621},{"$f":"100*'Deficits&Financing'!Q20/'GDP&Prices'!Q54","v":265.43835772273906},{"$f":"100*'Deficits&Financing'!R20/'GDP&Prices'!R54","v":276.12736802435199},{"$f":"100*'Deficits&Financing'!S20/'GDP&Prices'!S54","v":287.18075745635872}]
[null,"Growth rate",null,null,{"$f":"('Source Data'!E22/'Source Data'!E12)/('Source Data'!D22/'Source Data'!D12)-1","v":4.4496167916327156E-2},{"$f":"F67/E67-1","v":2.3459879810873607E-2},2.0849349044202992E-2,4.0882445318985994E-2,{"$f":"I67/H67-1","v":4.0134682273657907E-2},{"$f":"J67/I67-1","v":2.6320949319838194E-2},{"$f":"K67/J67-1","v":4.7839202200796738E-2},7.7036683860792765E-2,0.10725820525475505,4.5033299857353271E-2,{"$f":"O67/N67-1","v":7.6908704278239037E-2},4.3452935065554366E-2,{"$f":"Q67/P67-1","v":4.1418944531057322E-2},{"$f":"R67/Q67-1","v":4.0269275297348139E-2},{"$f":"S67/R67-1","v":4.003003943829242E-2}]
[null,"Deflators"]
[null,"Consumption",null,null,{"$f":"100*'Deficits&Financing'!E7/'GDP&Prices'!E7","v":151.81392404201748},{"$f":"100*'Deficits&Financing'!F7/'GDP&Prices'!F7","v":154.54338801620807},{"$f":"100*'Deficits&Financing'!G7/'GDP&Prices'!G7","v":158.42283149809461},{"$f":"100*'Deficits&Financing'!H7/'GDP&Prices'!H7","v":165.31019737028745},{"$f":"100*'Deficits&Financing'!I7/'GDP&Prices'!I7","v":172.0576126759853},{"$f":"100*'Deficits&Financing'!J7/'GDP&Prices'!J7","v":176.18306178892439},{"$f":"100*'Deficits&Financing'!K7/'GDP&Prices'!K7","v":184.2916256527987},{"$f":"100*'Deficits&Financing'!L7/'GDP&Prices'!L7","v":199.25209748330954},{"$f":"100*'Deficits&Financing'!M7/'GDP&Prices'!M7","v":217.37108910994274},{"$f":"100*'Deficits&Financing'!N7/'GDP&Prices'!N7","v":228.2187668518763},{"$f":"N70*(1+O71)","v":238.36074115952056},247.95255505749071,{"$f":"P70*(1+Q71)","v":257.4268481275156},{"$f":"Q70*(1+R71)","v":267.0752257327332},{"$f":"R70*(1+S71)","v":277.06089523006392}]
[null,"Growth rate",null,null,{"$f":"(('Source Data'!E15+'Source Data'!E16)/('Source Data'!E5+'Source Data'!E6))/(('Source Data'!D15+'Source Data'!D16)/('Source Data'!D5+'Source Data'!D6))-1","v":4.2004423575002336E-2},{"$f":"F70/E70-1","v":1.7979009444714533E-2},2.5102617017039197E-2,4.3474578803218034E-2,4.0816691365892721E-2,{"$f":"J70/I70-1","v":2.3977137941045612E-2},{"$f":"K70/J70-1","v":4.6023515436397266E-2},8.1178250924412776E-2,9.0935010750142542E-2,4.9903958186670261E-2,{"$f":"O63","v":4.4439703393134307E-2},{"$f":"P63","v":4.0240745398382988E-2},{"$f":"Q63","v":3.8210104621943422E-2},3.7480075118032377E-2,3.7388977094129874E-2]
[null,"Gross capital formation ",null,null,{"$f":"100*'Deficits&Financing'!E11/'GDP&Prices'!E15","v":152.93336092514812},{"$f":"100*'Deficits&Financing'!F11/'GDP&Prices'!F15","v":143.90121968113684},{"$f":"100*'Deficits&Financing'!G11/'GDP&Prices'!G15","v":137.51508472310297},{"$f":"100*'Deficits&Financing'!H11/'GDP&Prices'!H15","v":155.4893993571749},{"$f":"100*'Deficits&Financing'!I11/'GDP&Prices'!I15","v":166.03265106316474},{"$f":"100*'Deficits&Financing'!J11/'GDP&Prices'!J15","v":171.7552273224326},{"$f":"100*'Deficits&Financing'!K11/'GDP&Prices'!K15","v":194.8759387118094},{"$f":"100*'Deficits&Financing'!L11/'GDP&Prices'!L15","v":218.9394135177773},{"$f":"100*'Deficits&Financing'!M11/'GDP&Prices'!M15","v":261.5720436750716},{"$f":"100*'Deficits&Financing'!N11/'GDP&Prices'!N15","v":245.91798333294111},{"$f":"N72*(1+O73)","v":255.59146869770115},265.98226805634056,{"$f":"P72*(1+Q73)","v":277.45914880348431},{"$f":"Q72*(1+R73)","v":289.25661837743911},{"$f":"R72*(1+S73)","v":301.85753321922471}]
[null,"Growth rate",null,null,{"$f":"('Source Data'!E17/'Source Data'!E7)/('Source Data'!D17/'Source Data'!D7)-1","v":4.2643213409603753E-2},{"$f":"F72/E72-1","v":-5.905932616253684E-2},-4.4378602017304369E-2,0.13070794866079294,6.7806884260777966E-2,{"$f":"J72/I72-1","v":3.4466571620848319E-2},{"$f":"K72/J72-1","v":0.13461430985138367},0.12348099496035769,0.1947234144474066,-5.984607575867773E-2,{"$f":"0.5*O71+0.5*O77","v":3.9336225979307096E-2},{"$f":"0.5*P71+0.5*P77","v":4.0653936579272444E-2},4.3149044599893077E-2,4.2519663254321396E-2,4.3563099480556075E-2]
[null,"Exports of goods and services",null,null,{"$f":"100*'Deficits&Financing'!E15/'GDP&Prices'!E23","v":1367.2401072175323},{"$f":"100*'Deficits&Financing'!F15/'GDP&Prices'!F23","v":139.16495278832059},{"$f":"100*'Deficits&Financing'!G15/'GDP&Prices'!G23","v":142.41374759367014},{"$f":"100*'Deficits&Financing'!H15/'GDP&Prices'!H23","v":145.97546783276746},{"$f":"100*'Deficits&Financing'!I15/'GDP&Prices'!I23","v":151.4141573083933},{"$f":"100*'Deficits&Financing'!J15/'GDP&Prices'!J23","v":158.42745706689135},{"$f":"100*'Deficits&Financing'!K15/'GDP&Prices'!K23","v":176.85533137038678},{"$f":"100*'Deficits&Financing'!L15/'GDP&Prices'!L23","v":185.77922436454068},{"$f":"100*'Deficits&Financing'!M15/'GDP&Prices'!M23","v":192.73445156484604},{"$f":"100*'Deficits&Financing'!N15/'GDP&Prices'!N23","v":205.66624703343794},{"$f":"N74*(1+O75)","v":213.57936193359356},224.95106211741344,{"$f":"P74*(1+Q75)","v":237.96407738253865},{"$f":"Q74*(1+R75)","v":250.91310992259005},{"$f":"R74*(1+S75)","v":264.62194206920742}]
[null,"Growth rate",null,null,{"$f":"('Source Data'!E20/'Source Data'!E10)/('Source Data'!D20/'Source Data'!D10)-1","v":9.127867106259913},{"$f":"F74/E74-1","v":-0.89821469392707121},2.3344920831404936E-2,2.5009665845319162E-2,3.7257558111452704E-2,{"$f":"J74/I74-1","v":4.631865264893098E-2},{"$f":"K74/J74-1","v":0.11631742782890719},5.0458716313531271E-2,3.7438132407408675E-2,6.7096439497953186E-2,{"$f":"(1-O105)*((1+O100/100)*(1+O94)-1)+O105*((1+O102/100)*(1+O94)-1)","v":3.8475515619580847E-2},{"$f":"(1-P105)*((1+P100/100)*(1+P94)-1)+P105*((1+P102/100)*(1+P94)-1)","v":5.3243441130588209E-2},{"$f":"(1-Q105)*((1+Q100/100)*(1+Q94)-1)+Q105*((1+Q102/100)*(1+Q94)-1)","v":5.7848205483613357E-2},5.4415913033945884E-2,5.4635774714389074E-2]
[null,"Imports of goods and services",null,null,{"$f":"100*'Deficits&Financing'!E17/'GDP&Prices'!E27","v":148.25776041547184},{"$f":"100*'Deficits&Financing'!F17/'GDP&Prices'!F27","v":136.98364741860456},{"$f":"100*'Deficits&Financing'!G17/'GDP&Prices'!G27","v":134.26768709749368},{"$f":"100*'Deficits&Financing'!H17/'GDP&Prices'!H27","v":144.71906315534662},{"$f":"100*'Deficits&Financing'!I17/'GDP&Prices'!I27","v":159.51865964672788},{"$f":"100*'Deficits&Financing'!J17/'GDP&Prices'!J27","v":159.1665373129768},{"$f":"100*'Deficits&Financing'!K17/'GDP&Prices'!K27","v":169.21876048233744},{"$f":"100*'Deficits&Financing'!L17/'GDP&Prices'!L27","v":194.17918606728907},{"$f":"100*'Deficits&Financing'!M17/'GDP&Prices'!M27","v":204.60920210030312},{"$f":"100*'Deficits&Financing'!N17/'GDP&Prices'!N27","v":208.49800092533391},{"$f":"N76*(1+O77)","v":215.63546056741606},224.49098957615951,{"$f":"P76*(1+Q77)","v":235.28630882076254},{"$f":"Q76*(1+R77)","v":246.47634953073799},{"$f":"R76*(1+S77)","v":258.73539841231218}]
[null,"Growth rate",null,null,{"$f":"('Source Data'!E21/'Source Data'!E11)/('Source Data'!D21/'Source Data'!D11)-1","v":2.6300275457976641E-2},{"$f":"F76/E76-1","v":-7.6043999081553237E-2},-1.9826894467273593E-2,7.7839845787051054E-2,0.10226431935573577,{"$f":"J76/I76-1","v":-2.2074052937186561E-3},{"$f":"K76/J76-1","v":6.3155380138693928E-2},0.14750389090314209,5.3713357462523037E-2,1.9005982062939797E-2,{"$f":"(1-O104)*((1+O100/100)*(1+O94)-1)+O104*((1+O102/100)*(1+O94)-1)","v":3.4232748565479892E-2},{"$f":"(1-P104)*((1+P100/100)*(1+P94)-1)+P104*((1+P102/100)*(1+P94)-1)","v":4.1067127760161901E-2},{"$f":"(1-Q104)*((1+Q100/100)*(1+Q94)-1)+Q104*((1+Q102/100)*(1+Q94)-1)","v":4.8087984577842725E-2},4.7559251390610416E-2,4.9737221866982269E-2]
[]
[null,"Assumptions"]
[null,"Disposable income:"]
[null,"Real private disposable income",null,null,{"$f":"'Deficits&Financing'!E27*(1-'GDP&Prices'!E83)","v":1212.9377688566765},{"$f":"'Deficits&Financing'!F27*(1-'GDP&Prices'!F83)","v":1309.9824838654197},{"$f":"'Deficits&Financing'!G27*(1-'GDP&Prices'!G83)","v":1398.9105662417778},{"$f":"'Deficits&Financing'!H27*(1-'GDP&Prices'!H83)","v":1457.1247860960484},{"$f":"'Deficits&Financing'!I27*(1-'GDP&Prices'!I83)","v":1560.5174093974488},{"$f":"'Deficits&Financing'!J27*(1-'GDP&Prices'!J83)","v":1644.3073615134963},{"$f":"'Deficits&Financing'!K27*(1-'GDP&Prices'!K83)","v":1589.3864111320256},{"$f":"'Deficits&Financing'!L27*(1-'GDP&Prices'!L83)","v":1731.5426034373277},{"$f":"'Deficits&Financing'!M27*(1-'GDP&Prices'!M83)","v":1817.2885191678986},{"$f":"'Deficits&Financing'!N27*(1-'GDP&Prices'!N83)","v":1841.184578707308},{"$f":"'Deficits&Financing'!O27*(1-'GDP&Prices'!O83)","v":1903.4411156369672},{"$f":"'Deficits&Financing'!P27*(1-'GDP&Prices'!P83)","v":2009.1106447534107},{"$f":"'Deficits&Financing'!Q27*(1-'GDP&Prices'!Q83)","v":2111.6577924831417},{"$f":"'Deficits&Financing'!R27*(1-'GDP&Prices'!R83)","v":2218.8013720897657},{"$f":"'Deficits&Financing'!S27*(1-'GDP&Prices'!S83)","v":2330.067883692077}]
[null,"Growth rate",null,null,"…",{"$f":"F81/E81-1","v":8.0007991753953123E-2},6.7884940044354192E-2,4.1613968225763909E-2,7.0956601855913348E-2,{"$f":"J81/I81-1","v":5.3693699033066755E-2},{"$f":"K81/J81-1","v":-3.3400659552432432E-2},8.9440925950821981E-2,4.9519957268365555E-2,1.3149293184524735E-2,3.3813305656388515E-2,5.5514997678865585E-2,{"$f":"Q81/P81-1","v":5.1041065357710691E-2},{"$f":"R81/Q81-1","v":5.073908281352324E-2},{"$f":"S81/R81-1","v":5.0147125831960127E-2}]
[null,"Taxes minus transfers/GDP",null,null,{"$f":"'Policies&Assumptions'!E33/100","v":0.13228029133732946},{"$f":"'Policies&Assumptions'!F33/100","v":0.12787368708169469},{"$f":"'Policies&Assumptions'!G33/100","v":0.12812034454973983},{"$f":"'Policies&Assumptions'!H33/100","v":0.12973471827293126},{"$f":"'Policies&Assumptions'!I33/100","v":0.13071204156011157},{"$f":"'Policies&Assumptions'!J33/100","v":0.13269364456922295},{"$f":"'Policies&Assumptions'!K33/100","v":0.12275965221976287},{"$f":"'Policies&Assumptions'!L33/100","v":0.14428513668119217},{"$f":"'Policies&Assumptions'!M33/100","v":0.13794539451173254},{"$f":"'Policies&Assumptions'!N33/100","v":0.14393234368813176},{"$f":"'Policies&Assumptions'!O33/100","v":0.14205429162701882},{"$f":"'Policies&Assumptions'!P33/100","v":0.14205429162701882},{"$f":"'Policies&Assumptions'!Q33/100","v":0.14205429162701882},{"$f":"'Policies&Assumptions'!R33/100","v":0.14205429162701882},{"$f":"'Policies&Assumptions'!S33/100","v":0.14205429162701882},null,"Linked to tax/GDP  since there is no information on transfers"]
[null,"Interest rates:"]
[null,"Average lending rate (domestic currency)",null,null,{"$f":"'Policies&Assumptions'!E89","v":0.13902500000000001},{"$f":"'Policies&Assumptions'!F89","v":0.14876666666666702},{"$f":"'Policies&Assumptions'!G89","v":0.15084166666666701},{"$f":"'Policies&Assumptions'!H89","v":0.1391},{"$f":"'Policies&Assumptions'!I89","v":0.125337},{"$f":"'Policies&Assumptions'!J89","v":0.124867666666667},{"$f":"'Policies&Assumptions'!K89","v":0.10979641666666699},{"$f":"'Policies&Assumptions'!L89","v":9.6083083333333305E-2},{"$f":"'Policies&Assumptions'!M89","v":0.11850049999999999},{"$f":"'Policies&Assumptions'!N89","v":0.139345416666667},{"$f":"'Policies&Assumptions'!O89","v":0.10142295833333349},{"$f":"'Policies&Assumptions'!P89","v":0.10142295833333349},{"$f":"'Policies&Assumptions'!Q89","v":9.6422958333333503E-2},{"$f":"'Policies&Assumptions'!R89","v":9.6422958333333489E-2},{"$f":"'Policies&Assumptions'!S89","v":9.6422958333333503E-2}]
[null,"Average lending rate (foreign currency)",null,null,{"$f":"'Policies&Assumptions'!E91","v":6.5191666666666703E-2},{"$f":"'Policies&Assumptions'!F91","v":6.3641666666666707E-2},{"$f":"'Policies&Assumptions'!G91","v":6.0158333333333293E-2},{"$f":"'Policies&Assumptions'!H91","v":5.8983333333333297E-2},{"$f":"'Policies&Assumptions'!I91","v":5.7736250000000003E-2},{"$f":"'Policies&Assumptions'!J91","v":5.7131833333333298E-2},{"$f":"'Policies&Assumptions'!K91","v":4.5110666666666702E-2},{"$f":"'Policies&Assumptions'!L91","v":3.4931499999999997E-2},{"$f":"'Policies&Assumptions'!M91","v":4.6787416666666699E-2},{"$f":"'Policies&Assumptions'!N91","v":7.8009833333333306E-2},{"$f":"'Policies&Assumptions'!O91","v":3.4898625000000003E-2},{"$f":"'Policies&Assumptions'!P91","v":3.4898625000000003E-2},{"$f":"'Policies&Assumptions'!Q91","v":2.9898625000000002E-2},{"$f":"'Policies&Assumptions'!R91","v":2.9898624999999995E-2},{"$f":"'Policies&Assumptions'!S91","v":2.9898625000000002E-2}]
[null,"Exchange rate adjusted forex lending rate",null,null,{"$f":"E86+E94","v":0.10715413666746348},9.7981729384192806E-2,8.3081125378832804E-2,9.0803013537862715E-2,{"$f":"I86+I94","v":9.9483808764062112E-2},9.3029340668879829E-2,0.14708938495391205,4.5957149454794448E-2,1.0159204578950316E-2,0.11437346969696968,6.9898624999999923E-2,{"$f":"P86+P94","v":6.9898624999999923E-2},{"$f":"Q86+Q94","v":6.4898624999999918E-2},6.4898624999999918E-2,6.4898624999999918E-2]
[null,"Share of foreign currency lending",null,null,{"$f":"'Source Data'!E40/100","v":0.2054030644750344},{"$f":"'Source Data'!F40/100","v":0.21480590235879662},{"$f":"'Source Data'!G40/100","v":0.21086107642239504},{"$f":"'Source Data'!H40/100","v":0.2043977165083703},{"$f":"'Source Data'!I40/100","v":0.20769701160147064},{"$f":"'Source Data'!J40/100","v":0.21099164044223032},{"$f":"'Source Data'!K40/100","v":0.19655685769449163},{"$f":"'Source Data'!L40/100","v":0.173427748381701},{"$f":"'Source Data'!M40/100","v":0.20002802891170762},{"$f":"'Source Data'!N40/100","v":0.20275578426908106},{"$f":"N88","v":0.20275578426908106},{"$f":"O88","v":0.20275578426908106},{"$f":"P88","v":0.20275578426908106},0.20275578426908106,0.20275578426908106,null,"Forecast assumption"]
[null,"Effective average lending rate",null,null,{"$f":"(1-E88)*E85+E88*E87","v":0.13247862700403198},0.13785776238747027,0.13655360599175015,0.12922820625290346,0.11996736943993437,{"$f":"(1-J88)*J85+J88*J87","v":0.11815004603545938},0.11712660532730822,8.7389855485248288E-2,9.6829204227186425E-2,{"$f":"(1-N88)*N85+N88*N87","v":0.13428220997410012},{"$f":"(1-O88)*O85+O88*O87","v":9.5031217404773521E-2},9.5031217404773521E-2,{"$f":"(1-Q88)*Q85+Q88*Q87","v":9.0031217404773517E-2},9.0031217404773517E-2,9.0031217404773517E-2]
[null,"Effective REAL average lending rate",null,null,{"$f":"(1+E89)/(1+E63)-1","v":0.10014888809871514},0.12860308818028399,0.11885463747276992,9.4065320922896101E-2,{"$f":"(1+I89)/(1+I63)-1","v":8.2165744618379666E-2},9.8264821763302201E-2,7.7211490507085312E-2,6.1182574374236687E-3,1.8077368545389438E-2,8.3465544816040182E-2,4.8438903507095343E-2,5.2670953573739521E-2,{"$f":"(1+Q89)/(1+Q63)-1","v":4.9913897535894591E-2},5.0652676178636336E-2,5.0744938950577634E-2]
[null,"Change in eff. real lending rate",null,null,"…",{"$f":"F90-E90","v":2.8454200081568848E-2},-9.7484507075140669E-3,-2.4789316549873819E-2,-1.1899576304516435E-2,{"$f":"J90-I90","v":1.6099077144922536E-2},{"$f":"K90-J90","v":-2.1053331256216889E-2},-7.1093233069661643E-2,1.195911110796577E-2,6.5388176270650744E-2,-3.5026641308944839E-2,4.2320500666441774E-3,{"$f":"Q90-P90","v":-2.7570560378449294E-3},{"$f":"R90-Q90","v":7.3877864274174421E-4},{"$f":"S90-R90","v":9.2262771941298283E-5}]
[null,"Exchange rates:"]
[null,"Exchange rate (LC/US$, average)",null,null,{"$f":"'Policies&Assumptions'!E106","v":42.625567292270553},{"$f":"'Policies&Assumptions'!F106","v":44.089331946457257},{"$f":"'Policies&Assumptions'!G106","v":45.099982534090898},{"$f":"'Policies&Assumptions'!H106","v":46.535049555555531},{"$f":"'Policies&Assumptions'!I106","v":48.477774271464632},{"$f":"'Policies&Assumptions'!J106","v":50.218005528985501},{"$f":"'Policies&Assumptions'!K106","v":55.339173367773242},{"$f":"'Policies&Assumptions'!L106","v":55.949323694444402},{"$f":"'Policies&Assumptions'!M106","v":53.9},{"$f":"'Policies&Assumptions'!N106","v":55.86},{"$f":"'Policies&Assumptions'!O106","v":57.815099999999994},{"$f":"'Policies&Assumptions'!P106","v":59.838628499999992},{"$f":"'Policies&Assumptions'!Q106","v":61.932980497499983},{"$f":"'Policies&Assumptions'!R106","v":64.100634814912482},{"$f":"'Policies&Assumptions'!S106","v":66.344157033434414}]
[null,"Percent change",null,null,{"$f":"'Policies&Assumptions'!E107","v":4.1962470000796781E-2},{"$f":"F93/E93-1","v":3.4340062717526099E-2},2.2922792045499518E-2,3.181968020452941E-2,4.1747558764062109E-2,{"$f":"J93/I93-1","v":3.589750733554653E-2},{"$f":"K93/J93-1","v":0.10197871828724536},1.1025649454794451E-2,-3.6628212087716383E-2,{"$f":"N93/M93-1","v":3.6363636363636376E-2},{"$f":"O93/N93-1","v":3.499999999999992E-2},3.499999999999992E-2,{"$f":"Q93/P93-1","v":3.499999999999992E-2},{"$f":"R93/Q93-1","v":3.499999999999992E-2},{"$f":"S93/R93-1","v":3.499999999999992E-2}]
[null,"REER (appreciation = +)",null,null,{"$f":"'Policies&Assumptions'!E115","v":100},{"$f":"'Policies&Assumptions'!F115","v":103.83893037874266},{"$f":"'Policies&Assumptions'!G115","v":104.39133173133054},{"$f":"'Policies&Assumptions'!H115","v":100.61172321385125},{"$f":"'Policies&Assumptions'!E115","v":100},{"$f":"'Policies&Assumptions'!J115","v":96.156160653755848},{"$f":"'Policies&Assumptions'!K115","v":88.816693108821084},{"$f":"'Policies&Assumptions'!L115","v":86.263780990057811},{"$f":"'Policies&Assumptions'!M115","v":93.744798521226869},{"$f":"'Policies&Assumptions'!N115","v":95.015342686684875},{"$f":"'Policies&Assumptions'!O115","v":88.827461391902972},{"$f":"'Policies&Assumptions'!P115","v":86.091476496094856},{"$f":"'Policies&Assumptions'!Q115","v":83.87926048413874},{"$f":"'Policies&Assumptions'!R115","v":81.924326916315266},{"$f":"'Policies&Assumptions'!S115","v":80.120464242051867}]
[null,"Appreciation (+)/ Depreciation (-)",null,null,{"$f":"'Policies&Assumptions'!E116","v":-2.3956008416611906E-2},{"$f":"F95/E95-1","v":3.8389303787426554E-2},5.3197904733133239E-3,-3.6206152894061927E-2,-6.0800391277567867E-3,{"$f":"J95/I95-1","v":-3.8438393462441489E-2},{"$f":"K95/J95-1","v":-7.6328625176322329E-2},-2.8743606966264323E-2,8.6722578645506809E-2,1.3553223064107556E-2,-6.5125074749102119E-2,-3.0801115476407293E-2,{"$f":"Q95/P95-1","v":-2.5696109556867297E-2},{"$f":"R95/Q95-1","v":-2.330651887653612E-2},{"$f":"S95/R95-1","v":-2.2018645036974482E-2}]
[null,"Global Indicators: E.g., Source, IMF WEO"]
[null,"Partners' Real GDP",null,null,{"$f":"'Source Data'!E83","v":3.0827931278675469},{"$f":"'Source Data'!F83","v":2.7221895331594639},{"$f":"'Source Data'!G83","v":1.0839696222634341},{"$f":"'Source Data'!H83","v":2.0208335717570201},{"$f":"'Source Data'!I83","v":1.8869664471707559},{"$f":"'Source Data'!J83","v":0.83053834759866163},{"$f":"'Source Data'!K83","v":-4.9454875884792431},{"$f":"'Source Data'!L83","v":6.2695348464406022},{"$f":"'Source Data'!M83","v":3.450561763815478},{"$f":"'Source Data'!N83","v":3.0628920056678468},{"$f":"'Source Data'!O83","v":2.8879292555500813},{"$f":"'Source Data'!P83","v":2.6117687564377969},{"$f":"'Source Data'!Q83","v":2.4187029694695736},{"$f":"'Source Data'!R83","v":2.4213299356409888},{"$f":"'Source Data'!S83","v":2.4027264975648603},null,"Forecast assumptions"]
[null,"Partners' nonoil imports",null,null,{"$f":"'Source Data'!E84","v":6.914504791917599},{"$f":"'Source Data'!F84","v":5.0771831638354552},{"$f":"'Source Data'!G84","v":1.0344147235428209},{"$f":"'Source Data'!H84","v":4.961370102754457},{"$f":"'Source Data'!I84","v":5.4614853015940534},{"$f":"'Source Data'!J84","v":-0.48417529000357662},{"$f":"'Source Data'!K84","v":-5.8959443803462914},{"$f":"'Source Data'!L84","v":13.25291600067254},{"$f":"'Source Data'!M84","v":5.6233014266483723},{"$f":"'Source Data'!N84","v":-1.040101625863717},{"$f":"'Source Data'!O84","v":1.1009082901574101},{"$f":"'Source Data'!P84","v":2.9279580951138988},{"$f":"'Source Data'!Q84","v":3.0591746903499968},{"$f":"'Source Data'!R84","v":3.0972970106317983},{"$f":"'Source Data'!S84","v":2.9887219714098032},null,"Forecast assumptions"]
[null,"Partners' nonoil export deflators (US$)",null,null,{"$f":"'Source Data'!E85","v":-1.417937464239013},{"$f":"'Source Data'!F85","v":-7.2517485636257097},{"$f":"'Source Data'!G85","v":-4.2894607636602},{"$f":"'Source Data'!H85","v":6.2826151848270451},{"$f":"'Source Data'!I85","v":6.8724944549815579},{"$f":"'Source Data'!J85","v":2.9819699333204288},{"$f":"'Source Data'!K85","v":7.8441224097809004},{"$f":"'Source Data'!L85","v":36.80410777855834},{"$f":"'Source Data'!M85","v":0.99264872383340474},{"$f":"'Source Data'!N85","v":-3.7451656209077964},{"$f":"'Source Data'!O85","v":0.33579861058752603},{"$f":"'Source Data'!P85","v":1.7626513169650577},{"$f":"'Source Data'!Q85","v":2.2075560853732745},{"$f":"'Source Data'!R85","v":1.8759336264682023},{"$f":"'Source Data'!S85","v":1.8971763009071461},null,"Forecast assumptions"]
[null,"Partners' CPI (US$)",null,null,{"$f":"'Source Data'!E86","v":2.3724696808533898},{"$f":"'Source Data'!F86","v":1.561337286511671},{"$f":"'Source Data'!G86","v":1.990749672266688},{"$f":"'Source Data'!H86","v":2.7045681957787839},{"$f":"'Source Data'!I86","v":3.091593862828371},{"$f":"'Source Data'!J86","v":3.310674431625793},{"$f":"'Source Data'!K86","v":2.4815337634426888},{"$f":"'Source Data'!L86","v":4.3871459142233311},{"$f":"'Source Data'!M86","v":8.23504534544203},{"$f":"'Source Data'!N86","v":6.5725421200532441},{"$f":"'Source Data'!O86","v":7.9417640920633961},{"$f":"'Source Data'!P86","v":3.7004414855551677},{"$f":"'Source Data'!Q86","v":2.9557164041636974},{"$f":"'Source Data'!R86","v":2.6316062528113049},{"$f":"'Source Data'!S86","v":2.4874539113279281},null,"Forecast assumptions"]
[null,"Average petroleum spot price (APSP)",null,null,{"$f":"'Source Data'!E87","v":-7.5314880179226451},{"$f":"'Source Data'!F87","v":-47.146300179739114},{"$f":"'Source Data'!G87","v":-15.022149497565174},{"$f":"'Source Data'!H87","v":22.452431023357704},{"$f":"'Source Data'!I87","v":29.36122533893047},{"$f":"'Source Data'!J87","v":-10.360330409299749},{"$f":"'Source Data'!K87","v":-32.013819483552894},{"$f":"'Source Data'!L87","v":65.806664046654078},{"$f":"'Source Data'!M87","v":39.15103208295718},{"$f":"'Source Data'!N87","v":-16.362406522644093},{"$f":"'Source Data'!O87","v":-2.4635976925484075},{"$f":"'Source Data'!P87","v":-6.2713336273766238},{"$f":"'Source Data'!Q87","v":-4.2322804583263842},{"$f":"'Source Data'!R87","v":-2.6481217862969633},{"$f":"'Source Data'!S87","v":-1.334910343701798},null,"Forecast assumptions"]
[null,"Other Assumptions:"]
[null,"Oil imports: share of total G&S",null,null,{"$f":"'Source Data'!E48/100","v":0.19155358174965048},{"$f":"'Source Data'!F48/100","v":0.12669007245835512},{"$f":"'Source Data'!G48/100","v":0.11196444564285785},{"$f":"'Source Data'!H48/100","v":0.13632237551862289},{"$f":"'Source Data'!I48/100","v":0.15404903294297184},{"$f":"'Source Data'!J48/100","v":0.14505422816602789},{"$f":"'Source Data'!K48/100","v":9.9379860998231692E-2},{"$f":"'Source Data'!L48/100","v":0.13067361919567233},{"$f":"'Source Data'!M48/100","v":0.16476852373893361},{"$f":"'Source Data'!N48/100","v":0.14643485222578093},{"$f":"N104","v":0.14643485222578093},{"$f":"O104","v":0.14643485222578093},0.14643485222578093,0.14643485222578093,0.14643485222578093,null,"Forecast assumption"]
[null,"Oil exports: share of total G&S",null,null,{"$f":"'Source Data'!E49/100","v":0},{"$f":"'Source Data'!F49/100","v":0},{"$f":"'Source Data'!G49/100","v":0},{"$f":"'Source Data'!H49/100","v":0},{"$f":"'Source Data'!I49/100","v":0},{"$f":"'Source Data'!J49/100","v":0},{"$f":"'Source Data'!K49/100","v":0},{"$f":"'Source Data'!L49/100","v":0},{"$f":"'Source Data'!M49/100","v":0},{"$f":"'Source Data'!N49/100","v":0},{"$f":"N105","v":0},{"$f":"O105","v":0},0,0,0,null,"Forecast assumption"]
[]
[null,"Inflation target",null,null,{"$f":"'Source Data'!E34/100","v":4.4999999999999998E-2},{"$f":"'Source Data'!F34/100","v":0.04},{"$f":"'Source Data'!G34/100","v":0.04},{"$f":"'Source Data'!H34/100","v":0.04},{"$f":"'Source Data'!I34/100","v":0.04},{"$f":"'Source Data'!J34/100","v":0.04},{"$f":"'Source Data'!K34/100","v":0.04},{"$f":"'Source Data'!L34/100","v":0.04},{"$f":"'Source Data'!M34/100","v":0.04},{"$f":"'Source Data'!N34/100","v":0.04},{"$f":"N107","v":0.04},{"$f":"O107","v":0.04},{"$f":"P107","v":0.04},{"$f":"Q107","v":0.04},{"$f":"R107","v":0.04},null,"Forecast assumption"]
[null,"Partners' CPI (percent change)",null,null,{"$f":"'Source Data'!E86/100","v":2.37246968085339E-2},{"$f":"'Source Data'!F86/100","v":1.561337286511671E-2},{"$f":"'Source Data'!G86/100","v":1.9907496722666881E-2},{"$f":"'Source Data'!H86/100","v":2.7045681957787841E-2},{"$f":"'Source Data'!I86/100","v":3.091593862828371E-2},{"$f":"'Source Data'!J86/100","v":3.310674431625793E-2},{"$f":"'Source Data'!K86/100","v":2.4815337634426889E-2},{"$f":"'Source Data'!L86/100","v":4.387145914223331E-2},{"$f":"'Source Data'!M86/100","v":8.2350453454420297E-2},{"$f":"'Source Data'!N86/100","v":6.5725421200532444E-2},{"$f":"'Source Data'!O86/100","v":7.9417640920633956E-2},{"$f":"'Source Data'!P86/100","v":3.7004414855551677E-2},{"$f":"'Source Data'!Q86/100","v":2.9557164041636975E-2},{"$f":"'Source Data'!R86/100","v":2.6316062528113048E-2},{"$f":"'Source Data'!S86/100","v":2.4874539113279283E-2}]
[null,"Oil prices change",null,null,{"$f":"'Source Data'!E87/100","v":-7.5314880179226454E-2},{"$f":"'Source Data'!F87/100","v":-0.47146300179739115},{"$f":"'Source Data'!G87/100","v":-0.15022149497565174},{"$f":"'Source Data'!H87/100","v":0.22452431023357705},{"$f":"'Source Data'!I87/100","v":0.29361225338930469},{"$f":"'Source Data'!J87/100","v":-0.10360330409299749},{"$f":"'Source Data'!K87/100","v":-0.32013819483552891},{"$f":"'Source Data'!L87/100","v":0.65806664046654073},{"$f":"'Source Data'!M87/100","v":0.39151032082957182},{"$f":"'Source Data'!N87/100","v":-0.16362406522644093},{"$f":"'Source Data'!O87/100","v":-2.4635976925484075E-2},{"$f":"'Source Data'!P87/100","v":-6.271333627376624E-2},{"$f":"'Source Data'!Q87/100","v":-4.2322804583263846E-2},{"$f":"'Source Data'!R87/100","v":-2.6481217862969631E-2},{"$f":"'Source Data'!S87/100","v":-1.334910343701798E-2}]
[null,"Share of oil imports",null,null,{"$f":"'Source Data'!E48/100","v":0.19155358174965048},{"$f":"'Source Data'!F48/100","v":0.12669007245835512},{"$f":"'Source Data'!G48/100","v":0.11196444564285785},{"$f":"'Source Data'!H48/100","v":0.13632237551862289},{"$f":"'Source Data'!I48/100","v":0.15404903294297184},{"$f":"'Source Data'!J48/100","v":0.14505422816602789},{"$f":"'Source Data'!K48/100","v":9.9379860998231692E-2},{"$f":"'Source Data'!L48/100","v":0.13067361919567233},{"$f":"'Source Data'!M48/100","v":0.16476852373893361},{"$f":"'Source Data'!N48/100","v":0.14643485222578093},{"$f":"O104","v":0.14643485222578093},{"$f":"P104","v":0.14643485222578093},0.14643485222578093,0.14643485222578093,0.14643485222578093]
[null,"Ex rate depreciation",null,null,{"$f":"E94","v":4.1962470000796781E-2},{"$f":"F94","v":3.4340062717526099E-2},2.2922792045499518E-2,3.181968020452941E-2,4.1747558764062109E-2,3.589750733554653E-2,0.10197871828724536,1.1025649454794451E-2,-3.6628212087716383E-2,3.6363636363636376E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2]
[null,"Import prices (percent change)",null,null,{"$f":"((E109*E110)+((1-E110)*E108))*(1+E111)","v":4.9527717760617313E-3},{"$f":"((F109*F110)+((1-F110)*F108))*(1+F111)","v":-4.7677251833130915E-2},8.7879141517584918E-4,5.5683632467210128E-2,7.4364161775365839E-2,1.3752962486213629E-2,-1.0431436858815476E-2,0.12549918648993635,0.12840808418092262,3.3309414431086752E-2,6.6426884534652078E-2,2.3186339829305309E-2,1.9697531559087808E-2,1.9235165096285992E-2,1.9951969963166772E-2]
[null,"Import prices trend 3 year average",null,null,{"$f":"AVERAGE(B112:E112)","v":4.9527717760617313E-3},-2.1362240028534592E-2,-1.3948562880631113E-2,3.4594859563291981E-3,2.0812333456155227E-2,3.616988703599136E-2,3.3342329967493527E-2,5.0796218473175087E-2,6.4307199074564281E-2,6.9196312060782555E-2,8.8410892409149441E-2,6.283268074399169E-2,3.5655042588532984E-2,3.2136480254832796E-2,{"$f":"AVERAGE(O112:S112)","v":2.9699578196499592E-2}]
[null,"- long term trend (steady state)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P114","v":3.5149213820834961E-2},3.5149213820834961E-2,3.5149213820834961E-2,{"$f":"S114","v":3.5149213820834961E-2},{"$f":"AVERAGE(E112:S112)","v":3.5149213820834961E-2}]
[null,"- deviation from long term trend",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O112-O114","v":3.1277670713817117E-2},-1.1962873991529652E-2,-1.5451682261747153E-2,-1.591404872454897E-2,{"$f":"S112-S114","v":-1.5197243857668189E-2}]
[null,"Exchange rate depreciation/appreciation",null,null,{"$f":"E94","v":4.1962470000796781E-2},3.4340062717526099E-2,2.2922792045499518E-2,3.181968020452941E-2,4.1747558764062109E-2,3.589750733554653E-2,0.10197871828724536,1.1025649454794451E-2,-3.6628212087716383E-2,3.6363636363636376E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2,3.499999999999992E-2]
[null,"- long term trend (steady state)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P117","v":3.3095324205727993E-2},3.3095324205727993E-2,{"$f":"R117","v":3.3095324205727993E-2},{"$f":"S117","v":3.3095324205727993E-2},{"$f":"AVERAGE(E116:S116)","v":3.3095324205727993E-2}]
[null,"- deviation from long term trend",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O116-O117","v":1.9046757942719275E-3},1.9046757942719275E-3,1.9046757942719275E-3,1.9046757942719275E-3,{"$f":"S116-S117","v":1.9046757942719275E-3}]
[]
[null,"Behavioral Equations"]
[null,"Real Private Consumption Equation"]
[null,"Coefficient on:"]
[null," Disposable income",null,null,0.7]
[null," Lagged consumption",null,null,{"$f":"1-E123","v":0.30000000000000004}]
[null," Real interest rate change",null,null,-0.4]
[null,"Mean Error",null,null,{"$f":"AVERAGE(F12:N12)","v":-4.9522026608748975E-3}]
[null,"Root Mean Square Error (RMSE)",null,null,{"$f":"(AVERAGE(F12^2,G12^2,H12^2,I12^2,J12^2,K12^2,L12^2,M12^2,N12^2))^0.5","v":1.7954356411941586E-2}]
[]
[]
[null,"Real Private Investment Equation"]
[null,"Coefficient on:"]
[null,"GDP acceleration",null,null,1]
[null,"Potential GDP",null,null,1]
[null,"Real interest rate change",null,null,-0.4]
[null,"Mean Error",null,null,{"$f":"AVERAGE(F20:N20)","v":3.6560995162520517E-2}]
[null,"Root Mean Square Error (RMSE)",null,null,{"$f":"(AVERAGE(F20^2,G20^2,H20^2,I20^2,J20^2,K20^2,L20^2,M20^2,N20^2))^0.5","v":7.1891642766725716E-2}]
[]
[]
[]
[null,"Exports Equation"]
[null,"Elasticity wrt:"]
[null,"Partners' imports",null,null,0.7]
[null,"Real Effective Exchange Rate (REER)",null,null,-0.5]
[null,"Mean Error",null,null,{"$f":"AVERAGE(F26:N26)","v":1.9532370213328352E-2}]
[null,"Root Mean Square Error (RMSE)",null,null,{"$f":"(AVERAGE(F26^2,G26^2,H26^2,I26^2,J26^2,K26^2,L26^2,M26^2,N26^2))^0.5","v":0.12799947506859105}]
[]
[]
[]
[null,"Imports Equation"]
[null,"Elasticity wrt:"]
[null,"Real GDP",null,null,0.95]
[null,"Real Effective Exchange Rate (REER)",null,null,0.5]
[null,"Mean Error",null,null,{"$f":"AVERAGE(F30:N30)","v":1.4624451219734737E-2}]
[null,"Root Mean Square Error (RMSE)",null,null,{"$f":"(AVERAGE(F30^2,G30^2,H30^2,I30^2,J30^2,K30^2,L30^2,M30^2,N30^2))^0.5","v":6.9192193972683128E-2}]
[]
[]
[]
[]
[null,"Inflation Equation"]
[null,"Coefficient on:"]
[null,"Output gap",null,null,0.2]
[null,"Lagged inflation",null,null,0.5]
[null,"Inflation target",null,null,{"$f":"1-E162","v":0.5}]
[null,"Import prices ",null,null,0.1]
[null,"Mean Error",null,null,{"$f":"AVERAGE(F65:N65)","v":-3.1010106983435709E-3}]
[null,"Root Mean Square Error (RMSE)",null,null,{"$f":"(AVERAGE(F65^2,G65^2,H65^2,I65^2,J65^2,K65^2,L65^2,M65^2,N65^2))^0.5","v":2.1333819726156011E-2}]
[]
[]
[null,"Unemployment"]
[null,"Okun coefficient",null,null,0.4]

{"sheet":"Deficits&Financing","index":5,"n_rows":112,"n_cols":21,"rows_kept":112,"cut":false,"hidden":false,"merged":[[0,1,0,18]]}
[null,{"$f":"\"Country:\"&\" \"&Country_Name&\" - Deficits & Financing\"","v":"Country: Macrofoundland - Deficits & Financing"}]
[]
[null,"Instructions: Calibration of behavioral equations can be found at the bottom of the sheet."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,"Year/Variable",null,null,{"$f":"+F5-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"+O5-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"+O5+1","v":2025},{"$f":"+P5+1","v":2026},2027,2028]
[null,"Nominal GDP & National Income, [Units], current prices"]
[null,"Consumption",null,null,{"$f":"E9+E10","v":1680.9845267659541},1822.2238098479968,1972.2911232702697,2139.8394798078107,2347.0912923855394,2518.6927418940954,{"$f":"K9+K10","v":2568.0800958929171},2939.7927515320598,{"$f":"M9+M10","v":3366.9788436597601},{"$f":"N9+N10","v":3667.3450386424324},4018.4557996335952,{"$f":"P9+P10","v":4402.1058381267176},{"$f":"Q9+Q10","v":4817.7421493109541},5263.8702356401673,5748.437433615637]
[null,null,null,null,{"$f":"E7/('Source Data'!D15+'Source Data'!D16)-1","v":9.6157115772099067E-2},{"$f":"F7/E7-1","v":8.4021762742678474E-2},8.235394171190813E-2,8.4951128441792978E-2,9.6853906348313146E-2,{"$f":"J7/I7-1","v":7.3112388114287441E-2},{"$f":"K7/J7-1","v":1.9608328232081806E-2},0.14474340431734034,0.14531163528622004,8.9209409660616412E-2,9.5739767404360743E-2,{"$f":"P7/O7-1","v":9.5472006567324685E-2},{"$f":"Q7/P7-1","v":9.4417609768580046E-2},9.2601071726725603E-2,9.205530841064502E-2]
[null,"Private",null,null,{"$f":"'Source Data'!E15","v":1466.536113922572},{"$f":"'Source Data'!F15","v":1591.348610463423},{"$f":"'Source Data'!G15","v":1720.7916577017388},{"$f":"'Source Data'!H15","v":1848.66820909743},{"$f":"'Source Data'!I15","v":2025.0864616863018},{"$f":"'Source Data'!J15","v":2165.2035558141097},{"$f":"'Source Data'!K15","v":2174.172606398653},{"$f":"'Source Data'!L15","v":2506.9962415488199},{"$f":"'Source Data'!M15","v":2869.8291578619105},{"$f":"'Source Data'!N15","v":3105.7531755951049},{"$f":"N9*(1+'GDP&Prices'!O10)*(1+'GDP&Prices'!O71)","v":3397.8967909662983},{"$f":"O9*(1+'GDP&Prices'!P10)*(1+'GDP&Prices'!P71)","v":3716.3881335493543},{"$f":"P9*(1+'GDP&Prices'!Q10)*(1+'GDP&Prices'!Q71)","v":4060.0240857529675},{"$f":"Q9*(1+'GDP&Prices'!R10)*(1+'GDP&Prices'!R71)","v":4426.5917754085922},{"$f":"R9*(1+'GDP&Prices'!S10)*(1+'GDP&Prices'!S71)","v":4823.2447350597467}]
[null,"Public",null,null,{"$f":"'Source Data'!E16","v":214.44841284338221},{"$f":"'Source Data'!F16","v":230.87519938457379},{"$f":"'Source Data'!G16","v":251.49946556853087},{"$f":"'Source Data'!H16","v":291.1712707103809},{"$f":"'Source Data'!I16","v":322.00483069923769},{"$f":"'Source Data'!J16","v":353.48918607998587},{"$f":"'Source Data'!K16","v":393.90748949426421},{"$f":"'Source Data'!L16","v":432.79650998324018},{"$f":"'Source Data'!M16","v":497.14968579784966},{"$f":"'Source Data'!N16","v":561.59186304732759},{"$f":"N10*(1+'GDP&Prices'!O14)*(1+'GDP&Prices'!O71)","v":620.55900866729701},{"$f":"O10*(1+'GDP&Prices'!P14)*(1+'GDP&Prices'!P71)","v":685.71770457736307},{"$f":"P10*(1+'GDP&Prices'!Q14)*(1+'GDP&Prices'!Q71)","v":757.71806355798628},{"$f":"Q10*(1+'GDP&Prices'!R14)*(1+'GDP&Prices'!R71)","v":837.27846023157474},{"$f":"R10*(1+'GDP&Prices'!S14)*(1+'GDP&Prices'!S71)","v":925.19269855589005}]
[null,"Gross capital formation ",null,null,{"$f":"'Source Data'!E17","v":466.53407857408371},{"$f":"'Source Data'!F17","v":521.84982067832311},{"$f":"'Source Data'!G17","v":560.11509400591069},{"$f":"'Source Data'!H17","v":631.66604869841899},{"$f":"'Source Data'!I17","v":764.42928870251296},{"$f":"'Source Data'!J17","v":855.04039456804503},{"$f":"'Source Data'!K17","v":853.09196886695599},{"$f":"'Source Data'!L17","v":1169.972398665567},{"$f":"'Source Data'!M17","v":1453.985534814771},{"$f":"'Source Data'!N17","v":1394.3096104731499},{"$f":"O13+O14","v":1551.9220967135711},{"$f":"P13+P14","v":1725.5382560460778},{"$f":"Q13+Q14","v":1884.6984408692369},2063.1287441465902,2260.6291169465376]
[null,null,null,null,{"$f":"E11/'Source Data'!D17-1","v":0.14012137485158793},{"$f":"F11/E11-1","v":0.11856742014068211},7.3326217258920856E-2,0.12774330750628415,0.21017947739578458,{"$f":"J11/I11-1","v":0.11853431992294383},{"$f":"K11/J11-1","v":-2.2787528091855469E-3},{"$f":"L11/K11-1","v":0.37144931773238876},{"$f":"M11/L11-1","v":0.24275199694722738},{"$f":"N11/M11-1","v":-4.1042997273850745E-2},{"$f":"O11/N11-1","v":0.11303980482995923},{"$f":"P11/O11-1","v":0.11187169749059245},{"$f":"Q11/P11-1","v":9.2237992559991655E-2},9.4673131471929128E-2,9.5728574069982697E-2]
[null,"Private",null,null,{"$f":"E11-E14","v":424.78981132729996},473.7097633914928,519.37996410405287,583.92277196848977,{"$f":"I11-I14","v":719.50348735998034},{"$f":"J11-J14","v":806.9824773239817},{"$f":"K11-K14","v":800.93762081248576},1112.3712546143884,1378.4432292343959,1292.3678715405008,{"$f":"N13*(1+'GDP&Prices'!O18)*(1+'GDP&Prices'!O73)","v":1439.276475192994},{"$f":"O13*(1+'GDP&Prices'!P18)*(1+'GDP&Prices'!P73)","v":1601.0648442658401},{"$f":"P13*(1+'GDP&Prices'!Q18)*(1+'GDP&Prices'!Q73)","v":1747.1553208520743},{"$f":"Q13*(1+'GDP&Prices'!R18)*(1+'GDP&Prices'!R73)","v":1911.1435965276255},{"$f":"R13*(1+'GDP&Prices'!S18)*(1+'GDP&Prices'!S73)","v":2092.6855288275815}]
[null,"Public",null,null,{"$f":"'Policies&Assumptions'!E25","v":41.744267246783778},{"$f":"'Policies&Assumptions'!F25","v":48.140057286830313},{"$f":"'Policies&Assumptions'!G25","v":40.735129901857789},{"$f":"'Policies&Assumptions'!H25","v":47.743276729929271},{"$f":"'Policies&Assumptions'!I25","v":44.925801342532594},{"$f":"'Policies&Assumptions'!J25","v":48.05791724406329},{"$f":"'Policies&Assumptions'!K25","v":52.154348054470191},{"$f":"'Policies&Assumptions'!L25","v":57.601144051178693},{"$f":"'Policies&Assumptions'!M25","v":75.542305580375199},{"$f":"'Policies&Assumptions'!N25","v":101.941738932649},{"$f":"'Policies&Assumptions'!O25","v":112.64562152057715},{"$f":"'Policies&Assumptions'!P25","v":124.47341178023775},{"$f":"'Policies&Assumptions'!Q25","v":137.54312001716272},{"$f":"'Policies&Assumptions'!R25","v":151.98514761896482},{"$f":"'Policies&Assumptions'!S25","v":167.94358811895611}]
[null,"Exports of G&S",null,null,{"$f":"'Source Data'!E20","v":5150.91819362149},{"$f":"'Source Data'!F20","v":533.20006840038889},{"$f":"'Source Data'!G20","v":593.65300134205097},{"$f":"'Source Data'!H20","v":630.38532681281356},{"$f":"'Source Data'!I20","v":678.321779030887},{"$f":"'Source Data'!J20","v":736.73241389377699},{"$f":"'Source Data'!K20","v":590.76357594545004},{"$f":"'Source Data'!L20","v":801.142722864436},{"$f":"'Source Data'!M20","v":966.87600269336303},{"$f":"'Source Data'!N20","v":1035.52128218026},{"$f":"N15*(1+'GDP&Prices'!O24)*(1+'GDP&Prices'!O75)","v":1118.6671976489531},{"$f":"O15*(1+'GDP&Prices'!P24)*(1+'GDP&Prices'!P75)","v":1220.5229044500402},{"$f":"P15*(1+'GDP&Prices'!Q24)*(1+'GDP&Prices'!Q75)","v":1335.3649489655445},{"$f":"Q15*(1+'GDP&Prices'!R24)*(1+'GDP&Prices'!R75)","v":1454.9658022830104},{"$f":"R15*(1+'GDP&Prices'!S24)*(1+'GDP&Prices'!S75)","v":1583.4548389441006}]
[null,null,null,null,{"$f":"E15/'Source Data'!D20-1","v":10.160645407521354},{"$f":"F15/E15-1","v":-0.89648446192357245},0.11337757911963919,6.1875077507774989E-2,7.604309646678642E-2,{"$f":"J15/I15-1","v":8.6110510776081561E-2},{"$f":"K15/J15-1","v":-0.19813006078672812},{"$f":"L15/K15-1","v":0.35611394386036421},{"$f":"M15/L15-1","v":0.2068711043599798},{"$f":"N15/M15-1","v":7.099698337292093E-2},{"$f":"O15/N15-1","v":8.029377753939726E-2},{"$f":"P15/O15-1","v":9.1050946175191383E-2},{"$f":"Q15/P15-1","v":9.4092494370067836E-2},8.9564170012187416E-2,8.8310691879820213E-2]
[null,"Imports of G&S",null,null,{"$f":"'Source Data'!E21","v":621.45582211293492},{"$f":"'Source Data'!F21","v":637.49731431751252},{"$f":"'Source Data'!G21","v":675.61459792094729},{"$f":"'Source Data'!H21","v":706.53565026176295},{"$f":"'Source Data'!I21","v":845.18589935743591},{"$f":"'Source Data'!J21","v":892.34142835226191},{"$f":"'Source Data'!K21","v":811.04798260206701},{"$f":"'Source Data'!L21","v":1169.54570628392},{"$f":"'Source Data'!M21","v":1409.7635604759421},{"$f":"'Source Data'!N21","v":1378.0925855332159},{"$f":"N17*(1+'GDP&Prices'!O28)*(1+'GDP&Prices'!O77)","v":1428.3496663612189},{"$f":"O17*(1+'GDP&Prices'!P28)*(1+'GDP&Prices'!P77)","v":1544.9071497588457},{"$f":"P17*(1+'GDP&Prices'!Q28)*(1+'GDP&Prices'!Q77)","v":1678.693654446633},{"$f":"Q17*(1+'GDP&Prices'!R28)*(1+'GDP&Prices'!R77)","v":1824.4817124711328},{"$f":"R17*(1+'GDP&Prices'!S28)*(1+'GDP&Prices'!S77)","v":1987.046395389943},{"$f":"S17/R17*S17","v":2164.0958911472985},"Add T+1 est. to avoid missing value of reserves adequacy at time t"]
[null,null,null,null,{"$f":"E17/'Source Data'!D21-1","v":7.5319059544335154E-2},{"$f":"F17/E17-1","v":2.5812763568674679E-2},{"$f":"G17/F17-1","v":5.9792069311291218E-2},{"$f":"H17/G17-1","v":4.5767294602526709E-2},0.19623956561046096,{"$f":"J17/I17-1","v":5.5793085320846814E-2},{"$f":"K17/J17-1","v":-9.1101279361539889E-2},{"$f":"L17/K17-1","v":0.44201789705671035},{"$f":"M17/L17-1","v":0.20539415680921369},{"$f":"N17/M17-1","v":-2.2465451534322445E-2},{"$f":"O17/N17-1","v":3.6468580816402252E-2},{"$f":"P17/O17-1","v":8.160290588687702E-2},{"$f":"Q17/P17-1","v":8.65984112434659E-2},8.6846136362240367E-2,8.910184290015577E-2]
[null,"Statistical discrepancy",null,null,{"$f":"E20-(E7+E11+E15-E17)","v":-4619.0154055394732},4.1822106939835066,0.66013819464569679,-33.496164347496233,{"$f":"I20-(I7+I11+I15-I17)","v":0.43627610246630866},-24.559568988322098,-61.227494376666527,13.537704680526986,4.3179923255411268,-6.3464635925356561,0,0,0,0,0]
[null,"Nominal GDP",null,null,{"$f":"'Source Data'!E22","v":2057.9655713091197},{"$f":"'Source Data'!F22","v":2243.9585953031797},{"$f":"'Source Data'!G22","v":2451.10475889193},{"$f":"'Source Data'!H22","v":2661.8590407097845},{"$f":"'Source Data'!I22","v":2945.09273686397},{"$f":"'Source Data'!J22","v":3193.5645530153329},{"$f":"'Source Data'!K22","v":3139.6601637265899},{"$f":"'Source Data'!L22","v":3754.8998714586701},{"$f":"'Source Data'!M22","v":4382.394813017494},{"$f":"'Source Data'!N22","v":4712.7368821700902},{"$f":"O7+O11+O15-O17+O19","v":5260.6954276349015},{"$f":"P7+P11+P15-P17+P19","v":5803.2598488639896},{"$f":"Q7+Q11+Q15-Q17+Q19","v":6359.111884699103},{"$f":"R7+R11+R15-R17+R19","v":6957.4830695986357},7605.4749941163318]
[null,null,null,null,{"$f":"E20/'Source Data'!D22-1","v":0.12221727736958599},{"$f":"F20/E20-1","v":9.0377130981712961E-2},{"$f":"G20/F20-1","v":9.2312827884760029E-2},{"$f":"H20/G20-1","v":8.5983384044805211E-2},0.10640446838937856,{"$f":"J20/I20-1","v":8.4368078818442882E-2},{"$f":"K20/J20-1","v":-1.6879066758756167E-2},0.19595742075531741,0.16711362833626242,7.5379349247892025E-2,0.11627183082041515,{"$f":"P20/O20-1","v":0.10313549390807708},{"$f":"Q20/P20-1","v":9.5782723901967515E-2},9.4096659368314572E-2,9.3135968573054395E-2]
[null,"+ Primary income from abroad",null,null,{"$f":"E60/1000*E103","v":-96.895587057443578},{"$f":"F60/1000*F103","v":-90.624740029303965},-102.70032722715575,-123.58126970270659,-125.27577949457617,-143.03242988782236,-148.17063669221287,-184.48450248387624,-162.65402999999998,-212.62103520000002,-232.16622386076,-253.50810398916042,-276.81183644836403,-302.25776451387992,-330.04280951681841]
[null,"+ Secondary income from abroad",null,null,{"$f":"E61/1000*E103","v":130.31701560429414},{"$f":"F61/1000*F103","v":146.68961631905793},159.67468416264745,186.02013779436879,218.29687187763338,242.47563097648532,306.03337620805746,396.1217712499033,355.83163000000002,378.26492759999991,402.06379946962363,439.02351423586879,479.38075078200109,523.44782629763654,571.5657677300469]
[null,"   o.w. Budget grants",null,null,{"$f":"'Policies&Assumptions'!E13","v":3.6137032484559994},{"$f":"'Policies&Assumptions'!F13","v":67.38381738440799},{"$f":"'Policies&Assumptions'!G13","v":0.78307995835999988},{"$f":"'Policies&Assumptions'!H13","v":1.3973717394209999},{"$f":"'Policies&Assumptions'!I13","v":0.67583109270599995},{"$f":"'Policies&Assumptions'!J13","v":0.72690850259999995},{"$f":"'Policies&Assumptions'!K13","v":10.749439117080998},{"$f":"'Policies&Assumptions'!L13","v":2.5770166719779999},{"$f":"'Policies&Assumptions'!M13","v":1.6136915038020001},{"$f":"'Policies&Assumptions'!N13","v":4.7923972126239995},{"$f":"O63*O103/1000","v":3.2894862457131619},{"$f":"P63*P103/1000","v":3.5918722688503451},3.9220551271644126,4.2825900447290026,4.6762671345907156]
[null,"= Gross National Disposable Income",null,null,{"$f":"E20+E22+E23","v":2091.3869998559703},{"$f":"F20+F22+F23","v":2300.0234715929337},2508.0791158274214,2724.2979088014463,{"$f":"I20+I22+I23","v":3038.1138292470273},3293.0077541039959,3297.522903242434,3966.5371402246969,4575.572413017494,4878.3807745700906,5430.5930032437655,5988.7752591106982,{"$f":"Q20+Q22+Q23","v":6561.6807990327397},7178.6731313823921,7846.9979523295606]
[null,"Memo:"]
[null,"Real GNDI",null,null,{"$f":"100*E25/'GDP&Prices'!E67","v":1397.8451298819245},{"$f":"100*F25/'GDP&Prices'!F67","v":1502.0559114676428},{"$f":"100*G25/'GDP&Prices'!G67","v":1604.4766700277528},{"$f":"100*H25/'GDP&Prices'!H67","v":1674.3455319788682},{"$f":"100*I25/'GDP&Prices'!I67","v":1795.1674059745519},{"$f":"100*J25/'GDP&Prices'!J67","v":1895.8783724083232},{"$f":"100*K25/'GDP&Prices'!K67","v":1811.8026777425343},{"$f":"100*L25/'GDP&Prices'!L67","v":2023.5041807287373},{"$f":"100*M25/'GDP&Prices'!M67","v":2108.0897980222344},{"$f":"100*N25/'GDP&Prices'!N67","v":2150.7465737457537},{"$f":"N27*(1+O28)","v":2218.6032251932079},{"$f":"O27*(1+P28)","v":2341.7689780901324},{"$f":"P27*(1+Q28)","v":2461.2953615534902},2586.1792307318933,2715.8686860394073]
[null,null,null,null,{"$f":"E27/((('Source Data'!D22+('Source Data'!D50+'Source Data'!D51)*'Source Data'!D42))/('Source Data'!D22/'Source Data'!D12))-1","v":-0.94358153361314645},{"$f":"F27/E27-1","v":7.4551020966479253E-2},6.8187048017430918E-2,4.3546199989250578E-2,7.2160657216845392E-2,5.6101155857995133E-2,-4.4346565628568313E-2,0.11684578325603212,{"$f":"M27/L27-1","v":4.1801553018306459E-2},{"$f":"N27/M27-1","v":2.0234800132109765E-2},{"$f":"($M$20/$M$25)*'GDP&Prices'!O55+(1-$M$20/$M$25)*(((O60+O61)/(N60+N61))/(1+'GDP&Prices'!O101/100)-1)","v":3.1550277599315037E-2},{"$f":"($M$20/$M$25)*'GDP&Prices'!P55+(1-$M$20/$M$25)*(((P60+P61)/(O60+O61))/(1+'GDP&Prices'!P101/100)-1)","v":5.5514997678865585E-2},{"$f":"($M$20/$M$25)*'GDP&Prices'!Q55+(1-$M$20/$M$25)*(((Q60+Q61)/(P60+P61))/(1+'GDP&Prices'!Q101/100)-1)","v":5.1041065357710788E-2},{"$f":"($M$20/$M$25)*'GDP&Prices'!R55+(1-$M$20/$M$25)*(((R60+R61)/(Q60+Q61))/(1+'GDP&Prices'!R101/100)-1)","v":5.0739082813523184E-2},{"$f":"($M$20/$M$25)*'GDP&Prices'!S55+(1-$M$20/$M$25)*(((S60+S61)/(R60+R61))/(1+'GDP&Prices'!S101/100)-1)","v":5.0147125831960161E-2}]
[]
[null,"Savings - Investment, in percent of GDP"]
[null,"Private Net Savings ",null,null,{"$f":"E40-E35","v":-0.35562738704290719},-1.6816152026053768,2.0855097993354206,2.9939273108610815,0.71213665873975707,2.2136466796921814,6.2651078974765433,0.21789406897882602,-2.312311901771162,-0.27225043241588276,0.11025512944820148,-9.1441404964816453E-2,{"$f":"Q40-Q35","v":-0.15875581798860372},-2.030904442187742E-2,6.9017263698301079E-4]
[null,"Financed by:"]
[null,"Bank credit",null,null,{"$f":"100*(E92-D92)/(E20*1000)","v":24.233911994500613},{"$f":"100*(F92-E92)/(F20*1000)","v":2.81364740600758},{"$f":"100*(G92-F92)/(G20*1000)","v":2.7746707620186482},2.4005443755392966,2.6247450676628876,2.8600735185348634,1.4618087263663757,2.8076059681135588,3.8471659924567136,4.9392053454300378,3.5544580381862159,3.867073130353166,3.8459987724557623,3.4693082401022468,3.5818860521475866]
[null,"Other",null,null,{"$f":"-E31-E33","v":-23.878284607457704},-1.1320322034022032,-4.8601805613540687,-5.3944716864003777,-3.3368817264026447,{"$f":"-J31-J33","v":-5.0737201982270452},-7.7269166238429188,-3.0255000370923848,{"$f":"-M31-M33","v":-1.5348540906855517},-4.6669549130141554,-3.6647131676344173,{"$f":"-P31-P33","v":-3.7756317253883496},{"$f":"-Q31-Q33","v":-3.6872429544671586},-3.4489991956803694,-3.5825762247845696]
[null,"Public Net Savings",null,null,{"$f":"100*'Policies&Assumptions'!E29/E20","v":-2.7908880454377361},{"$f":"100*'Policies&Assumptions'!F29/F20","v":-7.925954198392067E-2},{"$f":"100*'Policies&Assumptions'!G29/G20","v":-3.13483537165384},{"$f":"100*'Policies&Assumptions'!H29/H20","v":-3.1568086092612764},{"$f":"100*'Policies&Assumptions'!I29/I20","v":-2.2348175756595445},{"$f":"100*'Policies&Assumptions'!J29/J20","v":-3.5212068509149623},{"$f":"100*'Policies&Assumptions'!K29/K20","v":-7.9150811710112965},{"$f":"100*'Policies&Assumptions'!L29/L20","v":-3.0187278286505319},{"$f":"100*'Policies&Assumptions'!M29/M20","v":-3.3259294603727101},{"$f":"100*'Policies&Assumptions'!N29/N20","v":-3.3588048732052287},{"$f":"100*'Policies&Assumptions'!O29/O20","v":-2.7674112987466497},{"$f":"100*'Policies&Assumptions'!P29/P20","v":-2.3015039167801885},{"$f":"100*'Policies&Assumptions'!Q29/Q20","v":-2.0547575420473918},{"$f":"100*'Policies&Assumptions'!R29/R20","v":-2.1115804179109787},{"$f":"100*'Policies&Assumptions'!S29/S20","v":-2.1316366073828945}]
[null,"Financed by:"]
[null,"External borrowing (net)",null,null,{"$f":"100*E68/E105","v":2.0471741081549548},-2.227418536602443,1.510061248506789,2.1688708760848878,2.0128577211157155,1.8296508634846818,{"$f":"100*K68/K105","v":7.8836570648248463},1.4816691951962022,2.7719741180587603,2.4308711319158345,2.3653984089877444,2.1669873744329737,{"$f":"100*Q68/Q105","v":2.0714901605437879},1.9479152178081722,1.8498516387834272]
[null,"Bank credit (net)",null,null,{"$f":"100*(E91-'Source Data'!D80)/(E20*1000)","v":0.74371393728277846},{"$f":"100*(F91-E91)/(F20*1000)","v":2.3066780785863643},{"$f":"100*(G91-F91)/(G20*1000)","v":1.6247741231470512},0.98793773317638989,0.22195985454382711,1.6915559874302795,3.1424106186447913E-2,1.5370586334543281,0.55395534231394916,0.92793374128939543,0.40201288975890614,0.13451654234721427,-1.6732618496395461E-2,0.16366520010280622,0.28178496859946733]
[null,"Other",null,null,{"$f":"-E35-(E37+E38)","v":0},-5.9674487573602164E-16,0,0,0,0,{"$f":"-K35-(K37+K38)","v":0},0,{"$f":"-M35-(M37+M38)","v":0},0,0,{"$f":"-P35-(P37+P38)","v":0},{"$f":"-Q35-(Q37+Q38)","v":0},0,0]
[null,"External ( = Current Account Balance)",null,null,{"$f":"100*E65/E105","v":-3.1465154324806432},-1.7608747445892974,-1.0493255723184194,-0.16288129840019502,-1.5226809169197875,-1.3075601712227807,{"$f":"100*K65/K105","v":-1.6499732735347532},{"$f":"100*L65/L105","v":-2.8008337596717059},{"$f":"100*M65/M105","v":-5.6382413621438721},{"$f":"100*N65/N105","v":-3.6310553056211115},{"$f":"100*(O15-O17+O22+O23)/O20","v":-2.6571561692984482},{"$f":"100*(P15-P17+P22+P23)/P20","v":-2.392945321745005},{"$f":"100*(Q15-Q17+Q22+Q23)/Q20","v":-2.2135133600359955},-2.1318894623328561,-2.1309464347459115]
[null,"Financed by:"]
[null,"Government borrowing",null,null,{"$f":"100*E68/E105","v":2.0471741081549548},-2.227418536602443,1.510061248506789,2.1688708760848878,2.0128577211157155,{"$f":"100*J68/J105","v":1.8296508634846818},7.8836570648248463,1.4816691951962022,2.7719741180587603,2.4308711319158345,2.3653984089877444,2.1669873744329737,{"$f":"100*Q68/Q105","v":2.0714901605437879},1.9479152178081722,1.8498516387834272]
[null,"Private capital inflows (net)",null,null,{"$f":"100*(E69+E70)/E105","v":1.3173504280448256},4.7373224201552997,0.63617582092013514,-1.1081194488861836,0.48542761959418163,{"$f":"100*(J69+J70)/J105","v":0.74847747798253961},-3.8028131526991329,3.6047797759988334,4.1025842669923156,1.3081791652234132,0.6062259735001988,0.60006526829184237,{"$f":"100*(Q69+Q70)/Q105","v":0.59795272711215741},0.59676585789861625,0.59610476474994756]
[null,"Change in net international reserves (+ = decline)",null,null,{"$f":"-E40-(E42+E43)","v":-0.21800910371913718},-0.74902913896355927,-1.0969114971085046,-0.89787012879850914,-0.97560442379010981,{"$f":"-J40-(J42+J43)","v":-1.2705681702444405},{"$f":"-K40-(K42+K43)","v":-2.4308706385909602},-2.2856152115233295,{"$f":"-M40-(M42+M43)","v":-1.2363170229072038},-0.10799499151813619,-0.31446821318949514,{"$f":"-P40-(P42+P43)","v":-0.37410732097981114},{"$f":"-Q40-(Q42+Q43)","v":-0.45592952761994976},-0.41279161337393244,-0.31500996878746301]
[]
[null,"Key Economic Health Indicators "]
[null,"International Reserves"]
[null,"Months of prospective imports",null,null,{"$f":"E78/(F17*1000/E103)*12","v":3.0758885074250353},{"$f":"F78/(G17*1000/F103)*12","v":3.2240730721393795},3.7127339433757496,3.4465663118233518,3.7809583509230187,4.8996882832257036,4.536684246823083,4.5302608562855422,4.9285594413433511,4.9691878874607927,4.8835797454947105,4.8068722887835893,4.7682621782852674,4.7048384454719372,4.6039706452818043]
[null,"Ratio to short-term debt",null,null,{"$f":"E78/E83","v":1.2520873073027348},1.5308391780951265,1.8543666553102767,2.3237528448000395,{"$f":"I78/I83","v":3.0346608813573539},4.400481071860459,{"$f":"K78/K83","v":3.5432723644127631},3.9887188675674219,3.2329241526025059,{"$f":"N78/N83","v":3.3422995859546285},3.4053856984556887,3.5068178738692808,{"$f":"Q78/Q83","v":3.6490773237849412},3.798745810788724,3.9350731295804406]
[null,"External Debt (% of GDP)"]
[null,"Total",null,null,{"$f":"E81/E105","v":0.44575780280824057},0.40648087728274285,0.40760921125709038,0.41048080932471975,0.39681344918916783,{"$f":"J81/J105","v":0.41044125402656317},0.54833210945121924,0.47845143669270612,0.3971120975420343,0.40612729172782419,0.37957009472078929,0.35736300530789544,{"$f":"Q81/Q105","v":0.33789432418085008},0.31880205942738882,0.30004796367692571]
[null,"Government",null,null,{"$f":"E82/E105","v":0.25668925200345455},0.23859378223594771,0.24189437114103024,0.24616622864636176,{"$f":"I82/I105","v":0.26301624788641692},0.27593743110630431,0.40409729080850848,0.36761465197347282,0.33965351931686988,0.35105385646840687,0.36095580811866962,0.34965282241308449,{"$f":"Q82/Q105","v":0.36206387255878769},0.35191380048556614,0.36207998250185158]
[null,"Money and Credit"]
[null,"Broad Money growth",null,null,{"$f":"E95","v":8.9296682906084612E-2},0.12288467906669243,9.7756538822488803E-2,9.4809611327394405E-2,6.9159807043556176E-2,{"$f":"J95","v":0.1201842411354046},{"$f":"K95","v":0.21111920707507803},0.13461530536135857,6.3897059423445812E-2,{"$f":"N95","v":0.14341241659597759},0.1076740824118585,{"$f":"P95","v":9.1472568355105199E-2},{"$f":"Q95","v":0.10732705716559265},8.2148610495433427E-2,0.10328924878896739]
[null,"Private credit growth",null,null,{"$f":"E92/'Source Data'!D81-1","v":0.19514587105252712},{"$f":"F92/'Source Data'!E81-1","v":0.12659684440765862},{"$f":"G92/'Source Data'!F81-1","v":0.12104397276602397},{"$f":"H92/'Source Data'!G81-1","v":0.10144764791770999},{"$f":"I92/'Source Data'!H81-1","v":0.1114216109366859},{"$f":"J92/I92-1","v":0.11845608886324666},5.3218024331199043E-2,0.11606513733510715,0.16631451584503498,0.19687579482297046,0.13213854343441156,0.14007730936253449,{"$f":"Q92/P92-1","v":0.13390126941914438},{"$f":"R92/Q92-1","v":0.11654640750046075},{"$f":"S92/R92-1","v":0.11780539379085142}]
[null,"Change in private credit/GDP",null,null,null,{"$f":"(F92-E92)/(E20*1000)","v":3.0679367861566845E-2},{"$f":"(G92-F92)/(F20*1000)","v":3.0308084665097514E-2},2.6069513044978895E-2,2.9040296712452E-2,3.1013724265731537E-2,1.4371347592855055E-2,3.3577771921223278E-2,4.4900798602680335E-2,5.311519430170264E-2,{"$f":"(O92-N92)/(N20*1000)","v":3.9677413818604679E-2},4.2659056276307936E-2,4.2143790110051989E-2,3.7957585558148349E-2,3.9154884789326654E-2]
[]
[null,"Balance of Payments, in million of US dollars"]
[null,"Goods & Services Balance",null,null,{"$f":"E65-E60-E61","v":-2303.21},-2167.83,-1833.5800000000017,-1434.9299999999994,{"$f":"I65-I60-I61","v":-2843.8900000000003},-2811.76,-3788.7499999999991,-5662.3699999999963,-8168.23,-6028.7499999999982,{"$f":"(O15-O17)/O103*1000","v":-5356.4288345478226},{"$f":"(P15-P17)/P103*1000","v":-5420.9839603660957},-5543.5521223614851,-5764.6216961046011,-6083.3022001086047]
[null,"Primary income from abroad",null,null,{"$f":"'Source Data'!E50","v":-2273.1799999999998},{"$f":"'Source Data'!F50","v":-2055.48},{"$f":"'Source Data'!G50","v":-2277.1699999999996},{"$f":"'Source Data'!H50","v":-2655.66},{"$f":"'Source Data'!I50","v":-2584.1899999999996},{"$f":"'Source Data'!J50","v":-2848.23},{"$f":"'Source Data'!K50","v":-2677.5},{"$f":"'Source Data'!L50","v":-3297.35},{"$f":"'Source Data'!M50","v":-3017.7},{"$f":"'Source Data'!N50","v":-3806.32},{"$f":"AVERAGE(N60:N60)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":-4015.6676000000007},{"$f":"O60*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":-4236.5293180000017},{"$f":"P60*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":-4469.5384304900026},{"$f":"Q60*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":-4715.3630441669538},{"$f":"R60*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":-4974.7080115961371},null,"Forecast assumption "]
[null,"Secondary income from abroad",null,null,{"$f":"'Source Data'!E51","v":3057.25},{"$f":"'Source Data'!F51","v":3327.1},{"$f":"'Source Data'!G51","v":3540.46},{"$f":"'Source Data'!H51","v":3997.42},{"$f":"'Source Data'!I51","v":4503.03},{"$f":"'Source Data'!J51","v":4828.46},{"$f":"'Source Data'!K51","v":5530.1399999999994},{"$f":"'Source Data'!L51","v":7080.0099999999993},{"$f":"'Source Data'!M51","v":6601.7},{"$f":"'Source Data'!N51","v":6771.6599999999989},{"$f":"O62+O64","v":6954.3043161669475},{"$f":"P62+P64","v":7336.7910535561305},{"$f":"Q62+Q64","v":7740.3145615017183},8166.0318623843141,8615.1636148154521]
[null,"Government grants",null,null,{"$f":"'Source Data'!E52","v":1470.7640317790001},{"$f":"'Source Data'!F52","v":67310.317384400987},{"$f":"'Source Data'!G52","v":716.58934688599993},{"$f":"'Source Data'!H52","v":1292.4099999999999},{"$f":"'Source Data'!I52","v":1432.1703878090977},{"$f":"'Source Data'!J52","v":1548.4356681631391},{"$f":"'Source Data'!K52","v":1693.1785289918728},{"$f":"'Source Data'!L52","v":1849.072371845748},{"$f":"'Source Data'!M52","v":2018.6115054200827},{"$f":"'Source Data'!N52","v":2203.6954701491031},{"$f":"AVERAGE(L62:N62)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":2135.1017371742519},{"$f":"O62*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":2252.5323327188362},{"$f":"P62*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":2376.4216110183725},{"$f":"Q62*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":2507.1247996243833},{"$f":"R62*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":2645.0166636037247},null,"Forecast assumption"]
[null,"o.w. Budget grants",null,null,{"$f":"E24*1000/E103","v":84.777833540089574},{"$f":"F24*1000/F103","v":1528.3474348452341},17.363198705633042,30.028371147488684,13.941050365090977,14.475057201951861,194.24647068076609,46.059835969632815,29.938617881298704,85.793004164411016,{"$f":"AVERAGE(L63:N63)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":56.896662735395466},{"$f":"O63*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":60.025979185842225},{"$f":"P63*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":63.327408041063556},{"$f":"Q63*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":66.81041548332206},{"$f":"R63*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":70.484988334904784},null,"Forecast assumption"]
[null,"Other",null,null,{"$f":"E61-E62","v":1586.4859682209999},-63983.217384400989,2823.8706531140001,2705.01,{"$f":"I61-I62","v":3070.8596121909022},{"$f":"J61-J62","v":3280.0243318368612},{"$f":"K61-K62","v":3836.9614710081269},{"$f":"L61-L62","v":5230.9376281542518},{"$f":"M61-M62","v":4583.0884945799171},4567.9645298508958,{"$f":"AVERAGE(N64:N64)*((1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94))","v":4819.2025789926956},{"$f":"O64*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":5084.2587208372943},{"$f":"P64*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":5363.8929504833459},{"$f":"Q64*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":5658.9070627599303},{"$f":"R64*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":5970.1469512117274},null,"Forecast assumption"]
[null,"= Current Account Balance (US$)",null,null,{"$f":"'Source Data'!E53","v":-1519.1399999999999},{"$f":"'Source Data'!F53","v":-896.20999999999992},{"$f":"'Source Data'!G53","v":-570.29000000000133},{"$f":"'Source Data'!H53","v":-93.169999999999234},{"$f":"'Source Data'!I53","v":-925.05},{"$f":"'Source Data'!J53","v":-831.53},{"$f":"'Source Data'!K53","v":-936.1099999999999},{"$f":"'Source Data'!L53","v":-1879.7099999999971},{"$f":"'Source Data'!M53","v":-4584.2299999999996},{"$f":"'Source Data'!N53","v":-3063.41},{"$f":"(O40/100)*O105","v":-2417.7921183808762},{"$f":"(P40/100)*P105","v":-2320.7222248099674},{"$f":"(Q40/100)*Q105","v":-2272.7759913497694},-2313.9528778872418,-2442.8465968892879]
[null,"Capital and Financial Account"]
[null,"Net inflows 1/",null,null,{"$f":"E75-E65","v":1624.3949580418839},1179.7701824729734,1300.1811293668056,462.67937261903722,1508.3178698997569,{"$f":"J75-J65","v":1626.1681477452387},{"$f":"K75-K65","v":2331.6341896300792},{"$f":"L75-L65","v":3402.2731543276695},{"$f":"M75-M65","v":5572.7027370912074},{"$f":"N75-N65","v":3151.0463697303512},{"$f":"O68+O69+O70+O73","v":2703.9321564094353},{"$f":"P68+P69+P70+P73","v":2683.5383603783503},{"$f":"Q68+Q69+Q70+Q73","v":2740.9121692607141},2761.9969057840285,2803.9636187399151]
[null,"Government borrowing (net)",null,null,{"$f":"'Policies&Assumptions'!E51*1000/E103","v":988.37718784385788},{"$f":"'Policies&Assumptions'!F51*1000/F103","v":-1133.6608539717981},{"$f":"'Policies&Assumptions'!G51*1000/G103","v":820.69173965543507},{"$f":"'Policies&Assumptions'!H51*1000/H103","v":1240.6194051102027},{"$f":"'Policies&Assumptions'!I51*1000/I103","v":1222.8392792133347},{"$f":"'Policies&Assumptions'!J51*1000/J103","v":1163.5484285902139},{"$f":"'Policies&Assumptions'!K51*1000/K103","v":4472.7816706648873},{"$f":"'Policies&Assumptions'!L51*1000/L103","v":994.38547299883294},{"$f":"'Policies&Assumptions'!M51*1000/M103","v":2253.7820031167821},{"$f":"'Policies&Assumptions'!N51*1000/N103","v":2050.8514212642872},{"$f":"'Policies&Assumptions'!O51*1000/O103","v":2152.3167121905349},{"$f":"'Policies&Assumptions'!P51*1000/P103","v":2101.584066727411},{"$f":"'Policies&Assumptions'!Q51*1000/Q103","v":2126.9503894589729},{"$f":"'Policies&Assumptions'!R51*1000/R103","v":2114.267228093192},{"$f":"'Policies&Assumptions'!S51*1000/S103","v":2120.6088087760827}]
[null,"Banks' (net)",null,null,null,{"$f":"-1*(F89/F104-E89/E104)","v":594.66005092879072},{"$f":"-1*(G89/G104-F89/F104)","v":113.14094566729341},-128.00830664455873,-78.283446441479555,379.94797076583029,-1794.9081288331495,577.76229708700475,485.49147612563428,-24.563038602227039,{"$f":"AVERAGE(N69,N69)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":-25.914005725349529},{"$f":"O69*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":-27.339276040243757},{"$f":"P69*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":-28.842936222457169},{"$f":"Q69*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":-30.429297714692318},{"$f":"R69*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":-32.102909089000399},null,"Forecast assumption"]
[null,"Nonbank private inflows (net) 1/",null,null,{"$f":"E67-E68-E69-E73","v":636.01777019802603},1816.4346275615997,232.6094281761176,-505.84892599523994,373.18752944132757,96.038902316112512,-362.6125276965663,{"$f":"L67-L68-L69-L73","v":1841.4961002899909},2850.1567635096726,1128.2336795680094,{"$f":"O71+O72","v":577.52944994424956},{"$f":"P71+P72","v":609.29356969118317},{"$f":"Q71+Q72","v":642.80471602419811},678.15897540552896,715.457719052833]
[null,"o.w.  FDI (net inflow)",null,null,{"$f":"'Source Data'!E57","v":1669.71},{"$f":"'Source Data'!F57","v":1559.1100000000001},{"$f":"'Source Data'!G57","v":1761.2699999999998},{"$f":"'Source Data'!H57","v":2518.5299999999997},{"$f":"'Source Data'!I57","v":1921.1499999999999},{"$f":"'Source Data'!J57","v":1980.4399999999998},{"$f":"'Source Data'!K57","v":1722.4199999999998},{"$f":"'Source Data'!L57","v":2344.7899999999995},{"$f":"'Source Data'!M57","v":2773.12},{"$f":"'Source Data'!N57","v":2884.0448000000001},{"$f":"AVERAGE(K71,N71)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":2429.9101820000001},{"$f":"O71*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":2563.5552420100003},{"$f":"P71*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":2704.5507803205505},{"$f":"Q71*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":2853.3010732381813},{"$f":"R71*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":3010.2326322662816},null,"Forecast assumption"]
[null,"Other",null,null,{"$f":"E70-E71","v":-1033.692229801974},257.32462756159953,-1528.660571823882,-3024.3789259952396,{"$f":"I70-I71","v":-1547.9624705586723},-1884.4010976838872,-2085.0325276965659,-503.29389971000865,77.03676350967271,-1755.8111204319907,{"$f":"AVERAGE(N72,N72)*(1+'GDP&Prices'!O57+'GDP&Prices'!O107-'GDP&Prices'!O94)","v":-1852.3807320557505},{"$f":"O72*(1+'GDP&Prices'!P57+'GDP&Prices'!P107-'GDP&Prices'!P94)","v":-1954.2616723188171},{"$f":"P72*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107-'GDP&Prices'!Q94)","v":-2061.7460642963524},{"$f":"Q72*(1+'GDP&Prices'!R57+'GDP&Prices'!R107-'GDP&Prices'!R94)","v":-2175.1420978326523},{"$f":"R72*(1+'GDP&Prices'!S57+'GDP&Prices'!S107-'GDP&Prices'!S94)","v":-2294.7749132134486},null,"Forecast assumption"]
[null,"IMF (net)",null,null,null,{"$f":"F78-E78-(F79-E79)","v":-97.663642045618872},133.73901586795955,-144.08279985136687,-9.4254923134258206,{"$f":"J78-I78-(J79-I79)","v":-13.367153926918036},{"$f":"K78-J78-(K79-J79)","v":16.373175494907628},{"$f":"L78-K78-(L79-K79)","v":-11.370716048159011},{"$f":"M78-L78-(M79-L79)","v":-16.727505660881434},{"$f":"N78-M78-(N79-M79)","v":-3.4756924997182068},0,0,0,0,0,null,"IMF lending improves gross FX reserves"]
[null,"1/ Including errors and omissions.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(but not net FX reserves)"]
[null,"Overall balance",null,null,{"$f":"'Source Data'!E55-'Source Data'!D55","v":105.25495804188404},{"$f":"F78-E78","v":283.56018247297334},729.89112936680431,369.509372619038,583.26786989975699,{"$f":"J78-I78","v":794.63814774523871},{"$f":"K78-J78","v":1395.5241896300795},1522.5631543276722,988.47273709120782,87.636369730351362,{"$f":"O65+O67","v":286.14003802855905},{"$f":"P65+P67","v":362.81613556838283},{"$f":"Q65+Q67","v":468.13617791094475},448.0440278967867,361.11702185062722]
[null,"( = change in gross international reserves)"]
[null,"International Reserves"]
[null,"Gross international reserves",null,null,{"$f":"'Source Data'!E55","v":3833.5182129433974},{"$f":"'Source Data'!F55","v":4117.0783954163708},{"$f":"'Source Data'!G55","v":4846.9695247831751},{"$f":"'Source Data'!H55","v":5216.4788974022131},{"$f":"'Source Data'!I55","v":5799.7467673019701},{"$f":"'Source Data'!J55","v":6594.3849150472088},{"$f":"'Source Data'!K55","v":7989.9091046772883},{"$f":"'Source Data'!L55","v":9512.4722590049605},{"$f":"'Source Data'!M55","v":10500.944996096168},{"$f":"'Source Data'!N55","v":10588.58136582652},{"$f":"N78+O75","v":10874.721403855079},{"$f":"O78+P75","v":11237.537539423462},{"$f":"P78+Q75","v":11705.673717334406},12153.717745231193,12514.83476708182]
[null,"Net international reserves",null,null,{"$f":"'Source Data'!E56","v":3255.3140458488651},{"$f":"'Source Data'!F56","v":3636.5378703674573},{"$f":"'Source Data'!G56","v":4232.6899838663021},{"$f":"'Source Data'!H56","v":4746.282156336707},{"$f":"'Source Data'!I56","v":5338.9755185498898},{"$f":"'Source Data'!J56","v":6146.9808202220465},{"$f":"'Source Data'!K56","v":7526.1318343572184},{"$f":"'Source Data'!L56","v":9060.0657047330496},{"$f":"'Source Data'!M56","v":10065.265947485139},{"$f":"'Source Data'!N56","v":10156.378009715208},{"$f":"N79+O75-O73","v":10442.518047743768},{"$f":"O79+P75-P73","v":10805.33418331215},{"$f":"P79+Q75-Q73","v":11273.470361223095},11721.514389119882,12082.631410970509]
[null,"External Debt"]
[null,"Total",null,null,{"$f":"'Source Data'!E59","v":21521.219999999998},{"$f":"'Source Data'!F59","v":20688.139695849499},{"$f":"'Source Data'!G59","v":22152.843999999997},{"$f":"'Source Data'!H59","v":23479.980439999999},{"$f":"'Source Data'!I59","v":24106.973239999996},{"$f":"'Source Data'!J59","v":26101.60690666669},{"$f":"'Source Data'!K59","v":31109.544573333307},{"$f":"'Source Data'!L59","v":32110.079613259899},{"$f":"'Source Data'!M59","v":32287.606613259897},{"$f":"'Source Data'!N59","v":34263.714045498906},{"$f":"N81+O67-O71","v":34537.736019908341},{"$f":"O81+P67-P71","v":34657.719138276691},{"$f":"P81+Q67-Q71","v":34694.080527216858},34602.776359762705,34396.507346236336]
[null,"o.w. Government",null,null,{"$f":"'Policies&Assumptions'!E63/E103*1000","v":12392.976251227296},{"$f":"'Policies&Assumptions'!F63/F103*1000","v":12143.403966393529},{"$f":"'Policies&Assumptions'!G63/G103*1000","v":13146.533788672154},{"$f":"'Policies&Assumptions'!H63/H103*1000","v":14080.995024137083},{"$f":"'Policies&Assumptions'!I63/I103*1000","v":15978.605721250189},{"$f":"'Policies&Assumptions'!J63/J103*1000","v":17547.968891806489},{"$f":"'Policies&Assumptions'!K63/K103*1000","v":22926.402564591914},{"$f":"'Policies&Assumptions'!L63/L103*1000","v":24671.544145556527},{"$f":"'Policies&Assumptions'!M63/M103*1000","v":27615.877945777142},{"$f":"'Policies&Assumptions'!N63/N103*1000","v":29617.337218165165},{"$f":"'Policies&Assumptions'!O63/O103*1000","v":32843.990053604444},{"$f":"'Policies&Assumptions'!P63/P103*1000","v":33909.971471886667},{"$f":"'Policies&Assumptions'!Q63/Q103*1000","v":37175.744756894244},{"$f":"'Policies&Assumptions'!R63/R103*1000","v":38196.724820373085},{"$f":"'Policies&Assumptions'!S63/S103*1000","v":41507.653061295619}]
[null,"o.w. Short-term debt",null,null,{"$f":"'Source Data'!E60","v":3061.7019999999998},{"$f":"'Source Data'!F60","v":2689.4258092736995},{"$f":"'Source Data'!G60","v":2613.8139999999999},{"$f":"'Source Data'!H60","v":2244.8509999999997},{"$f":"'Source Data'!I60","v":1911.1679999999997},{"$f":"'Source Data'!J60","v":1498.56},{"$f":"'Source Data'!K60","v":2254.9519999999998},{"$f":"'Source Data'!L60","v":2384.8440000000001},{"$f":"'Source Data'!M60","v":3248.1260000000002},{"$f":"'Source Data'!N60","v":3168.0527413888922},{"$f":"N83/N81*O81","v":3193.3890509925691},{"$f":"O83/O81*P81","v":3204.4827942616871},{"$f":"P83/P81*Q81","v":3207.844799844609},3199.4027372702117,3180.3309252390331]
[]
[null,"Money and Credit, [Units], current prices"]
[null,"Monetary Survey"]
[null,"Net Foreign Assets",null,null,{"$f":"'Source Data'!E77","v":105569.2711932558},{"$f":"'Source Data'!F77","v":109355.44280767329},{"$f":"'Source Data'!G77","v":135640.87535268898},{"$f":"'Source Data'!H77","v":174511.47076636562},{"$f":"'Source Data'!I77","v":219420.34227315022},{"$f":"'Source Data'!J77","v":256421.89106233351},{"$f":"'Source Data'!K77","v":435894.56952109595},{"$f":"'Source Data'!L77","v":463548.15101953881},{"$f":"'Source Data'!M77","v":458549.06363828096},{"$f":"'Source Data'!N77","v":506532.65923312289},{"$f":"O88+O89","v":560641.47798542131},{"$f":"P88+P89","v":585298.25226290501},{"$f":"Q88+Q89","v":656671.46331982338},690320.04622107989,762404.1987986468]
[null,"Monetary Authorities",null,null,{"$f":"'Source Data'!E78","v":113353.4397313318},{"$f":"'Source Data'!F78","v":143878.9212079233},{"$f":"'Source Data'!G78","v":176210.38039588899},{"$f":"'Source Data'!H78","v":210406.21368750057},{"$f":"'Source Data'!I78","v":252943.85858692019},{"$f":"'Source Data'!J78","v":311450.33703487547},{"$f":"'Source Data'!K78","v":394012.22555637604},{"$f":"'Source Data'!L78","v":454764.32994553883},{"$f":"'Source Data'!M78","v":476614.76590874302},{"$f":"'Source Data'!N78","v":523548.8719935228},{"$f":"O104*(N88/N104+(O75-O73))","v":577299.94033404393},{"$f":"P104*(O88/O104+(P75-P73))","v":600357.04225162743},{"$f":"Q104*(P88/P104+(Q75-Q73))","v":670904.0003247991},{"$f":"R104*(Q88/Q104+(R75-R73))","v":702660.81082060607},{"$f":"S104*(R88/R104+(S75-S73))","v":773355.14490999561}]
[null,"Commercial banks",null,null,{"$f":"E87-E88","v":-7784.1685380760027},-34523.478400250009,-40569.505043200013,-35894.742921134952,{"$f":"I87-I88","v":-33523.516313769971},{"$f":"J87-J88","v":-55028.445972541958},{"$f":"K87-K88","v":41882.343964719912},8783.8210739999777,-18065.702270462061,{"$f":"N87-N88","v":-17016.212760399911},{"$f":"O104*(N89/N104-O69)","v":-16658.462348622616},{"$f":"P104*(O89/O104-P69)","v":-15058.789988722427},{"$f":"Q104*(P89/P104-Q69)","v":-14232.537004975744},{"$f":"R104*(Q89/Q104-R69)","v":-12340.764599526132},-10950.946111348792]
[null,"Net Domestic assets",null,null,{"$f":"'Source Data'!E79","v":562784.60257526219},{"$f":"'Source Data'!F79","v":641128.88224186969},{"$f":"'Source Data'!G79","v":688208.19975422893},{"$f":"'Source Data'!H79","v":727446.41494387249},{"$f":"'Source Data'!I79","v":744916.7767742218},{"$f":"'Source Data'!J79","v":823813.35283644916},{"$f":"'Source Data'!K79","v":872399.08252415119},{"$f":"'Source Data'!L79","v":1020861.8504981062},{"$f":"'Source Data'!M79","v":1120710.3719550944},{"$f":"'Source Data'!N79","v":1299212.1884506983},{"$f":"O94-O87","v":1439535.2892426965},{"$f":"P94-P87","v":1597839.8210277802},{"$f":"Q94-Q87","v":1760776.394763313},1925717.7943487479,2123842.2251271508]
[null,"Claims on Government",null,null,{"$f":"'Source Data'!E80","v":332459.71437798702},{"$f":"'Source Data'!F80","v":384220.61538839998},{"$f":"'Source Data'!G80","v":424045.53124210198},{"$f":"'Source Data'!H80","v":450343.04110924102},{"$f":"'Source Data'!I80","v":456879.96466416511},{"$f":"'Source Data'!J80","v":510900.897073147},{"$f":"'Source Data'!K80","v":511887.50721689005},{"$f":"'Source Data'!L80","v":569602.51986871101},{"$f":"'Source Data'!M80","v":593879.03005671082},{"$f":"'Source Data'!N80","v":637610.10572455695},{"$f":"N91+('Policies&Assumptions'!O50*1000)","v":658758.77943460667},{"$f":"O91+('Policies&Assumptions'!P50*1000)","v":666565.12392672268},{"$f":"P91+('Policies&Assumptions'!Q50*1000)","v":665501.07799529703},{"$f":"Q91+('Policies&Assumptions'!R50*1000)","v":676888.05658327451},{"$f":"R91+('Policies&Assumptions'!S50*1000)","v":698319.14190728555}]
[null,"Credit Private Sector",null,null,{"$f":"'Source Data'!E81","v":498725.56542817387},{"$f":"'Source Data'!F81","v":561862.64823680592},{"$f":"'Source Data'!G81","v":629872.73532822798},{"$f":"'Source Data'!H81","v":693771.84281477099},{"$f":"'Source Data'!I81","v":771073.01916370599},{"$f":"'Source Data'!J81","v":862411.3132418138},{"$f":"'Source Data'!K81","v":908307.13949341793},{"$f":"'Source Data'!L81","v":1013729.9323811799},{"$f":"'Source Data'!M81","v":1182327.9352827759},{"$f":"'Source Data'!N81","v":1415099.6872829739},{"$f":"O90-O91-O93","v":1602088.8987750374},{"$f":"P90-P91-P93","v":1826505.2010750305},{"$f":"Q90-Q91-Q93","v":2071076.5660996465},2312453.0995369507,2584872.547550776]
[null,"Other Items (net)",null,null,{"$f":"E90-E91-E92","v":-268400.6772308987},-304954.38138333621,-365710.06681610103,-416668.46898013953,{"$f":"I90-I91-I92","v":-483036.2070536493},{"$f":"J90-J91-J92","v":-549498.85747851164},-547795.56418615673,-562470.60175178468,-655496.59338439233,-753497.60455683258,{"$f":"N93*(1+'GDP&Prices'!O57+'GDP&Prices'!O107)","v":-821312.38896694756},{"$f":"O93*(1+'GDP&Prices'!P57+'GDP&Prices'!P107)","v":-895230.50397397287},{"$f":"P93*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107)","v":-975801.24933163053},{"$f":"Q93*(1+'GDP&Prices'!R57+'GDP&Prices'!R107)","v":-1063623.3617714774},{"$f":"R93*(1+'GDP&Prices'!S57+'GDP&Prices'!S107)","v":-1159349.4643309105},null,"Forecast assumption"]
[null,"= Broad Money Supply",null,null,{"$f":"E87+E90","v":668353.87376851798},750484.32504954294,823849.07510691788,901957.88571023813,{"$f":"I87+I90","v":964337.11904737202},1080235.2438987826,1308293.6520452471,1484410.0015176451,1579259.4355933755,1805744.8476838211,{"$f":"2*O96-N94","v":2000176.7672281179},{"$f":"2*P96-O94","v":2183138.0732906852},{"$f":"2*Q96-P94","v":2417447.8580831364},2616037.8405698277,2886246.4239257975]
[null,"% change",null,null,{"$f":"E94/('Source Data'!D77+'Source Data'!D79)-1","v":8.9296682906084612E-2},{"$f":"F94/E94-1","v":0.12288467906669243},9.7756538822488803E-2,9.4809611327394405E-2,6.9159807043556176E-2,{"$f":"J94/I94-1","v":0.1201842411354046},{"$f":"K94/J94-1","v":0.21111920707507803},{"$f":"L94/K94-1","v":0.13461530536135857},6.3897059423445812E-2,0.14341241659597759,0.1076740824118585,9.1472568355105199E-2,{"$f":"Q94/P94-1","v":0.10732705716559265},{"$f":"R94/Q94-1","v":8.2148610495433427E-2},{"$f":"S94/R94-1","v":0.10328924878896739}]
[null,"Money Supply, average",null,null,{"$f":"(E94+'Source Data'!D77+'Source Data'!D79)/2","v":640959.23240426707},{"$f":"(F94+E94)/2","v":709419.09940903052},787166.70007823035,862903.48040857795,933147.50237880507,{"$f":"(J94+I94)/2","v":1022286.1814730773},{"$f":"(K94+J94)/2","v":1194264.447972015},1396351.8267814461,1531834.7185555103,1692502.1416385984,{"$f":"(O20*1000)/O97","v":1902960.8074559695},{"$f":"(P20*1000)/P97","v":2091657.4202594014},{"$f":"(Q20*1000)/Q97","v":2300292.9656869108},2516742.849326482,2751142.1322478126]
[null,"Velocity (GDP/M)",null,null,{"$f":"E20*1000/(E96)","v":3.2107589176765545},{"$f":"F20*1000/(F96)","v":3.1630930111304743},3.1138318715061675,3.0847703145772636,3.1560848947848643,3.1239437751310715,2.6289488639288043,2.6890786400971844,2.8608796758112423,{"$f":"N20*1000/(N96)","v":2.7844791248579734},{"$f":"N97+O98","v":2.7644791248579734},{"$f":"O97+P98","v":2.7744791248579732},{"$f":"P97+Q98","v":2.7644791248579734},2.7644791248579734,2.7644791248579734]
[null,"Change in velocity",null,null,null,{"$f":"F97-E97","v":-4.7665906546080272E-2},-4.9261139624306782E-2,-2.9061556928903887E-2,7.1314580207600731E-2,{"$f":"J97-I97","v":-3.2141119653792849E-2},{"$f":"K97-J97","v":-0.49499491120226713},{"$f":"L97-K97","v":6.0129776168380111E-2},0.1718010357140578,-7.6400550953268809E-2,{"$f":"O99+O100","v":-0.02},{"$f":"P99+P100","v":0.01},{"$f":"Q99+Q100","v":-9.999999999999995E-3},-1.3877787807814457E-17,1.3877787807814457E-17]
[null,"Estimated change in velocity",null,null,null,{"$f":"$E$111+$E$112*(F106-E106)","v":-1.103466666666679E-2},3.0141666666668038E-3,4.9666666666665915E-3,-1.20653333333334E-2,8.4398388197972074E-3,-1.4925555818023406E-2,-2.2634327511985811E-2,7.4940151907402622E-2,4.2173994343028792E-2,-0.02,0.01,{"$f":"$E$111+$E$112*(Q106-P106)","v":-9.999999999999995E-3},{"$f":"$E$111+$E$112*(R106-Q106)","v":-1.3877787807814457E-17},{"$f":"$E$111+$E$112*(S106-R106)","v":1.3877787807814457E-17},null,"Forecast assumption"]
[null,"Add factor",null,null,{"$f":"E98-E99","v":0},-3.6631239879413482E-2,-5.2275306290973586E-2,-3.4028223595570478E-2,8.3379913540934131E-2,{"$f":"J98-J99","v":-4.0580958473590056E-2},{"$f":"K98-K99","v":-0.48006935538424372},{"$f":"L98-L99","v":8.2764103680365922E-2},9.6860883806655182E-2,{"$f":"N98-N99","v":-0.1185745452962976}]
[]
[null,"ASSUMPTIONS"]
[null,"Average exchange rate (LC/$)",null,null,{"$f":"'Policies&Assumptions'!E106","v":42.625567292270553},{"$f":"'Policies&Assumptions'!F106","v":44.089331946457257},{"$f":"'Policies&Assumptions'!G106","v":45.099982534090898},{"$f":"'Policies&Assumptions'!H106","v":46.535049555555531},{"$f":"'Policies&Assumptions'!I106","v":48.477774271464632},{"$f":"'Policies&Assumptions'!J106","v":50.218005528985501},{"$f":"'Policies&Assumptions'!K106","v":55.339173367773242},{"$f":"'Policies&Assumptions'!L106","v":55.949323694444402},{"$f":"'Policies&Assumptions'!M106","v":53.9},{"$f":"'Policies&Assumptions'!N106","v":55.86},{"$f":"'Policies&Assumptions'!O106","v":57.815099999999994},{"$f":"'Policies&Assumptions'!P106","v":59.838628499999992},{"$f":"'Policies&Assumptions'!Q106","v":61.932980497499983},{"$f":"'Policies&Assumptions'!R106","v":64.100634814912482},{"$f":"'Policies&Assumptions'!S106","v":66.344157033434414}]
[null,"End-period exchange rate",null,null,{"$f":"'Policies&Assumptions'!E110","v":43.394204000000002},{"$f":"'Policies&Assumptions'!F110","v":44.601514999999999},{"$f":"'Policies&Assumptions'!G110","v":45.728417},{"$f":"'Policies&Assumptions'!H110","v":47.281227000000001},{"$f":"'Policies&Assumptions'!I110","v":49.23471},{"$f":"'Policies&Assumptions'!J110","v":51.872526999999998},{"$f":"'Policies&Assumptions'!K110","v":57.055109999999992},{"$f":"'Policies&Assumptions'!L110","v":56.196336000000002},{"$f":"'Policies&Assumptions'!M110","v":54.879999999999995},{"$f":"'Policies&Assumptions'!N110","v":55.86},{"$f":"'Policies&Assumptions'!O110","v":59.770199999999988},{"$f":"'Policies&Assumptions'!P110","v":59.907056999999995},{"$f":"'Policies&Assumptions'!Q110","v":63.958903994999972},{"$f":"'Policies&Assumptions'!R110","v":64.242365634824992},{"$f":"'Policies&Assumptions'!S110","v":68.445948432043835}]
[null,"GDP in millions of US dollars",null,null,{"$f":"E20*1000/E103","v":48280.074660315382},{"$f":"F20*1000/F103","v":50895.726839959301},54348.241865485194,57201.164845262356,60751.401670631843,63594.014126507442,56734.858377103446,67112.515818158499,81306.026215537931,84366.933085751705,90991.720634140598,96981.832544240067,102677.31075780858,108540.00260197166,114636.69649587259]
[null,"Representative market interest rate",null,null,{"$f":"'Policies&Assumptions'!E87","v":6.4526916666666698E-2},{"$f":"'Policies&Assumptions'!F87","v":5.9009583333333303E-2},{"$f":"'Policies&Assumptions'!G87","v":6.0516666666666705E-2},{"$f":"'Policies&Assumptions'!H87","v":6.3E-2},{"$f":"'Policies&Assumptions'!I87","v":5.69673333333333E-2},{"$f":"'Policies&Assumptions'!J87","v":6.1187252743231904E-2},{"$f":"'Policies&Assumptions'!K87","v":5.3724474834220201E-2},{"$f":"'Policies&Assumptions'!L87","v":4.2407311078227296E-2},{"$f":"'Policies&Assumptions'!M87","v":7.9877387031928607E-2},{"$f":"'Policies&Assumptions'!N87","v":0.100964384203443},{"$f":"'Policies&Assumptions'!O87","v":6.2920885617685801E-2},{"$f":"'Policies&Assumptions'!P87","v":6.2920885617685801E-2},{"$f":"'Policies&Assumptions'!Q87","v":5.7920885617685804E-2},{"$f":"'Policies&Assumptions'!R87","v":5.7920885617685797E-2},{"$f":"'Policies&Assumptions'!S87","v":5.7920885617685804E-2}]
[null,"Potential GDP in USD"]
[null,"Behavioral Equations"]
[null,"Money Demand"]
[null,"Money demand parameters:"]
[null,"Trend velocity",null,null,0]
[null,"Interest sensitivity",null,null,2]

{"sheet":"Policies&Assumptions","index":6,"n_rows":210,"n_cols":24,"rows_kept":210,"cut":false,"hidden":false,"merged":[[0,1,0,18],[129,1,129,18],[128,1,128,18]]}
[null,{"$f":"\"Country:\"&\" \"&Country_Name&\" - Fiscal & Monetary Policies\"","v":"Country: Macrofoundland - Fiscal & Monetary Policies"}]
[]
[null,"Instructions: Calibration of behavioral equations can be found at the bottom of the sheet."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,"Year/Variable",null,null,{"$f":"F5-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"O5-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"'Source Data'!P3","v":2025},{"$f":"+P5+1","v":2026},{"$f":"+Q5+1","v":2027},2028]
[null,"Government Budget, [Units], current prices"]
[null,"Total revenue",null,null,{"$f":"E9+E11+E13","v":290.7154082831679},372.53966361180278,337.52571939852641,370.19298790206159,{"$f":"I9+I11+I13","v":419.02393759802095},457.96063490856062,440.71413388673716,586.43513555363654,665.54362843155457,747.35682044352689,822.3133745770217,{"$f":"P9+P11+P13","v":907.08619384572205},993.95552385462906,1087.4749008422727,1188.7527429491488]
[null,null,null,null,{"$f":"E7/SUM('Source Data'!D63:D65)-1","v":0.1312116289872729},{"$f":"F7/E7-1","v":0.2814582681112483},-9.398715796812962E-2,9.6784531151429043E-2,0.13190673862487667,{"$f":"J7/I7-1","v":9.2922369862059151E-2},{"$f":"K7/J7-1","v":-3.7659352588824579E-2},0.33064744346127428,0.1348972598704099,0.12292686537286279,0.10029553766433952,0.10309064875942875,{"$f":"Q7/P7-1","v":9.5767448119359111E-2},{"$f":"R7/Q7-1","v":9.4088090204448083E-2},{"$f":"S7/R7-1","v":9.31311996519959E-2}]
[null,"  Tax revenue",null,null,{"$f":"'Source Data'!E63","v":272.22828533496403},{"$f":"'Source Data'!F63","v":286.94325924007796},{"$f":"'Source Data'!G63","v":314.03638623674101},{"$f":"'Source Data'!H63","v":345.335532728739},{"$f":"'Source Data'!I63","v":384.95908421934598},{"$f":"'Source Data'!J63","v":423.76571970668596},{"$f":"'Source Data'!K63","v":385.42358978731994},{"$f":"'Source Data'!L63","v":541.77624117760502},{"$f":"'Source Data'!M63","v":604.53118138786863},{"$f":"'Source Data'!N63","v":678.31526463623993},{"$f":"(O33/100)*O79","v":747.3043624381728},{"$f":"(P33/100)*P79","v":824.37796695789439},903.33913415788766,988.34032895881069,1080.3903627762006]
[null,null,null,null,{"$f":"'Source Data'!E63/'Source Data'!D63-1","v":0.10879180021960155},{"$f":"F9/E9-1","v":5.4053802260143113E-2},9.4419806439833165E-2,9.9667261068284718E-2,0.11473928320527405,{"$f":"J9/I9-1","v":0.10080716906846221},{"$f":"K9/J9-1","v":-9.047954597626473E-2},0.40566445732229783,0.11583184244820233,0.12205174111776929,0.1017065388303322,0.10313549390807708,{"$f":"Q9/P9-1","v":9.5782723901967515E-2},{"$f":"R9/Q9-1","v":9.4096659368314572E-2},{"$f":"S9/R9-1","v":9.3135968573054395E-2}]
[null,"  Nontax revenue",null,null,{"$f":"'Source Data'!E64","v":14.87341969974791},{"$f":"'Source Data'!F64","v":18.212586987316818},{"$f":"'Source Data'!G64","v":22.706253203425398},{"$f":"'Source Data'!H64","v":23.460083433901588},{"$f":"'Source Data'!I64","v":33.389022285968991},{"$f":"'Source Data'!J64","v":33.468006699274696},{"$f":"'Source Data'!K64","v":44.541104982336194},{"$f":"'Source Data'!L64","v":42.081877704053603},{"$f":"'Source Data'!M64","v":59.398755539883901},{"$f":"'Source Data'!N64","v":64.249158594662987},{"$f":"O79*O38/100","v":71.719525893135668},{"$f":"P79*P38/100","v":79.116354618977326},86.694334569576981,94.851981838733167,103.68611303835736]
[null,null,null,null,{"$f":"'Source Data'!E64/'Source Data'!D64-1","v":0.59529762697090582},{"$f":"F11/E11-1","v":0.22450568564440521},0.24673409764565313,3.3199234753643614E-2,0.42322691988892669,{"$f":"J11/I11-1","v":2.3655802984952068E-3},{"$f":"K11/J11-1","v":0.33085622285660254},-5.5212534113328604E-2,0.41150440000832522,{"$f":"N11/M11-1","v":8.1658327867192959E-2},{"$f":"O11/N11-1","v":0.11627183082041515},0.10313549390807686,{"$f":"Q11/P11-1","v":9.5782723901967515E-2},{"$f":"R11/Q11-1","v":9.4096659368314572E-2},{"$f":"S11/R11-1","v":9.3135968573054617E-2}]
[null,"  Grants",null,null,{"$f":"'Source Data'!E65","v":3.6137032484559994},{"$f":"'Source Data'!F65","v":67.38381738440799},{"$f":"'Source Data'!G65","v":0.78307995835999988},{"$f":"'Source Data'!H65","v":1.3973717394209999},{"$f":"'Source Data'!I65","v":0.67583109270599995},{"$f":"'Source Data'!J65","v":0.72690850259999995},{"$f":"'Source Data'!K65","v":10.749439117080998},{"$f":"'Source Data'!L65","v":2.5770166719779999},{"$f":"'Source Data'!M65","v":1.6136915038020001},{"$f":"'Source Data'!N65","v":4.7923972126239995},{"$f":"'Deficits&Financing'!O24","v":3.2894862457131619},{"$f":"'Deficits&Financing'!P24","v":3.5918722688503451},{"$f":"'Deficits&Financing'!Q24","v":3.9220551271644126},{"$f":"'Deficits&Financing'!R24","v":4.2825900447290026},{"$f":"'Deficits&Financing'!S24","v":4.6762671345907156}]
[null,null,null,null,{"$f":"'Source Data'!E65/'Source Data'!D65-1","v":0.67807684123604473},{"$f":"F13/E13-1","v":17.646748986153909},-0.98837881276608708,0.7844560118069015,-0.51635554545705209,{"$f":"J13/I13-1","v":7.5577182590827796E-2},{"$f":"K13/J13-1","v":13.787884690621308},-0.76026501067547914,-0.37381410009916449,1.969834817455931,-0.31360317190568243,9.1925000000000257E-2,{"$f":"Q13/P13-1","v":9.1924999999999812E-2},{"$f":"R13/Q13-1","v":9.1925000000000257E-2},{"$f":"S13/R13-1","v":9.1924999999999812E-2}]
[null,"Total expenditure",null,null,{"$f":"'Source Data'!E67","v":348.15092339205853},{"$f":"'Source Data'!F67","v":374.3182149167489},{"$f":"'Source Data'!G67","v":414.3638183765612},{"$f":"'Source Data'!H67","v":454.22278326558768},{"$f":"'Source Data'!I67","v":484.84138770092966},{"$f":"'Source Data'!J67","v":570.41264873772832},{"$f":"'Source Data'!K67","v":689.22078433960291},{"$f":"'Source Data'!L67","v":699.78534291132246},{"$f":"'Source Data'!M67","v":811.29898858754893},{"$f":"'Source Data'!N67","v":905.64845650319603},{"$f":"O17+O21+O25","v":967.89845423403835},{"$f":"P17+P21+P25","v":1040.6484465682588},1124.6198549127159,1234.3877509193892,1350.8738320890845]
[null,null,null,null,{"$f":"'Source Data'!E67/'Source Data'!D67-1","v":2.746988217471813E-2},{"$f":"F15/E15-1","v":7.5160770133080979E-2},{"$f":"G15/F15-1","v":0.1069827805967678},{"$f":"H15/G15-1","v":9.6193159540787665E-2},{"$f":"I15/H15-1","v":6.7408781689048514E-2},{"$f":"J15/I15-1","v":0.17649330937395669},{"$f":"K15/J15-1","v":0.20828453903465549},{"$f":"L15/K15-1","v":1.5328264631256472E-2},{"$f":"M15/L15-1","v":0.15935407451132844},0.11629432458668187,{"$f":"O15/N15-1","v":6.8735277230191683E-2},7.5162835539180906E-2,{"$f":"Q15/P15-1","v":8.0691427178284147E-2},{"$f":"R15/Q15-1","v":9.7604444317046735E-2},{"$f":"S15/R15-1","v":9.4367496018114894E-2}]
[null,"  Noninterest expenses",null,null,{"$f":"E15-E21-E25","v":239.58789879032915},247.0313175045103,277.75974429110636,297.12923591530495,{"$f":"I15-I21-I25","v":316.47334000350213},368.45705559647024,466.85984981655594,455.74278040564639,530.36803794759794,576.82405365083946,{"$f":"N17*(1+O18)","v":637.39057928417765},{"$f":"O17*(1+P18)","v":704.31659010901626},{"$f":"P17*(1+Q18)","v":778.26983207046294},859.98816443786154,950.28692170383704]
[null,null,null,null,{"$f":"E17/('Source Data'!D67-'Source Data'!D68-'Source Data'!D69-'Source Data'!D70)-1","v":5.0197104486539024E-2},{"$f":"F17/E17-1","v":3.1067590440764015E-2},0.12439081448057698,6.9734697062142859E-2,6.510333467727536E-2,{"$f":"J17/I17-1","v":0.16425938308861299},{"$f":"K17/J17-1","v":0.26706720016743346},-2.381243410689049E-2,0.16374424511021179,8.7592034925437101E-2,{"$f":"O19+O20","v":0.105},{"$f":"P19+P20","v":0.105},{"$f":"Q19+Q20","v":0.105},0.105,0.105]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline",{"$f":"'Control Panel'!D13","v":9.5000000000000001E-2},{"$f":"'Control Panel'!E13","v":9.5000000000000001E-2},{"$f":"'Control Panel'!F13","v":9.5000000000000001E-2},{"$f":"'Control Panel'!G13","v":9.5000000000000001E-2},{"$f":"'Control Panel'!H13","v":9.5000000000000001E-2},"<< Baseline","Expenditure growth assumption/target"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Scenario/Measures",{"$f":"'Control Panel'!D16","v":0.01},{"$f":"'Control Panel'!E16","v":0.01},{"$f":"'Control Panel'!F16","v":0.01},{"$f":"'Control Panel'!G16","v":0.01},{"$f":"'Control Panel'!H16","v":0.01},"<< Scenario","For simulations: link to Control Panel"]
[null,"  Interest ",null,null,{"$f":"E23+E24","v":66.818757354945603},79.146840125408303,95.868944183597051,109.35027062035348,{"$f":"I23+I24","v":123.44224635489488},{"$f":"J23+J24","v":153.8976758971948},{"$f":"K23+K24","v":170.20658646857683},{"$f":"L23+L24","v":186.44141845449735},{"$f":"M23+M24","v":205.38864505957579},226.88266391970757,217.8622534292835,{"$f":"P23+P24","v":211.85844467900478},208.80690282509022,{"$f":"R23+R24","v":222.41443886256286},232.64332226629136]
[null,null,null,null,{"$f":"E21/('Source Data'!D68+'Source Data'!D69)-1","v":0.19688652450412381},{"$f":"F21/('Source Data'!E68+'Source Data'!E69)-1","v":0.18450032982467968},{"$f":"G21/('Source Data'!F68+'Source Data'!F69)-1","v":0.21127949052283768},{"$f":"H21/('Source Data'!G68+'Source Data'!G69)-1","v":0.14062245653752647},{"$f":"I21/('Source Data'!H68+'Source Data'!H69)-1","v":0.1288700581589457},{"$f":"J21/I21-1","v":0.24671804379467432},{"$f":"K21/J21-1","v":0.10597242925407491},9.5383100752788774E-2,0.10162562998147684,0.10465047302832708,-3.9758042040692665E-2,{"$f":"P21/O21-1","v":-2.7557819933353045E-2},{"$f":"Q21/P21-1","v":-1.4403682886174662E-2},{"$f":"R21/Q21-1","v":6.5168037327152817E-2},{"$f":"S21/R21-1","v":4.5990194953346775E-2}]
[null,"    Domestic",null,null,{"$f":"'Source Data'!E68","v":49.021754343445167},{"$f":"'Source Data'!F68","v":56.083565723254516},{"$f":"'Source Data'!G68","v":66.931257644733719},{"$f":"'Source Data'!H68","v":76.363229740153301},{"$f":"'Source Data'!I68","v":85.658726020151192},{"$f":"'Source Data'!J68","v":103.51673254125629},{"$f":"'Source Data'!K68","v":114.3902394231296},{"$f":"'Source Data'!L68","v":125.9026488859559},{"$f":"'Source Data'!M68","v":139.06171501401269},{"$f":"'Source Data'!N68","v":153.52925929654808},{"$f":"O77*(N58+O61/2)","v":119.79316266198846},{"$f":"P77*(O58+P61/2)","v":120.63282558720508},{"$f":"Q77*(P58+Q61/2)","v":125.80646943976573},{"$f":"R77*(Q58+R61/2)","v":136.34509901760237},{"$f":"S77*(R58+S61/2)","v":146.7771377269739}]
[null,"    External",null,null,{"$f":"'Source Data'!E69","v":17.79700301150044},{"$f":"'Source Data'!F69","v":23.063274402153787},{"$f":"'Source Data'!G69","v":28.937686538863336},{"$f":"'Source Data'!H69","v":32.98704088020019},{"$f":"'Source Data'!I69","v":37.783520334743677},{"$f":"'Source Data'!J69","v":50.380943355938506},{"$f":"'Source Data'!K69","v":55.816347045447237},{"$f":"'Source Data'!L69","v":60.538769568541447},{"$f":"'Source Data'!M69","v":66.326930045563103},{"$f":"'Source Data'!N69","v":73.353404623159491},{"$f":"O78*(N63+O63)/2","v":98.069090767295037},{"$f":"P78*(O63+P63)/2","v":91.225619091799715},{"$f":"Q78*(P63+Q63)/2","v":83.00043338532447},{"$f":"R78*(Q63+R63)/2","v":86.069339844960496},{"$f":"S78*(R63+S63)/2","v":85.866184539317445}]
[null,"  Acquisition of nonfinancial assets",null,null,{"$f":"'Source Data'!E70","v":41.744267246783778},{"$f":"'Source Data'!F70","v":48.140057286830313},{"$f":"'Source Data'!G70","v":40.735129901857789},{"$f":"'Source Data'!H70","v":47.743276729929271},{"$f":"'Source Data'!I70","v":44.925801342532594},{"$f":"'Source Data'!J70","v":48.05791724406329},{"$f":"'Source Data'!K70","v":52.154348054470191},{"$f":"'Source Data'!L70","v":57.601144051178693},{"$f":"'Source Data'!M70","v":75.542305580375199},{"$f":"'Source Data'!N70","v":101.941738932649},{"$f":"N25*(1+O26)","v":112.64562152057715},{"$f":"O25*(1+P26)","v":124.47341178023775},{"$f":"P25*(1+Q26)","v":137.54312001716272},151.98514761896482,167.94358811895611]
[null,null,null,null,{"$f":"E25/'Source Data'!D70-1","v":-0.23934925223012926},{"$f":"F25/E25-1","v":0.15321361379362353},{"$f":"G25/F25-1","v":-0.15382049383223917},{"$f":"H25/G25-1","v":0.17204184312057058},{"$f":"I25/H25-1","v":-5.901302927602492E-2},{"$f":"J25/I25-1","v":6.9717529970142689E-2},{"$f":"K25/J25-1","v":8.5239457831746579E-2},{"$f":"L25/K25-1","v":0.10443608634547297},{"$f":"M25/L25-1","v":0.31147231230782091},0.34946554979296263,{"$f":"O27+O28","v":0.105},{"$f":"P27+P28","v":0.105},{"$f":"Q27+Q28","v":0.105},0.105,0.105]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline",{"$f":"'Control Panel'!D14","v":9.5000000000000001E-2},{"$f":"'Control Panel'!E14","v":9.5000000000000001E-2},{"$f":"'Control Panel'!F14","v":9.5000000000000001E-2},{"$f":"'Control Panel'!G14","v":9.5000000000000001E-2},{"$f":"'Control Panel'!H14","v":9.5000000000000001E-2},"<< Baseline","Investment growth assumption/target"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Scenario/Measures",{"$f":"'Control Panel'!D17","v":0.01},{"$f":"'Control Panel'!E17","v":0.01},{"$f":"'Control Panel'!F17","v":0.01},{"$f":"'Control Panel'!G17","v":0.01},{"$f":"'Control Panel'!H17","v":0.01},"<< Scenario","For simulations: link to Control Panel"]
[null,"Net lending (=overall balance)",null,null,{"$f":"E7-E15","v":-57.435515108890627},-1.7785513049461201,-76.838098978034793,-84.029795363526091,{"$f":"I7-I15","v":-65.817450102908708},{"$f":"J7-J15","v":-112.4520138291677},{"$f":"K7-K15","v":-248.50665045286576},-113.35020735768592,-145.75536015599437,-158.29163605966914,-145.58507965701665,{"$f":"P7-P15","v":-133.56225272253675},-130.66433105808687,-146.91285007711645,-162.12108913993575]
[]
[null,"Government Budget, in percent of GDP"]
[null,"Total revenue",null,null,{"$f":"100*E7/E79","v":14.126349455799549},16.601895613919257,13.770350621452488,13.907309975488021,{"$f":"100*I7/I79","v":14.22786903628071},14.340108906712363,14.0370011690576,15.617863475167008,15.186756484254213,15.858233530308803,{"$f":"100*O7/O79","v":15.631267498539003},15.63063204938665,15.630414150224698,15.630291729980554,15.63022354118289]
[null,"Tax revenue",null,null,{"$f":"100*E9/E79","v":13.228029133732946},12.787368708169469,12.812034454973983,12.973471827293126,{"$f":"100*I9/I79","v":13.071204156011158},13.269364456922295,12.275965221976287,14.428513668119216,13.794539451173256,14.393234368813175,{"$f":"O34+O35","v":14.205429162701883},{"$f":"P34+P35","v":14.205429162701883},14.205429162701883,14.205429162701883,14.205429162701883,null,"Choose Tax Model 1 or 2 below"]
[null,"Model 1: unitary tax elasticity",null,null,{"$f":"100*'Source Data'!D63/'Source Data'!D22","v":13.38819680708613},{"$f":"100*'Source Data'!E63/'Source Data'!E22","v":13.228029133732946},{"$f":"100*'Source Data'!F63/'Source Data'!F22","v":12.787368708169469},{"$f":"100*'Source Data'!G63/'Source Data'!G22","v":12.812034454973983},{"$f":"100*'Source Data'!H63/'Source Data'!H22","v":12.973471827293126},{"$f":"I33","v":13.071204156011158},13.269364456922295,12.275965221976287,14.428513668119216,13.794539451173256,{"$f":"AVERAGE(L33:N33)","v":14.205429162701883},{"$f":"O33","v":14.205429162701883},{"$f":"P33","v":14.205429162701883},{"$f":"Q33","v":14.205429162701883},{"$f":"R33","v":14.205429162701883},null,"For simulations link measures to Control Panel"]
[null,"Add factor/measures",null,null,{"$f":"E33-E34","v":-0.16016767335318427},-0.44066042556347718,2.4665746804513944E-2,0.16143737231914379,{"$f":"I33-I34","v":9.773232871803117E-2},{"$f":"J33-J34","v":0.19816030091113745},{"$f":"K33-K34","v":-0.99339923494600768},2.1525484461429283,-0.63397421694596012,{"$f":"N33-N34","v":0.59869491763991967},{"$f":"'Control Panel'!D10","v":0},{"$f":"'Control Panel'!E10","v":0},{"$f":"'Control Panel'!F10","v":0},{"$f":"'Control Panel'!G10","v":0},{"$f":"'Control Panel'!H10","v":0}]
[null,"Model 2: cyclical tax ratio",null,null,{"$f":"$O$122*(1+$O$123*E103)","v":14.5},14.712436949101253,14.992729081072145,14.897482727964121,15.092039557015873,15.18630669576547,13.833346099816035,14.76995342321951,14.827026363148789,14.531027465468576,14.344919081937118,14.443245629820238,14.473530260797181,14.497566006764877,14.512228134263838]
[null,"Add factor/measures",null,null,{"$f":"E33-E36","v":-1.2719708662670541},-1.9250682409317843,-2.1806946260981626,-1.9240109006709947,{"$f":"I33-I36","v":-2.0208354010047156},-1.9169422388431752,-1.5573808778397478,-0.34143975510029456,-1.0324869119755338,-0.1377930966554004,{"$f":"'Control Panel'!D10","v":0},{"$f":"'Control Panel'!E10","v":0},{"$f":"'Control Panel'!F10","v":0},{"$f":"'Control Panel'!G10","v":0},{"$f":"'Control Panel'!H10","v":0}]
[null,"Nontax revenue",null,null,{"$f":"100*E11/E79","v":0.72272441809056032},0.81162758641970967,0.92636812527303836,0.88134206489183431,{"$f":"100*I11/I79","v":1.1337171786828928},1.0479827836163365,1.4186600670012817,1.1207190376478937,1.3553948942127592,1.3633088415722874,{"$f":"N38","v":1.3633088415722874},{"$f":"O38","v":1.3633088415722874},{"$f":"P38","v":1.3633088415722874},1.3633088415722874,1.3633088415722874,null,"Forecast assumption"]
[null,"Grants",null,null,{"$f":"100*E13/E79","v":0.17559590397604363},3.0028993193300795,3.1948041205468777E-2,5.2496083303058404E-2,{"$f":"100*I13/I79","v":2.2947701586661977E-2},2.2761666173732417E-2,0.34237588008002923,6.8630769399901551E-2,3.6822138868197823E-2,0.10169031992333991,{"$f":"100*O13/O79","v":6.2529494264830426E-2},6.1894045112480499E-2,6.1676145950528345E-2,6.1553725706386189E-2,6.1485536908718004E-2]
[null,"Total expenditure",null,null,{"$f":"100*E15/E79","v":16.917237501237285},16.681155155903181,16.905185993106329,17.064118584749298,{"$f":"100*I15/I79","v":16.462686611940256},17.861315757627324,21.952082340068898,18.636591303817539,18.512685944626924,19.217038403514032,{"$f":"O41+O42+O45","v":18.398678797285648},{"$f":"P41+P42+P45","v":17.93213596616684},{"$f":"Q41+Q42+Q45","v":17.685171692272085},17.741872147891531,17.761860148565781]
[null,"Noninterest expenses",null,null,{"$f":"100*E17/E79","v":11.641977986926269},11.00872886075396,11.33202256180487,11.162470715807531,{"$f":"100*I17/I79","v":10.745785218990868},11.537485761750975,14.869757409108287,12.137281845244079,12.102242280229733,12.239682971335911,12.116089746156149,12.136568212551932,12.238656060496231,12.360621733966687,12.494774125731634]
[null,"Interest ",null,null,{"$f":"100*E21/E79","v":3.2468355295390405},3.5271078660306046,3.9112544592723357,4.1080413706352852,{"$f":"100*I21/I79","v":4.1914553253199136},4.8189937401417513,5.4211786496839114,4.9652833587296232,4.686675980208082,4.8142442404981907,4.1413204095571405,3.6506799660276612,3.2835859253791133,3.1967657935730132,3.0588927377483519]
[null,"Domestic",null,null,{"$f":"100*E23/E79","v":2.3820492930919777},2.4993137502912393,2.7306567539361848,2.8687931469049937,{"$f":"100*I23/I79","v":2.908523896309064},3.2414166309403951,3.6433955733398609,3.3530228020979518,3.1731900238870052,3.2577515599778599,2.2771354911121504,2.0787079801504911,1.9783654026039923,1.9596899863597923,1.9298878484318482]
[null,"External",null,null,{"$f":"100*E24/E79","v":0.86478623644706321},1.0277941157393649,1.1805977053361516,1.2392482237302918,{"$f":"100*I24/I79","v":1.2829314290108498},1.5775771092013564,1.777783076344051,1.6122605566316708,1.5134859563210772,1.5564926805203307,1.8641849184449906,1.5719719858771699,1.3052205227751208,1.2370758072132206,1.1290048893165034]
[null,"Acquisition of nonfinancial assets",null,null,{"$f":"100*E25/E79","v":2.0284239847719743},2.1453184291186149,1.6619089720291231,1.7936064983064814,{"$f":"100*I25/I79","v":1.525446067629471},1.5048362557345982,1.6611462812766997,1.5340260998438371,1.7237676841891068,2.1631111916799299,2.1412686415723607,2.1448877875872454,2.1629297063967434,2.1844846203518329,2.208193285085795]
[null,"Net lending (overall balance)",null,null,{"$f":"E32-E40","v":-2.7908880454377361},-7.9259541983923043E-2,-3.1348353716538409,-3.1568086092612777,{"$f":"I32-I40","v":-2.2348175756595463},-3.521206850914961,-7.9150811710112983,-3.0187278286505315,-3.325929460372711,-3.3588048732052282,-2.7674112987466444,-2.3015039167801898,{"$f":"Q32-Q40","v":-2.0547575420473869},-2.1115804179109769,-2.131636607382891]
[]
[null,"Government & Financing, [Units],current prices"]
[null,"Net budget financing ",null,null,{"$f":"-E29","v":57.435515108890627},1.7785513049461201,76.838098978034793,84.029795363526091,65.817450102908708,{"$f":"-J29","v":112.4520138291677},248.50665045286576,113.35020735768592,145.75536015599437,158.29163605966914,145.58507965701665,133.56225272253675,{"$f":"-Q29","v":130.66433105808687},146.91285007711645,162.12108913993575]
[null,"Domestic",null,null,{"$f":"E49-E51","v":15.305376778307128},51.760901010412937,39.824915853701995,26.297509867138984,6.5369235549241509,{"$f":"J49-J51","v":54.020932408981942},0.98661014374314959,57.715012651821006,{"$f":"M49-M51","v":24.276510187999818},43.731075667846056,21.148673710049664,{"$f":"P49-P51","v":7.8063444921160112},-1.0640459314256816,11.386978587977467,21.431085324011036]
[null,"External",null,null,{"$f":"'Source Data'!E72","v":42.130138330583499},{"$f":"'Source Data'!F72","v":-49.982349705466817},{"$f":"'Source Data'!G72","v":37.013183124332798},{"$f":"'Source Data'!H72","v":57.732285496387107},{"$f":"'Source Data'!I72","v":59.280526547984557},{"$f":"'Source Data'!J72","v":58.431081420185755},{"$f":"'Source Data'!K72","v":247.52004030912261},{"$f":"'Source Data'!L72","v":55.635194705864912},{"$f":"'Source Data'!M72","v":121.47884996799455},{"$f":"'Source Data'!N72","v":114.56056039182309},{"$f":"O66*O106","v":124.43640594696699},{"$f":"P66*P106","v":125.75590823042074},{"$f":"Q66*Q106","v":131.72837698951255},{"$f":"R66*R106","v":135.52587148913898},{"$f":"S66*S106","v":140.69000381592471}]
[null,"Other debt creating financing (net) "]
[null,"Domestic",null,null,{"$f":"E58-'Source Data'!D75-E50","v":-6.4176308285096511},{"$f":"F58-'Source Data'!E75-F50","v":24.107469838582944},{"$f":"G58-'Source Data'!F75-G50","v":37.236170978108831},{"$f":"H58-'Source Data'!G75-H50","v":75.827825995604229},{"$f":"I58-'Source Data'!H75-I50","v":68.638014553213509},{"$f":"J58-I58-J50","v":54.107985501136106},132.23080190093188,{"$f":"L58-K58-L50","v":-14.433660110667141},{"$f":"M58-L58-M50","v":90.454574552342294},{"$f":"N58-M58-N50","v":46.063250872484929},{"$f":"N53*(1+'GDP&Prices'!O57+'GDP&Prices'!O107)","v":50.208943451008579},{"$f":"O53*(1+'GDP&Prices'!P57+'GDP&Prices'!P107)","v":54.727748361599353},{"$f":"P53*(1+'GDP&Prices'!Q57+'GDP&Prices'!Q107)","v":59.653245714143303},{"$f":"Q53*(1+'GDP&Prices'!R57+'GDP&Prices'!R107)","v":65.022037828416202},{"$f":"R53*(1+'GDP&Prices'!S57+'GDP&Prices'!S107)","v":70.874021232973661},null,"Forecast assumption"]
[null,"External (including ER revaluation)",null,null,{"$f":"E63-'Source Data'!D74*'Source Data'!D41-E51","v":-19365.610279355533},{"$f":"F63-E63-F51","v":57.119274991516903},20.500692694367146,4.6190714904129493,60.06691353976543,{"$f":"J63-I63-J51","v":48.185676083518224},139.98412708098633,55.992848514339151,-13.339238132123612,51.368075337495014,120.01770639447291,4.4917077732571329,141.55011266743233,10.503762338530862,164.6659401355482]
[null,"Public debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"This Excel Macro "]
[null,"Consolidated public debt ",null,null,{"$f":"E58+E63","v":919.76311143105818},1002.7684075661042,1137.3433702166149,1301.8200630661581,{"$f":"I58+I63","v":1496.3424412620459},1711.0881166758679,2231.8096961106521,2386.7190918720098,2609.5897884482229,2865.3127507178719,3181.1244802203701,3373.9061890777634,3705.7738785174261,3928.2125287614895,4325.8735792699472,null,null,null,null,"performs Goal Seeks"]
[null,"% GDP",null,null,{"$f":"E56/'Deficits&Financing'!E20","v":0.44692832778829022},{"$f":"F56/'Deficits&Financing'!F20","v":0.44687473720103149},{"$f":"G56/'Deficits&Financing'!G20","v":0.46401255029620736},{"$f":"H56/'Deficits&Financing'!H20","v":0.48906423787152453},{"$f":"I56/'Deficits&Financing'!I20","v":0.50807990612051146},{"$f":"J56/'Deficits&Financing'!J20","v":0.53579255664654568},{"$f":"K56/'Deficits&Financing'!K20","v":0.71084435248610689},{"$f":"L56/'Deficits&Financing'!L20","v":0.63562789250751406},{"$f":"M56/'Deficits&Financing'!M20","v":0.59547117496047608},{"$f":"N56/'Deficits&Financing'!N20","v":0.60799336401706172},{"$f":"O56/'Deficits&Financing'!O20","v":0.60469656986976283},{"$f":"P56/'Deficits&Financing'!P20","v":0.58138120245265568},{"$f":"Q56/'Deficits&Financing'!Q20","v":0.58275022451390224},{"$f":"R56/'Deficits&Financing'!R20","v":0.56460252787767129},{"$f":"S56/'Deficits&Financing'!S20","v":0.56878414334627148},null,null,null,null,"automatically during "]
[null,"Domestic debt",null,null,{"$f":"'Source Data'!E75","v":391.50546828285832},{"$f":"'Source Data'!F75","v":467.3738391318542},{"$f":"'Source Data'!G75","v":544.43492596366502},{"$f":"'Source Data'!H75","v":646.56026182640824},{"$f":"'Source Data'!I75","v":721.7351999345459},{"$f":"'Source Data'!J75","v":829.86411784466395},{"$f":"'Source Data'!K75","v":963.08152988933898},{"$f":"'Source Data'!L75","v":1006.3628824304928},{"$f":"'Source Data'!M75","v":1121.093967170835},{"$f":"'Source Data'!N75","v":1210.8882937111659},{"$f":"N58+O50+O53","v":1282.2459108722242},{"$f":"O58+P50+P53","v":1344.7800037259397},{"$f":"P58+Q50+Q53","v":1403.3692035086574},1479.778219925051,1572.0833264820358,null,null,null,null,"the projection years."]
[null,"% GDP",null,null,{"$f":"E58/'Deficits&Financing'!E20","v":0.1902390757848357},{"$f":"F58/'Deficits&Financing'!F20","v":0.20828095496508378},{"$f":"G58/'Deficits&Financing'!G20","v":0.22211817915517715},{"$f":"H58/'Deficits&Financing'!H20","v":0.2428980092251628},{"$f":"I58/'Deficits&Financing'!I20","v":0.24506365823409448},{"$f":"J58/'Deficits&Financing'!J20","v":0.25985512554024132},{"$f":"K58/'Deficits&Financing'!K20","v":0.30674706167759841},{"$f":"L58/'Deficits&Financing'!L20","v":0.26801324053404119},{"$f":"M58/'Deficits&Financing'!M20","v":0.25581765564360615},{"$f":"N58/'Deficits&Financing'!N20","v":0.25693950754865486},{"$f":"O58/'Deficits&Financing'!O20","v":0.24374076175109324},{"$f":"P58/'Deficits&Financing'!P20","v":0.2317283800395713},{"$f":"Q58/'Deficits&Financing'!Q20","v":0.22068635195511443},{"$f":"R58/'Deficits&Financing'!R20","v":0.21268872739210512},{"$f":"S58/'Deficits&Financing'!S20","v":0.20670416084441989}]
[null,"Change in domestic debt",null,null,{"$f":"+'Source Data'!E75/'Source Data'!D75-1","v":2.3228787980868582E-2},{"$f":"F58-E58","v":75.86837084899588},77.061086831810826,102.12533586274321,75.174938108137667,{"$f":"J58-I58","v":108.12891791011805},133.21741204467503,43.281352541153865,114.73108474034211,89.794326540330985,71.357617161058215,62.534092853715492,{"$f":"Q58-P58","v":58.589199782717742},76.40901641639357,92.305106556984811,"Goal seek:"]
[null,"Estimated change in domestic debt",null,null,{"$f":"+'Source Data'!E75/'Source Data'!D75-1","v":2.3228787980868582E-2},{"$f":"F58-E58","v":75.86837084899588},77.061086831810826,102.12533586274321,75.174938108137667,{"$f":"J58-I58","v":108.12891791011805},{"$f":"K58-J58","v":133.21741204467503},{"$f":"L58-K58","v":43.281352541153865},{"$f":"M58-L58","v":114.73108474034211},{"$f":"N58-M58","v":89.794326540330985},71.357617161058315,62.534092853715805,58.589199782717593,76.40901641639347,92.305106556985535,"Change this row ","Goal seek to calculate domestic interest payments."]
[null,"Difference",null,null,{"$f":"E60-E61","v":0},0,0,0,0,{"$f":"J60-J61","v":0},{"$f":"K60-K61","v":0},0,0,{"$f":"N60-N61","v":0},{"$f":"O60-O61","v":0},-3.1263880373444408E-13,1.4921397450962104E-13,0,-7.2475359047530219E-13,"to make this = zero","Adjust estimates change in domestic debt (orange) "]
[null,"External (Forex) debt",null,null,{"$f":"'Source Data'!E74","v":528.25764314819992},{"$f":"'Source Data'!F74","v":535.39456843425},{"$f":"'Source Data'!G74","v":592.90844425294995},{"$f":"'Source Data'!H74","v":655.25980123975},{"$f":"'Source Data'!I74","v":774.60724132749999},{"$f":"'Source Data'!J74","v":881.22399883120397},{"$f":"'Source Data'!K74","v":1268.7281662213129},{"$f":"'Source Data'!L74","v":1380.356209441517},{"$f":"'Source Data'!M74","v":1488.4958212773879},{"$f":"'Source Data'!N74","v":1654.424457006706},{"$f":"(N63/N110+O66)*O110","v":1898.8785693481459},{"$f":"(O63/O110+P66)*P110","v":2029.1261853518238},2302.4046750087687,2448.4343088364385,2753.7902527879114,null,"to eliminate difference with forecast change."]
[null,"% GDP",null,null,{"$f":"E63/'Deficits&Financing'!E20","v":0.25668925200345455},{"$f":"F63/'Deficits&Financing'!F20","v":0.23859378223594774},{"$f":"G63/'Deficits&Financing'!G20","v":0.24189437114103024},{"$f":"H63/'Deficits&Financing'!H20","v":0.24616622864636176},{"$f":"I63/'Deficits&Financing'!I20","v":0.26301624788641692},{"$f":"J63/'Deficits&Financing'!J20","v":0.27593743110630431},{"$f":"K63/'Deficits&Financing'!K20","v":0.40409729080850842},{"$f":"L63/'Deficits&Financing'!L20","v":0.36761465197347287},{"$f":"M63/'Deficits&Financing'!M20","v":0.33965351931686993},{"$f":"N63/'Deficits&Financing'!N20","v":0.35105385646840687},{"$f":"O63/'Deficits&Financing'!O20","v":0.36095580811866956},{"$f":"P63/'Deficits&Financing'!P20","v":0.34965282241308443},{"$f":"Q63/'Deficits&Financing'!Q20","v":0.36206387255878775},{"$f":"R63/'Deficits&Financing'!R20","v":0.35191380048556614},{"$f":"S63/'Deficits&Financing'!S20","v":0.36207998250185164}]
[null,"Memo:"]
[null,"Net external financing in US$",null,null,{"$f":"E51/E106","v":0.98837718784385797},-1.1336608539717983,0.82069173965543507,1.2406194051102026,1.2228392792133349,1.163548428590214,4.4727816706648866,0.99438547299883295,2.2537820031167821,2.0508514212642872,{"$f":"AVERAGE(M66:N66)","v":2.1523167121905349},{"$f":"AVERAGE(N66:O66)","v":2.101584066727411},2.126950389458973,2.1142672280931922,2.1206088087760824,null,"Forecast assumption"]
[]
[null,"Fiscal Analysis (Cyclical Adjustment)"]
[null,"Primary balance",null,null,{"$f":"E32-E41-E45","v":0.45594748410130492},{"$f":"F32-F41-F45","v":3.4478483240466824},0.77641908761849554,0.95123276137400792,{"$f":"I32-I41-I45","v":1.9566377496603713},1.2977868892267892,-2.4939025213273864,1.9465555300790918,1.3607465198353728,1.455439367292962,1.3739091108104935,1.3491760492474723,{"$f":"Q32-Q41-Q45","v":1.2288283833317242},1.0851853756620344,0.92725613036546006]
[null,"  Target",null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Cyclical component of primary balance",null,null,{"$f":"(E33/100)*(E74-1)*E76-(E41/100)*(E75-1)*E76","v":0},1.6128694983872324E-3,3.850770388666843E-3,3.0599236627164182E-3,{"$f":"(I33/100)*(I74-1)*I76-(I41/100)*(I75-1)*I76","v":4.3875378764407554E-3},5.460864641785159E-3,-6.8365391528079035E-3,2.259655712209411E-3,2.7294843302407145E-3,2.6190782119961056E-4,-1.2958443594249492E-3,-4.7503674830834657E-4,{"$f":"(Q33/100)*(Q74-1)*Q76-(Q41/100)*(Q75-1)*Q76","v":-2.2341657525125962E-4},-2.0748737711981182E-5,1.0537087972811168E-4]
[null,"Cyclically adjusted primary balance",null,null,{"$f":"E46/100-E71+E42/100","v":4.5594748410130448E-3},3.286561374207958E-2,3.9134204875181031E-3,6.452403951023665E-3,{"$f":"I46/100-I71+I42/100","v":1.5178839620162914E-2},7.5170042504827395E-3,-1.810248606046596E-2,1.7205899588581507E-2,1.0877980868112994E-2,1.4292485851730014E-2,1.5034935467529913E-2,1.396679724078306E-2,{"$f":"Q46/100-Q71+Q42/100","v":1.2511700408568527E-2},1.0872602494332341E-2,9.1671904239265002E-3]
[null,"Assumptions:"]
[null,"Tax elasticity",null,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,null,"Forecast assumption"]
[null,"Expenditure elasticity",null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Forecast assumption"]
[null,"Output gap",null,null,{"$f":"'GDP&Prices'!E58","v":0},{"$f":"'GDP&Prices'!F58","v":1.4650824075948501E-2},{"$f":"'GDP&Prices'!G58","v":3.3981315936009969E-2},{"$f":"'GDP&Prices'!H58","v":2.7412601928560158E-2},{"$f":"'GDP&Prices'!I58","v":4.0830314276956929E-2},{"$f":"'GDP&Prices'!J58","v":4.7331496259687661E-2},{"$f":"'GDP&Prices'!K58","v":-4.5976131047170049E-2},{"$f":"'GDP&Prices'!L58","v":1.861747746341446E-2},{"$f":"'GDP&Prices'!M58","v":2.2553542286123374E-2},{"$f":"'GDP&Prices'!N58","v":2.1398252047293378E-3},{"$f":"'GDP&Prices'!O58","v":-1.0695235728474677E-2},{"$f":"'GDP&Prices'!P58","v":-3.9140944951559873E-3},{"$f":"'GDP&Prices'!Q58","v":-1.8254992553667769E-3},{"$f":"'GDP&Prices'!R58","v":-1.6786160242218364E-4},{"$f":"'GDP&Prices'!S58","v":8.4331960440254584E-4}]
[null,"Interest rate on domestic debt ",null,null,"..","..","..","..","..","..","..",{"$f":"2*L23/(K58+L58)","v":0.12785600659594518},{"$f":"2*M23/(L58+M58)","v":0.13073046820204318},{"$f":"2*N23/(M58+N58)","v":0.13167275057956945},{"$f":"O89*(O99/N99)","v":9.6098447040484314E-2},{"$f":"P89*(P99/O99)","v":9.1839844378282312E-2},9.1557233580022435E-2,9.4580733478568393E-2,9.6188595383543851E-2,null,"Forecast assumption, could be based on inflation path"]
[null,"Interest rate on external debt",null,null,"..","..","..","..","..","..","..",{"$f":"2*L24/(K63+L63)","v":4.5705429487042273E-2},{"$f":"2*M24/(L63+M63)","v":4.6239352420656049E-2},{"$f":"2*N24/(M63+N63)","v":4.6678501602469821E-2},{"$f":"O94","v":5.5198833333333246E-2},{"$f":"P94","v":4.6448833333333245E-2},3.8323833333333251E-2,3.62333222143E-2,3.3011333333333254E-2,null,"Forecast assumption, could be projected based on foreign interest rate"]
[null,"Nominal GDP",null,null,{"$f":"'Deficits&Financing'!E20","v":2057.9655713091197},{"$f":"'Deficits&Financing'!F20","v":2243.9585953031797},{"$f":"'Deficits&Financing'!G20","v":2451.10475889193},{"$f":"'Deficits&Financing'!H20","v":2661.8590407097845},{"$f":"'Deficits&Financing'!I20","v":2945.09273686397},{"$f":"'Deficits&Financing'!J20","v":3193.5645530153329},{"$f":"'Deficits&Financing'!K20","v":3139.6601637265899},{"$f":"'Deficits&Financing'!L20","v":3754.8998714586701},{"$f":"'Deficits&Financing'!M20","v":4382.394813017494},{"$f":"'Deficits&Financing'!N20","v":4712.7368821700902},{"$f":"'Deficits&Financing'!O20","v":5260.6954276349015},{"$f":"'Deficits&Financing'!P20","v":5803.2598488639896},{"$f":"'Deficits&Financing'!Q20","v":6359.111884699103},{"$f":"'Deficits&Financing'!R20","v":6957.4830695986357},{"$f":"'Deficits&Financing'!S20","v":7605.4749941163318}]
[null,"*Balance when economy is at potential.",null,null,{"$f":"'Deficits&Financing'!E21","v":0.12221727736958599},{"$f":"'Deficits&Financing'!F21","v":9.0377130981712961E-2},{"$f":"'Deficits&Financing'!G21","v":9.2312827884760029E-2},{"$f":"'Deficits&Financing'!H21","v":8.5983384044805211E-2},{"$f":"'Deficits&Financing'!I21","v":0.10640446838937856},{"$f":"'Deficits&Financing'!J21","v":8.4368078818442882E-2},{"$f":"'Deficits&Financing'!K21","v":-1.6879066758756167E-2},{"$f":"'Deficits&Financing'!L21","v":0.19595742075531741},{"$f":"'Deficits&Financing'!M21","v":0.16711362833626242},{"$f":"'Deficits&Financing'!N21","v":7.5379349247892025E-2},{"$f":"'Deficits&Financing'!O21","v":0.11627183082041515},{"$f":"'Deficits&Financing'!P21","v":0.10313549390807708},{"$f":"'Deficits&Financing'!Q21","v":9.5782723901967515E-2},{"$f":"'Deficits&Financing'!R21","v":9.4096659368314572E-2},{"$f":"'Deficits&Financing'!S21","v":9.3135968573054395E-2}]
[]
[null,"Monetary Policy Rule & Exchange Rate, in percent"]
[null,"Interest Rates"]
[null,"Policy rate",null,null,{"$f":"'Source Data'!E36/100","v":6.25E-2},{"$f":"'Source Data'!F36/100","v":5.2499999999999998E-2},{"$f":"'Source Data'!G36/100","v":5.5E-2},{"$f":"'Source Data'!H36/100","v":5.5E-2},{"$f":"'Source Data'!I36/100","v":5.5E-2},{"$f":"'Source Data'!J36/100","v":4.7500000000000001E-2},{"$f":"'Source Data'!K36/100","v":0.03},{"$f":"'Source Data'!L36/100","v":3.2500000000000001E-2},{"$f":"'Source Data'!M36/100","v":7.7499999999999999E-2},{"$f":"'Source Data'!N36/100","v":6.7500000000000004E-2},{"$f":"O85+O86","v":4.5000000000000005E-2},{"$f":"P85+P86","v":4.5000000000000005E-2},0.04,3.9999999999999994E-2,0.04]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline",{"$f":"'Control Panel'!D23","v":0.05},{"$f":"'Control Panel'!E23","v":0.05},{"$f":"'Control Panel'!F23","v":4.4999999999999998E-2},{"$f":"'Control Panel'!G23","v":4.2999999999999997E-2},{"$f":"'Control Panel'!H23","v":4.2000000000000003E-2},"<< Baseline"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Additional rate change",{"$f":"'Control Panel'!D25","v":-5.0000000000000001E-3},{"$f":"'Control Panel'!E25","v":-5.0000000000000001E-3},{"$f":"'Control Panel'!F25","v":-5.0000000000000001E-3},{"$f":"'Control Panel'!G25","v":-3.0000000000000001E-3},{"$f":"'Control Panel'!H25","v":-2E-3},"<< Scenario","For simulations: link to Control Panel"]
[null,"Representative market rate, average",null,null,{"$f":"'Source Data'!E37/100","v":6.4526916666666698E-2},{"$f":"'Source Data'!F37/100","v":5.9009583333333303E-2},{"$f":"'Source Data'!G37/100","v":6.0516666666666705E-2},{"$f":"'Source Data'!H37/100","v":6.3E-2},{"$f":"'Source Data'!I37/100","v":5.69673333333333E-2},{"$f":"'Source Data'!J37/100","v":6.1187252743231904E-2},{"$f":"'Source Data'!K37/100","v":5.3724474834220201E-2},{"$f":"'Source Data'!L37/100","v":4.2407311078227296E-2},{"$f":"'Source Data'!M37/100","v":7.9877387031928607E-2},{"$f":"'Source Data'!N37/100","v":0.100964384203443},{"$f":"O84+O88","v":6.2920885617685801E-2},{"$f":"P84+P88","v":6.2920885617685801E-2},{"$f":"Q84+Q88","v":5.7920885617685804E-2},5.7920885617685797E-2,5.7920885617685804E-2]
[null,"Market rate/Policy rate differential",null,null,{"$f":"E87-E84","v":2.0269166666666977E-3},6.5095833333333047E-3,5.5166666666667044E-3,8.0000000000000002E-3,1.9673333333333001E-3,1.3687252743231904E-2,2.3724474834220202E-2,{"$f":"L87-L84","v":9.9073110782272947E-3},{"$f":"M87-M84","v":2.3773870319286072E-3},{"$f":"N87-N84","v":3.3464384203442998E-2},{"$f":"AVERAGE(M88:N88)","v":1.7920885617685803E-2},{"$f":"O88","v":1.7920885617685803E-2},{"$f":"P88","v":1.7920885617685803E-2},1.7920885617685803E-2,1.7920885617685803E-2,null,"Forecast assumption"]
[null,"Average lending rate (domestic currency)",null,null,{"$f":"'Source Data'!E38/100","v":0.13902500000000001},{"$f":"'Source Data'!F38/100","v":0.14876666666666702},{"$f":"'Source Data'!G38/100","v":0.15084166666666701},{"$f":"'Source Data'!H38/100","v":0.1391},{"$f":"'Source Data'!I38/100","v":0.125337},{"$f":"'Source Data'!J38/100","v":0.124867666666667},{"$f":"'Source Data'!K38/100","v":0.10979641666666699},{"$f":"'Source Data'!L38/100","v":9.6083083333333305E-2},{"$f":"'Source Data'!M38/100","v":0.11850049999999999},{"$f":"'Source Data'!N38/100","v":0.139345416666667},{"$f":"O87+O90","v":0.10142295833333349},{"$f":"P87+P90","v":0.10142295833333349},9.6422958333333503E-2,9.6422958333333489E-2,9.6422958333333503E-2]
[null,"Differential with market rate",null,null,{"$f":"E89-E87","v":7.4498083333333312E-2},8.9757083333333709E-2,9.0325000000000308E-2,7.6100000000000001E-2,6.8369666666666704E-2,6.3680413923435097E-2,{"$f":"K89-K87","v":5.6071941832446792E-2},5.3675772255106009E-2,3.8623112968071388E-2,{"$f":"N89-N87","v":3.8381032463223996E-2},{"$f":"AVERAGE(M90:N90)","v":3.8502072715647692E-2},{"$f":"O90","v":3.8502072715647692E-2},{"$f":"P90","v":3.8502072715647692E-2},3.8502072715647692E-2,3.8502072715647692E-2,null,"Forecast assumption"]
[null,"Average lending rate (foreign currency)",null,null,{"$f":"'Source Data'!E39/100","v":6.5191666666666703E-2},{"$f":"'Source Data'!F39/100","v":6.3641666666666707E-2},{"$f":"'Source Data'!G39/100","v":6.0158333333333293E-2},{"$f":"'Source Data'!H39/100","v":5.8983333333333297E-2},{"$f":"'Source Data'!I39/100","v":5.7736250000000003E-2},{"$f":"'Source Data'!J39/100","v":5.7131833333333298E-2},{"$f":"'Source Data'!K39/100","v":4.5110666666666702E-2},{"$f":"'Source Data'!L39/100","v":3.4931499999999997E-2},{"$f":"'Source Data'!M39/100","v":4.6787416666666699E-2},{"$f":"'Source Data'!N39/100","v":7.8009833333333306E-2},{"$f":"O87+O92","v":3.4898625000000003E-2},{"$f":"P87+P92","v":3.4898625000000003E-2},2.9898625000000002E-2,2.9898624999999995E-2,2.9898625000000002E-2]
[null,"Differential with market rate",null,null,{"$f":"E91-E87","v":6.6475000000000561E-4},4.6320833333334047E-3,-3.5833333333341183E-4,-4.0166666666667031E-3,{"$f":"I91-I87","v":7.6891666666670244E-4},{"$f":"J91-J87","v":-4.0554194098986057E-3},{"$f":"K91-K87","v":-8.6138081675534994E-3},-7.4758110782272985E-3,-3.3089970365261907E-2,{"$f":"N91-N87","v":-2.2954550870109697E-2},{"$f":"AVERAGE(M92:N92)","v":-2.8022260617685802E-2},{"$f":"O92","v":-2.8022260617685802E-2},{"$f":"P92","v":-2.8022260617685802E-2},-2.8022260617685802E-2,-2.8022260617685802E-2,null,"Forecast assumption"]
[null,"Memo:"]
[null,"Foreign interest rate",null,null,{"$f":"'Source Data'!E88/100","v":3.2937499999999998E-3},{"$f":"'Source Data'!F88/100","v":4.8431666666666753E-3},{"$f":"'Source Data'!G88/100","v":1.056441666666667E-2},{"$f":"'Source Data'!H88/100","v":1.4759583333333331E-2},{"$f":"'Source Data'!I88/100","v":2.4899416666666681E-2},{"$f":"'Source Data'!J88/100","v":2.3204166666666672E-2},{"$f":"'Source Data'!K88/100","v":6.907916666666675E-3},{"$f":"'Source Data'!L88/100","v":1.9772500000000003E-3},{"$f":"'Source Data'!M88/100","v":2.8546166666666747E-2},{"$f":"'Source Data'!N88/100","v":5.5814333333333251E-2},{"$f":"'Source Data'!O88/100","v":5.5198833333333246E-2},{"$f":"'Source Data'!P88/100","v":4.6448833333333245E-2},{"$f":"'Source Data'!Q88/100","v":3.8323833333333251E-2},{"$f":"'Source Data'!R88/100","v":3.62333222143E-2},{"$f":"'Source Data'!S88/100","v":3.3011333333333254E-2},null,"Forecast assumption from Source Data"]
[null,"Taylor Rule"]
[null,"Taylor Rule",null,null,{"$f":"E101+E104+$O$125*(E101-E102)+$O$126*E103","v":5.3290020620201543E-2},4.3475497686402999E-2,5.8854778600528429E-2,6.7811044523156006E-2,7.6613748950460123E-2,6.7245276408071916E-2,3.4802518200206217E-2,9.9891774657441368E-2,9.9291887268997278E-2,6.6246387803535978E-2,5.7982159680613397E-2,5.822351180120925E-2,5.774482883877418E-2,5.8026125537313192E-2,5.8463392622798684E-2,null,"Calibration of behavioral equation is at the bottom of the sheet."]
[null,"Difference: Market Rate minus Taylor Rule",null,null,{"$f":"E87-E96","v":1.1236896046465154E-2},1.5534085646930304E-2,1.6618880661382757E-3,-4.8110445231560051E-3,{"$f":"I87-I96","v":-1.9646415617126822E-2},-6.0580236648400121E-3,1.8921956634013984E-2,-5.7484463579214072E-2,-1.9414500237068671E-2,3.4717996399907025E-2,4.9387259370724038E-3,4.6973738164765508E-3,{"$f":"Q87-Q96","v":1.7605677891162352E-4},-1.052399196273951E-4,-5.4250700511287997E-4]
[]
[null,"CPI inflation (average)",null,null,{"$f":"'GDP&Prices'!E63","v":2.938669416026872E-2},{"$f":"'GDP&Prices'!F63","v":8.2001141979050011E-3},{"$f":"'GDP&Prices'!G63","v":1.5818827510031264E-2},{"$f":"'GDP&Prices'!H63","v":3.2139658078501235E-2},{"$f":"'GDP&Prices'!I63","v":3.4931455749308886E-2},{"$f":"'GDP&Prices'!J63","v":1.8106037704304113E-2},{"$f":"'GDP&Prices'!K63","v":3.7054111631721648E-2},{"$f":"'GDP&Prices'!L63","v":8.0777381234312176E-2},{"$f":"'GDP&Prices'!M63","v":7.7353488167914097E-2},{"$f":"'GDP&Prices'!N63","v":4.6901966934895067E-2},{"$f":"'GDP&Prices'!O63","v":4.4439703393134307E-2},{"$f":"'GDP&Prices'!P63","v":4.0240745398382988E-2},{"$f":"'GDP&Prices'!Q63","v":3.8210104621943422E-2},{"$f":"'GDP&Prices'!R63","v":3.7480075118032377E-2},{"$f":"'GDP&Prices'!S63","v":3.7388977094129874E-2}]
[null,"CPI inflation (end period)",null,null,{"$f":"'GDP&Prices'!E66","v":1.5503396096638589E-2},{"$f":"'GDP&Prices'!F66","v":2.297587812103279E-2},{"$f":"'GDP&Prices'!G66","v":1.661429043995959E-2},{"$f":"'GDP&Prices'!H66","v":4.1201919167276772E-2},{"$f":"'GDP&Prices'!I66","v":1.1471827688466321E-2},{"$f":"'GDP&Prices'!J66","v":3.6562789262573024E-2},{"$f":"'GDP&Prices'!K66","v":5.4425748732760203E-2},{"$f":"'GDP&Prices'!L66","v":8.3257850068011549E-2},{"$f":"'GDP&Prices'!M66","v":7.6707236331854306E-2},{"$f":"'GDP&Prices'!N66","v":3.4971858652150113E-2}]
[null,"Inflation expectations",null,null,{"$f":"(E99+E102)/2","v":3.7193347080134359E-2},2.41000570989525E-2,2.7909413755015634E-2,3.6069829039250614E-2,{"$f":"(I99+I102)/2","v":3.7465727874654443E-2},{"$f":"(J99+J102)/2","v":2.9053018852152057E-2},3.8527055815860828E-2,6.0388690617156085E-2,5.8676744083957053E-2,{"$f":"(N99+N102)/2","v":4.3450983467447538E-2},{"$f":"(O99+O102)/2","v":4.2219851696567154E-2},{"$f":"(P99+P102)/2","v":4.0120372699191498E-2},3.9105052310971708E-2,3.8740037559016186E-2,3.8694488547064934E-2]
[null,"Inflation target (mid)",null,null,{"$f":"'Source Data'!E34/100","v":4.4999999999999998E-2},{"$f":"'Source Data'!F34/100","v":0.04},{"$f":"'Source Data'!G34/100","v":0.04},{"$f":"'Source Data'!H34/100","v":0.04},{"$f":"'Source Data'!I34/100","v":0.04},{"$f":"'Source Data'!J34/100","v":0.04},{"$f":"'Source Data'!K34/100","v":0.04},{"$f":"'Source Data'!L34/100","v":0.04},{"$f":"'Source Data'!M34/100","v":0.04},{"$f":"'Source Data'!N34/100","v":0.04},{"$f":"'GDP&Prices'!O107","v":0.04},{"$f":"'GDP&Prices'!P107","v":0.04},{"$f":"'GDP&Prices'!Q107","v":0.04},{"$f":"'GDP&Prices'!R107","v":0.04},{"$f":"'GDP&Prices'!S107","v":0.04},null,"Policy variable/assumptions"]
[null,"Output gap",null,null,{"$f":"'GDP&Prices'!E58","v":0},{"$f":"'GDP&Prices'!F58","v":1.4650824075948501E-2},{"$f":"'GDP&Prices'!G58","v":3.3981315936009969E-2},{"$f":"'GDP&Prices'!H58","v":2.7412601928560158E-2},{"$f":"'GDP&Prices'!I58","v":4.0830314276956929E-2},{"$f":"'GDP&Prices'!J58","v":4.7331496259687661E-2},{"$f":"'GDP&Prices'!K58","v":-4.5976131047170049E-2},{"$f":"'GDP&Prices'!L58","v":1.861747746341446E-2},{"$f":"'GDP&Prices'!M58","v":2.2553542286123374E-2},{"$f":"'GDP&Prices'!N58","v":2.1398252047293378E-3},{"$f":"'GDP&Prices'!O58","v":-1.0695235728474677E-2},{"$f":"'GDP&Prices'!P58","v":-3.9140944951559873E-3},{"$f":"'GDP&Prices'!Q58","v":-1.8254992553667769E-3},{"$f":"'GDP&Prices'!R58","v":-1.6786160242218364E-4},{"$f":"'GDP&Prices'!S58","v":8.4331960440254584E-4}]
[null,"Equilibrium interest rate",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,null,"Forecast assumption"]
[null,"Exchange Rates"]
[null,"Exchange rate (LC/US$, average)",null,null,{"$f":"'Source Data'!E42","v":42.625567292270553},{"$f":"'Source Data'!F42","v":44.089331946457257},{"$f":"'Source Data'!G42","v":45.099982534090898},{"$f":"'Source Data'!H42","v":46.535049555555531},{"$f":"'Source Data'!I42","v":48.477774271464632},{"$f":"'Source Data'!J42","v":50.218005528985501},{"$f":"'Source Data'!K42","v":55.339173367773242},{"$f":"'Source Data'!L42","v":55.949323694444402},{"$f":"'Source Data'!M42","v":53.9},{"$f":"'Source Data'!N42","v":55.86},{"$f":"N106*(1+O108+O109)","v":57.815099999999994},{"$f":"O106*(1+P108+P109)","v":59.838628499999992},{"$f":"P106*(1+Q108+Q109)","v":61.932980497499983},{"$f":"Q106*(1+R108+R109)","v":64.100634814912482},{"$f":"R106*(1+S108+S109)","v":66.344157033434414}]
[null,null,null,null,{"$f":"'Source Data'!E42/'Source Data'!D42-1","v":4.1962470000796781E-2},{"$f":"F106/E106-1","v":3.4340062717526099E-2},2.2922792045499518E-2,3.181968020452941E-2,4.1747558764062109E-2,{"$f":"J106/I106-1","v":3.589750733554653E-2},{"$f":"K106/J106-1","v":0.10197871828724536},1.1025649454794451E-2,-3.6628212087716383E-2,3.6363636363636376E-2,3.499999999999992E-2,3.499999999999992E-2,{"$f":"Q106/P106-1","v":3.499999999999992E-2},{"$f":"R106/Q106-1","v":3.499999999999992E-2},{"$f":"S106/R106-1","v":3.499999999999992E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline",{"$f":"'Control Panel'!D26","v":3.5000000000000003E-2},{"$f":"'Control Panel'!E26","v":3.5000000000000003E-2},{"$f":"'Control Panel'!F26","v":3.5000000000000003E-2},{"$f":"'Control Panel'!G26","v":3.5000000000000003E-2},{"$f":"'Control Panel'!H26","v":3.5000000000000003E-2},"<< Baseline","ER Exogenous in basic MFT"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Additional rate change",{"$f":"'Control Panel'!D28","v":0},{"$f":"'Control Panel'!E28","v":0},{"$f":"'Control Panel'!F28","v":0},{"$f":"'Control Panel'!G28","v":0},{"$f":"'Control Panel'!H28","v":0},"<< Scenario","For simulations: link to Control Panel"]
[null,"Exchange rate (LC/US$, end pd.)",null,null,{"$f":"'Source Data'!E41","v":43.394204000000002},{"$f":"'Source Data'!F41","v":44.601514999999999},{"$f":"'Source Data'!G41","v":45.728417},{"$f":"'Source Data'!H41","v":47.281227000000001},{"$f":"'Source Data'!I41","v":49.23471},{"$f":"'Source Data'!J41","v":51.872526999999998},{"$f":"'Source Data'!K41","v":57.055109999999992},{"$f":"'Source Data'!L41","v":56.196336000000002},{"$f":"'Source Data'!M41","v":54.879999999999995},{"$f":"'Source Data'!N41","v":55.86},{"$f":"2*O106-N110+O112","v":59.770199999999988},{"$f":"2*P106-O110+P112","v":59.907056999999995},{"$f":"2*Q106-P110+Q112","v":63.958903994999972},64.242365634824992,68.445948432043835]
[null,null,null,null,{"$f":"'Source Data'!E41/'Source Data'!D41-1","v":3.6239286236653401E-2},{"$f":"F110/E110-1","v":2.7821941381849014E-2},{"$f":"G110/F110-1","v":2.5266002735557347E-2},{"$f":"H110/G110-1","v":3.3957221829918227E-2},{"$f":"I110/H110-1","v":4.1316250104930674E-2},{"$f":"J110/I110-1","v":5.3576369191572271E-2},9.9909977395163274E-2,-1.5051657949655906E-2,-2.3423875891125823E-2,1.7857142857143016E-2,6.999999999999984E-2,2.2897196261684183E-3,{"$f":"Q110/P110-1","v":6.7635554105086149E-2},{"$f":"R110/Q110-1","v":4.4319339782179501E-3},{"$f":"S110/R110-1","v":6.5433188141193366E-2}]
[null,"Adjuster for end period rate",null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,"NEER (+ = Appreciation)",null,null,100,{"$f":"E113*(1+F114)","v":102.79808874148128},102.18041851018599,99.020074498150336,95.748855394501078,{"$f":"I113*(1+J114)","v":94.853193250689287},{"$f":"J113*(1+K114)","v":88.764061899429223},89.037507467815985,{"$f":"L113*(1+M114)","v":96.689478899866216},{"$f":"M113*(1+N114)","v":96.355108373220133},93.096723065913181,89.9485247013654,{"$f":"P113*(1+Q114)","v":86.906787151077694},{"$f":"Q113*(1+R114)","v":83.967910290896313},{"$f":"R113*(1+S114)","v":81.128415739996441}]
[null,null,null,null,{"$f":"'Source Data'!E44/100","v":-2.0189413784307293E-2},{"$f":"'Source Data'!F44/100","v":2.798088741481293E-2},{"$f":"'Source Data'!G44/100","v":-6.0085769964908532E-3},{"$f":"'Source Data'!H44/100","v":-3.092905723145585E-2},{"$f":"'Source Data'!I44/100","v":-3.3035918425918354E-2},{"$f":"'Source Data'!J44/100","v":-9.3542856478181866E-3},{"$f":"'Source Data'!K44/100","v":-6.4195322714829348E-2},{"$f":"'Source Data'!L44/100","v":3.0805887262862876E-3},{"$f":"'Source Data'!M44/100","v":8.5940988799761295E-2},{"$f":"'Source Data'!N44/100","v":-3.4581893547317765E-3},{"$f":"(N106/O106-1)","v":-3.3816425120772875E-2},-3.3816425120772875E-2,{"$f":"(P106/Q106-1)","v":-3.3816425120772875E-2},{"$f":"(Q106/R106-1)","v":-3.3816425120772986E-2},{"$f":"(R106/S106-1)","v":-3.3816425120772875E-2}]
[null,"REER (+ = Appreciation)",null,null,100,{"$f":"E115*(1+F116)","v":103.83893037874266},{"$f":"F115*(1+G116)","v":104.39133173133054},{"$f":"G115*(1+H116)","v":100.61172321385125},{"$f":"H115*(1+I116)","v":96.445075307260694},{"$f":"I115*(1+J116)","v":96.156160653755848},{"$f":"J115*(1+K116)","v":88.816693108821084},86.263780990057811,93.744798521226869,95.015342686684875,{"$f":"N115*(1+O114)*(1+O99)/(1+O117/100)","v":88.827461391902972},{"$f":"O115*(1+P114)*(1+P99)/(1+P117/100)","v":86.091476496094856},{"$f":"P115*(1+Q114)*(1+Q99)/(1+Q117/100)","v":83.87926048413874},{"$f":"Q115*(1+R114)*(1+R99)/(1+R117/100)","v":81.924326916315266},{"$f":"R115*(1+S114)*(1+S99)/(1+S117/100)","v":80.120464242051867}]
[null,"Appreciation rate",null,null,{"$f":"'Source Data'!E43/100","v":-2.3956008416611906E-2},{"$f":"'Source Data'!F43/100","v":3.8389303787426637E-2},{"$f":"'Source Data'!G43/100","v":5.3197904733132571E-3},{"$f":"'Source Data'!H43/100","v":-3.6206152894061906E-2},{"$f":"'Source Data'!I43/100","v":-4.1413145242869008E-2},{"$f":"'Source Data'!J43/100","v":-2.9956392546162391E-3},{"$f":"'Source Data'!K43/100","v":-7.6328625176322287E-2},{"$f":"'Source Data'!L43/100","v":-2.8743606966264337E-2},{"$f":"'Source Data'!M43/100","v":8.6722578645506795E-2},{"$f":"'Source Data'!N43/100","v":1.3553223064107641E-2},{"$f":"O115/N115-1","v":-6.5125074749102119E-2},-3.0801115476407293E-2,{"$f":"Q115/P115-1","v":-2.5696109556867297E-2},{"$f":"R115/Q115-1","v":-2.330651887653612E-2},{"$f":"S115/R115-1","v":-2.2018645036974482E-2}]
[null,"Memo item: Partner's inflation ",null,null,{"$f":"'GDP&Prices'!E101","v":2.3724696808533898},{"$f":"'GDP&Prices'!F101","v":1.561337286511671},{"$f":"'GDP&Prices'!G101","v":1.990749672266688},{"$f":"'GDP&Prices'!H101","v":2.7045681957787839},{"$f":"'GDP&Prices'!I101","v":3.091593862828371},{"$f":"'GDP&Prices'!J101","v":3.310674431625793},{"$f":"'GDP&Prices'!K101","v":2.4815337634426888},{"$f":"'GDP&Prices'!L101","v":4.3871459142233311},{"$f":"'GDP&Prices'!M101","v":8.23504534544203},{"$f":"'GDP&Prices'!N101","v":6.5725421200532441},{"$f":"'GDP&Prices'!O101","v":7.9417640920633961},{"$f":"'GDP&Prices'!P101","v":3.7004414855551677},{"$f":"'GDP&Prices'!Q101","v":2.9557164041636974},{"$f":"'GDP&Prices'!R101","v":2.6316062528113049},{"$f":"'GDP&Prices'!S101","v":2.4874539113279281}]
[]
[null,"Behavioral Equations"]
[null,"Cyclical tax model "]
[null,"Parameters:"]
[null,"Full employment tax ratio",null,null,null,null,null,null,null,null,null,null,null,null,14.5]
[null,"Sensitivity of tax ratio to gap",null,null,null,null,null,null,null,null,null,null,null,null,1]
[null,"Taylor Rule Parameters"]
[null,"Inflation gap",null,null,null,null,null,null,null,null,null,null,null,null,0.5]
[null,"Output gap",null,null,null,null,null,null,null,null,null,null,null,null,0.5]
[]
[]
[null,"The assumptions of parameters and exogenous variables are needed to generate projections for MFT. If needed, users could endogenize these variables by modifying the MFT model and structure. Some exogenous variables are policy variables since their values are determined based on policy stance or policy assumption pursued by the authorities. "]
[null,{"$f":"\"Country:\"&\" \"&Country_Name&\" - Assumptions of Policy and Exogenous Variables\"","v":"Country: Macrofoundland - Assumptions of Policy and Exogenous Variables"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"First_Year","v":2024},2025,2026,2027,2028]
[null,"REAL SECTOR"]
[null,"MFT Behavioral Equations"]
[null,"Real Private Consumption Function: Coefficient on"]
[null," Disposable income",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E123","v":0.7}]
[null," Lagged consumption",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E124","v":0.30000000000000004}]
[null," Real interest rate change",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E125","v":-0.4}]
[null,"Real Private Investment Function: Coefficient on"]
[null,"GDP acceleration",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E132","v":1}]
[null,"Potential GDP",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E133","v":1}]
[null,"Real interest rate change",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E134","v":-0.4}]
[null,"Export Equation: Elasticity wrt:"]
[null,"Partners' imports",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E142","v":0.7}]
[null,"REER",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E143","v":-0.5}]
[null,"Import Equation: Elasticity wrt:"]
[null,"Real GDP",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E151","v":0.95}]
[null,"REER",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E152","v":0.5}]
[null,"Inflation: Coefficient on"]
[null,"Output gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E161","v":0.2}]
[null,"Lagged inflation",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E162","v":0.5}]
[null,"Inflation target",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E163","v":0.5}]
[null,"Import prices or exchange rates",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E164","v":0.1}]
[null,"Unemployment: Okun coefficient",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!E170","v":0.4}]
[null,"Potential GDP growth rate",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!O57","v":0.05},{"$f":"'GDP&Prices'!P57","v":0.05},{"$f":"'GDP&Prices'!Q57","v":0.05},{"$f":"'GDP&Prices'!R57","v":0.05},{"$f":"'GDP&Prices'!S57","v":0.05}]
[null,"Structural unemployment rate",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!O60/100","v":0.06},{"$f":"'GDP&Prices'!P60/100","v":0.06},{"$f":"'GDP&Prices'!Q60/100","v":0.06},{"$f":"'GDP&Prices'!R60/100","v":0.06},{"$f":"'GDP&Prices'!S60/100","v":0.06}]
[null,"EXTERNAL SECTOR"]
[null,"Current account"]
[null,"Primary income from abroad",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O60","v":-4015.6676000000007},{"$f":"'Deficits&Financing'!P60","v":-4236.5293180000017},{"$f":"'Deficits&Financing'!Q60","v":-4469.5384304900026},{"$f":"'Deficits&Financing'!R60","v":-4715.3630441669538},{"$f":"'Deficits&Financing'!S60","v":-4974.7080115961371}]
[null,"Secondary income from abroad"]
[null,"Government grants",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O62","v":2135.1017371742519},{"$f":"'Deficits&Financing'!P62","v":2252.5323327188362},{"$f":"'Deficits&Financing'!Q62","v":2376.4216110183725},{"$f":"'Deficits&Financing'!R62","v":2507.1247996243833},{"$f":"'Deficits&Financing'!S62","v":2645.0166636037247}]
[null,"o.w., Budget grants",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O63","v":56.896662735395466},{"$f":"'Deficits&Financing'!P63","v":60.025979185842225},{"$f":"'Deficits&Financing'!Q63","v":63.327408041063556},{"$f":"'Deficits&Financing'!R63","v":66.81041548332206},{"$f":"'Deficits&Financing'!S63","v":70.484988334904784}]
[null,"Other",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O64","v":4819.2025789926956},{"$f":"'Deficits&Financing'!P64","v":5084.2587208372943},{"$f":"'Deficits&Financing'!Q64","v":5363.8929504833459},{"$f":"'Deficits&Financing'!R64","v":5658.9070627599303},{"$f":"'Deficits&Financing'!S64","v":5970.1469512117274}]
[null,"Net inflows (capital and financial account)"]
[null,"Bank (net)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O69","v":-25.914005725349529},{"$f":"'Deficits&Financing'!P69","v":-27.339276040243757},{"$f":"'Deficits&Financing'!Q69","v":-28.842936222457169},{"$f":"'Deficits&Financing'!R69","v":-30.429297714692318},{"$f":"'Deficits&Financing'!S69","v":-32.102909089000399}]
[null,"Nonbank private inflows, FDI (foreign direct investment)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O71","v":2429.9101820000001},{"$f":"'Deficits&Financing'!P71","v":2563.5552420100003},{"$f":"'Deficits&Financing'!Q71","v":2704.5507803205505},{"$f":"'Deficits&Financing'!R71","v":2853.3010732381813},{"$f":"'Deficits&Financing'!S71","v":3010.2326322662816}]
[null,"Nonbank private inflows, Others",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O72","v":-1852.3807320557505},{"$f":"'Deficits&Financing'!P72","v":-1954.2616723188171},{"$f":"'Deficits&Financing'!Q72","v":-2061.7460642963524},{"$f":"'Deficits&Financing'!R72","v":-2175.1420978326523},{"$f":"'Deficits&Financing'!S72","v":-2294.7749132134486}]
[null,"IMF (net)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O73","v":0},{"$f":"'Deficits&Financing'!P73","v":0},{"$f":"'Deficits&Financing'!Q73","v":0},{"$f":"'Deficits&Financing'!R73","v":0},{"$f":"'Deficits&Financing'!S73","v":0}]
[null,"Oil imports: share of total G&S",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!O104","v":0.14643485222578093},{"$f":"'GDP&Prices'!P104","v":0.14643485222578093},{"$f":"'GDP&Prices'!Q104","v":0.14643485222578093},{"$f":"'GDP&Prices'!R104","v":0.14643485222578093},{"$f":"'GDP&Prices'!S104","v":0.14643485222578093}]
[null,"Oil exports: share of total G&S",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!O105","v":0},{"$f":"'GDP&Prices'!P105","v":0},{"$f":"'GDP&Prices'!Q105","v":0},{"$f":"'GDP&Prices'!R105","v":0},{"$f":"'GDP&Prices'!S105","v":0}]
[null,"FISCAL SECTOR"]
[null,"Tax revenue-to-GDP ratios"]
[null,"Model 1: Unitary tax elasticity",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O34","v":14.205429162701883},{"$f":"P34","v":14.205429162701883},14.205429162701883,14.205429162701883,14.205429162701883,null,"Policy Variable"]
[null,"Model 2: Cyclical tax ratio, parameters:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Policy Variable"]
[null,"Full employment tax ratio",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O122","v":14.5}]
[null,"Sensitivity of tax ratio to gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O123","v":1}]
[null,"Nontax revenue (percent of GDP)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O38","v":1.3633088415722874},{"$f":"P38","v":1.3633088415722874},1.3633088415722874,1.3633088415722874,1.3633088415722874,null,"Policy Variable"]
[null,"Elasticity of tax revenue to the output gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O74","v":1},{"$f":"P74","v":1},1,1,1]
[null,"Elasticity of expenditures to the output gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O75","v":0},{"$f":"P75","v":0},0,0,0]
[null,"Total expenditure"]
[null,"  Noninterest expenses, percent change.",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O18","v":0.105},{"$f":"P18","v":0.105},0.105,0.105,0.105,null,"Policy Variable"]
[null,"  Acquisition of nonfinancial assets, percent change",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O26","v":0.105},{"$f":"P26","v":0.105},0.105,0.105,0.105,null,"Policy Variable"]
[null,"Interest rate on domestic debt ",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O77","v":9.6098447040484314E-2},{"$f":"P77","v":9.1839844378282312E-2},9.1557233580022435E-2,9.4580733478568393E-2,9.6188595383543851E-2]
[null,"Interest rate on external debt ",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O78","v":5.5198833333333246E-2},{"$f":"P78","v":4.6448833333333245E-2},3.8323833333333251E-2,3.62333222143E-2,3.3011333333333254E-2]
[null,"Budget financing"]
[null,"Budget financing: Other debt creating financing (net), domestic ",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O53","v":50.208943451008579},{"$f":"P53","v":54.727748361599353},59.653245714143303,65.022037828416202,70.874021232973661,null,"Policy Variable"]
[null,"Net external financing in US$",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O66","v":2.1523167121905349},{"$f":"P66","v":2.101584066727411},2.126950389458973,2.1142672280931922,2.1206088087760824,null,"Policy Variable"]
[null,"MONETARY SECTOR"]
[null,"Money Demand: Income Velocity Function"]
[null,"Trend velocity",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!E111","v":0}]
[null,"Interest sensitivity",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!E112","v":2}]
[null,"Policy rate",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O85","v":0.05},{"$f":"P85","v":0.05},{"$f":"Q85","v":4.4999999999999998E-2},{"$f":"R85","v":4.2999999999999997E-2},{"$f":"S85","v":4.2000000000000003E-2},null,"Policy Variable"]
[null,"Market rate / Policy rate differential",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O88","v":1.7920885617685803E-2},{"$f":"P88","v":1.7920885617685803E-2},{"$f":"Q88","v":1.7920885617685803E-2},{"$f":"R88","v":1.7920885617685803E-2},{"$f":"S88","v":1.7920885617685803E-2}]
[null,"Market rate / avg. lending rate differential (Domestic currency)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O90","v":3.8502072715647692E-2},{"$f":"P90","v":3.8502072715647692E-2},{"$f":"Q90","v":3.8502072715647692E-2},{"$f":"R90","v":3.8502072715647692E-2},{"$f":"S90","v":3.8502072715647692E-2}]
[null,"Market rate / avg. lending rate differential (Foreign currency)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O92","v":-2.8022260617685802E-2},{"$f":"P92","v":-2.8022260617685802E-2},{"$f":"Q92","v":-2.8022260617685802E-2},{"$f":"R92","v":-2.8022260617685802E-2},{"$f":"S92","v":-2.8022260617685802E-2}]
[null,"Inflation target (mid)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O102","v":0.04},{"$f":"P102","v":0.04},{"$f":"Q102","v":0.04},{"$f":"R102","v":0.04},{"$f":"S102","v":0.04},null,"Policy Variable"]
[null,"Taylor Rule: "]
[null,"Coefficient on inflation gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O125","v":0.5}]
[null,"Coefficient on output gap",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O126","v":0.5}]
[null,"Equilibrium interest rate",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O104","v":0.02},{"$f":"P104","v":0.02},{"$f":"Q104","v":0.02},{"$f":"R104","v":0.02},{"$f":"S104","v":0.02}]
[null,"Share of FX lending (for calculation of weighted interest rate)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'GDP&Prices'!O88","v":0.20275578426908106},{"$f":"'GDP&Prices'!P88","v":0.20275578426908106},{"$f":"'GDP&Prices'!Q88","v":0.20275578426908106},{"$f":"'GDP&Prices'!R88","v":0.20275578426908106},{"$f":"'GDP&Prices'!S88","v":0.20275578426908106}]
[null,"Monetary survey: Other items of NDA (net) ",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Deficits&Financing'!O93","v":-821312.38896694756},{"$f":"'Deficits&Financing'!P93","v":-895230.50397397287},{"$f":"'Deficits&Financing'!Q93","v":-975801.24933163053},{"$f":"'Deficits&Financing'!R93","v":-1063623.3617714774},{"$f":"'Deficits&Financing'!S93","v":-1159349.4643309105}]
[null,"Exchange rate (LC/US$, average), % change (+ = depreciation)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O107","v":3.499999999999992E-2},{"$f":"P107","v":3.499999999999992E-2},{"$f":"Q107","v":3.499999999999992E-2},{"$f":"R107","v":3.499999999999992E-2},{"$f":"S107","v":3.499999999999992E-2},null,"Policy Variable"]
[null,"GLOBAL INDICATORS (percent change)"]
[null,"Partners' real GDP ",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O83","v":2.8879292555500813},{"$f":"'Source Data'!P83","v":2.6117687564377969},{"$f":"'Source Data'!Q83","v":2.4187029694695736},{"$f":"'Source Data'!R83","v":2.4213299356409888},{"$f":"'Source Data'!S83","v":2.4027264975648603}]
[null,"Partners' nonoil imports",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O84","v":1.1009082901574101},{"$f":"'Source Data'!P84","v":2.9279580951138988},{"$f":"'Source Data'!Q84","v":3.0591746903499968},{"$f":"'Source Data'!R84","v":3.0972970106317983},{"$f":"'Source Data'!S84","v":2.9887219714098032}]
[null,"Partners' nonoil export deflators (US$)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O85","v":0.33579861058752603},{"$f":"'Source Data'!P85","v":1.7626513169650577},{"$f":"'Source Data'!Q85","v":2.2075560853732745},{"$f":"'Source Data'!R85","v":1.8759336264682023},{"$f":"'Source Data'!S85","v":1.8971763009071461}]
[null,"Partners' CPI (US$)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O86","v":7.9417640920633961},{"$f":"'Source Data'!P86","v":3.7004414855551677},{"$f":"'Source Data'!Q86","v":2.9557164041636974},{"$f":"'Source Data'!R86","v":2.6316062528113049},{"$f":"'Source Data'!S86","v":2.4874539113279281}]
[null,"Average petroleum spot price (APSP)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O87","v":-2.4635976925484075},{"$f":"'Source Data'!P87","v":-6.2713336273766238},{"$f":"'Source Data'!Q87","v":-4.2322804583263842},{"$f":"'Source Data'!R87","v":-2.6481217862969633},{"$f":"'Source Data'!S87","v":-1.334910343701798}]
[null,"Foreign interest rate (percent)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Source Data'!O88","v":5.5198833333333246},{"$f":"'Source Data'!P88","v":4.6448833333333246},{"$f":"'Source Data'!Q88","v":3.832383333333325},{"$f":"'Source Data'!R88","v":3.6233322214300001},{"$f":"'Source Data'!S88","v":3.301133333333325}]

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[null,{"$f":"\"Country:\"&\" \"&Country_Name&\" - Selected Economic Indicators\"","v":"Country: Macrofoundland - Selected Economic Indicators"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Baseline results are copied and pasted here"]
[null,null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection",null,"Active Scenario",null,null,null,"Baseline Scenario"]
[null,"Year/Variable",{"$f":"+D5-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"+M5-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"M5+1","v":2025},{"$f":"N5+1","v":2026},2027,{"$f":"P5+1","v":2028},null,{"$f":"M5","v":2024},{"$f":"N5","v":2025},{"$f":"O5","v":2026},2027,2028]
[null,"Real GDP growth and the business cycle (percent)",null,null,null,null,null,"(In percent change)"]
[null,"Actual",{"$f":"100*'GDP&Prices'!E55","v":7.4410143225613901},{"$f":"100*'GDP&Prices'!F55","v":6.5383365279745975},{"$f":"100*'GDP&Prices'!G55","v":7.0003942214849513},{"$f":"100*'GDP&Prices'!H55","v":4.3329521915414393},{"$f":"100*'GDP&Prices'!I55","v":6.3712697254609152},{"$f":"100*'GDP&Prices'!J33","v":5.6558457212700919},{"$f":"100*'GDP&Prices'!K33","v":-6.1763550002351453},{"$f":"100*'GDP&Prices'!L33","v":11.041475065476526},{"$f":"100*'GDP&Prices'!M33","v":5.405733079913011},{"$f":"100*'GDP&Prices'!N33","v":2.9038356380300057},{"$f":"100*'GDP&Prices'!O33","v":3.6551901366708162},{"$f":"100*'GDP&Prices'!P33","v":5.7197229237134106},{"$f":"100*'GDP&Prices'!Q33","v":5.2201636441410182},{"$f":"100*'GDP&Prices'!R33","v":5.1743704175321037},{"$f":"100*'GDP&Prices'!S33","v":5.1061930278920808},null,3.1724516702943406,5.6048697944482972,5.0801313072475818,5.2413468543851538,5.1105527227359504]
[null,"Potential",{"$f":"100*'GDP&Prices'!E57","v":5},{"$f":"100*'GDP&Prices'!F57","v":5},{"$f":"100*'GDP&Prices'!G57","v":5},{"$f":"100*'GDP&Prices'!H57","v":5},{"$f":"100*'GDP&Prices'!I57","v":5},{"$f":"100*'GDP&Prices'!J57","v":5},{"$f":"100*'GDP&Prices'!K57","v":3},{"$f":"100*'GDP&Prices'!L57","v":4},{"$f":"100*'GDP&Prices'!M57","v":5},{"$f":"100*'GDP&Prices'!N57","v":5},{"$f":"100*'GDP&Prices'!O57","v":5},{"$f":"100*'GDP&Prices'!P57","v":5},{"$f":"100*'GDP&Prices'!Q57","v":5},{"$f":"100*'GDP&Prices'!R57","v":5},{"$f":"100*'GDP&Prices'!S57","v":5},null,5,5,5,5,5]
[null,"Output gap",{"$f":"100*'GDP&Prices'!E58","v":0},{"$f":"100*'GDP&Prices'!F58","v":1.4650824075948501},{"$f":"100*'GDP&Prices'!G58","v":3.398131593600997},{"$f":"100*'GDP&Prices'!H58","v":2.7412601928560156},{"$f":"100*'GDP&Prices'!I58","v":4.0830314276956932},{"$f":"100*'GDP&Prices'!J58","v":4.7331496259687658},{"$f":"100*'GDP&Prices'!K58","v":-4.5976131047170048},{"$f":"100*'GDP&Prices'!L58","v":1.861747746341446},{"$f":"100*'GDP&Prices'!M58","v":2.2553542286123376},{"$f":"100*'GDP&Prices'!N58","v":0.21398252047293378},{"$f":"100*'GDP&Prices'!O58","v":-1.0695235728474677},{"$f":"100*'GDP&Prices'!P58","v":-0.39140944951559875},{"$f":"100*'GDP&Prices'!Q58","v":-0.1825499255366777},{"$f":"100*'GDP&Prices'!R58","v":-1.6786160242218365E-2},{"$f":"100*'GDP&Prices'!S58","v":8.433196044025458E-2},null,-1.5302605998484697,-0.96301234748912934,-0.88743240229503273,-0.6596169244045339,-0.55501788106778993]
[null,"Unemployment rate",{"$f":"'GDP&Prices'!E59","v":8.3668938357926308},{"$f":"'GDP&Prices'!F59","v":7.1814457534963081},{"$f":"'GDP&Prices'!G59","v":6.9384698686206328},{"$f":"'GDP&Prices'!H59","v":5.6189701476845162},{"$f":"'GDP&Prices'!I59","v":5.7687976099708083},{"$f":"'GDP&Prices'!J59","v":6.2903472981720121},{"$f":"'GDP&Prices'!K59","v":5.9455437384130203},{"$f":"'GDP&Prices'!L59","v":7.2362608515153024},{"$f":"'GDP&Prices'!M59","v":5.3990607745196675},{"$f":"'GDP&Prices'!N59","v":6.0759999999999996},{"$f":"'GDP&Prices'!O59","v":6.4278094291389873},{"$f":"'GDP&Prices'!P59","v":6.1565637798062394},{"$f":"'GDP&Prices'!Q59","v":6.0730199702146708},{"$f":"'GDP&Prices'!R59","v":6.0067144640968877},{"$f":"'GDP&Prices'!S59","v":5.9662672158238985},null,6.6121042399393879,6.3852049389956518,6.3549729609180128,6.2638467697618134,6.2220071524271159]
[null,"Real GDP by production, growth (percent)",null,null,null,null,null,"(In percent change)"]
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[null,"Manufacturing",{"$f":"100*'GDP&Prices'!E42","v":9.0539185372164219},{"$f":"100*'GDP&Prices'!F42","v":7.6479759086931054},{"$f":"100*'GDP&Prices'!G42","v":6.4987885258572797},{"$f":"100*'GDP&Prices'!H42","v":5.714916718280838},{"$f":"100*'GDP&Prices'!I42","v":7.6448175542271013},{"$f":"100*'GDP&Prices'!J42","v":6.2593875292135559},{"$f":"100*'GDP&Prices'!K42","v":-5.0538291785585221},{"$f":"100*'GDP&Prices'!L42","v":18.4538657367731},{"$f":"100*'GDP&Prices'!M42","v":-0.93170233311761219},{"$f":"100*'GDP&Prices'!N42","v":2.4085624412061746},{"$f":"100*'GDP&Prices'!O42","v":4.1027654657531807},{"$f":"100*'GDP&Prices'!P42","v":6.4503294646526115},{"$f":"100*'GDP&Prices'!Q42","v":5.5396082704017147},{"$f":"100*'GDP&Prices'!R42","v":3.9691258994079659},{"$f":"100*'GDP&Prices'!S42","v":5.060499015539909},null,3.5609142084851051,6.321683554365201,5.3844428338842176,3.9590619709014367,5.0250894536700672]
[null,"Services",{"$f":"100*'GDP&Prices'!E44","v":6.5239503700428747},{"$f":"100*'GDP&Prices'!F44","v":6.1339003027925498},{"$f":"100*'GDP&Prices'!G44","v":6.3018814914956423},{"$f":"100*'GDP&Prices'!H44","v":3.7369717249945422},{"$f":"100*'GDP&Prices'!I44","v":5.7104783034503726},{"$f":"100*'GDP&Prices'!J44","v":4.1698725176246398},{"$f":"100*'GDP&Prices'!K44","v":-7.8612217568290843},{"$f":"100*'GDP&Prices'!L44","v":7.8521435546001994},{"$f":"100*'GDP&Prices'!M44","v":8.0791682715760196},{"$f":"100*'GDP&Prices'!N44","v":2.4085624412061968},{"$f":"100*'GDP&Prices'!O44","v":2.8434261222972044},{"$f":"100*'GDP&Prices'!P44","v":4.5275725003954346},{"$f":"100*'GDP&Prices'!Q44","v":4.6722543460386614},{"$f":"100*'GDP&Prices'!R44","v":5.0899563806547743},{"$f":"100*'GDP&Prices'!S44","v":4.4009521029441379},null,2.4678955119865842,4.4389206655657185,4.5596848990817573,5.1910343778374513,4.4284876802600754]
[null,"Real GDP by expenditure, growth (percent)",null,null,null,null,null,"(In percent change)"]
[null,"Consumption",{"$f":"100*'GDP&Prices'!E8","v":5.196973349815992},{"$f":"100*'GDP&Prices'!F8","v":6.4876340951262712},{"$f":"100*'GDP&Prices'!G8","v":5.5849359609933646},{"$f":"100*'GDP&Prices'!H8","v":3.9748500328724345},{"$f":"100*'GDP&Prices'!I8","v":5.3839658267663904},{"$f":"100*'GDP&Prices'!J8","v":4.7984714065042677},{"$f":"100*'GDP&Prices'!K8","v":-2.5252957332699499},{"$f":"100*'GDP&Prices'!L8","v":5.879248249636837},{"$f":"100*'GDP&Prices'!M8","v":4.9844054870589849},{"$f":"100*'GDP&Prices'!N8","v":3.7437187627935131},{"$f":"100*'GDP&Prices'!O8","v":4.863369994378286},{"$f":"100*'GDP&Prices'!P8","v":5.2590639078073487},{"$f":"100*'GDP&Prices'!Q8","v":5.3572777137540495},{"$f":"100*'GDP&Prices'!R8","v":5.2459199682914015},{"$f":"100*'GDP&Prices'!S8","v":5.1987616772626533},null,4.276969841173961,4.9302430875403758,5.0976925177574239,5.2143402623849644,5.1665510008862547]
[null,"Private",{"$f":"100*'GDP&Prices'!E10","v":5.3068675926002395},{"$f":"100*'GDP&Prices'!F10","v":6.4364845557986605},{"$f":"100*'GDP&Prices'!G10","v":6.0356286502705414},{"$f":"100*'GDP&Prices'!H10","v":4.3500597013060416},{"$f":"100*'GDP&Prices'!I10","v":5.6795363733514126},{"$f":"100*'GDP&Prices'!J10","v":4.6252458897380055},{"$f":"100*'GDP&Prices'!K10","v":-3.3746498503735678},{"$f":"100*'GDP&Prices'!L10","v":6.5987514088938326},{"$f":"100*'GDP&Prices'!M10","v":5.1132898597709753},{"$f":"100*'GDP&Prices'!N10","v":3.278039245673714},{"$f":"100*'GDP&Prices'!O10","v":4.7514088220071038},{"$f":"100*'GDP&Prices'!P10","v":5.1421904814569546},{"$f":"100*'GDP&Prices'!Q10","v":5.2258139609906316},{"$f":"100*'GDP&Prices'!R10","v":5.0899288395341458},{"$f":"100*'GDP&Prices'!S10","v":5.0335869492198002},null,4.198354765366652,4.870380418757037,5.025262324729086,5.1443449315503775,5.0880772634126474]
[null,"Public",{"$f":"100*'GDP&Prices'!E14","v":4.3149628839177501},{"$f":"100*'GDP&Prices'!F14","v":6.9020635465849578},{"$f":"100*'GDP&Prices'!G14","v":1.9491874810988907},{"$f":"100*'GDP&Prices'!H14","v":0.82670026324469514},{"$f":"100*'GDP&Prices'!I14","v":2.8173570993518249},{"$f":"100*'GDP&Prices'!J14","v":6.3445616538726268},{"$f":"100*'GDP&Prices'!K14","v":4.9328862749292046},{"$f":"100*'GDP&Prices'!L14","v":6.1480919247092203E-2},{"$f":"100*'GDP&Prices'!M14","v":3.8741853580387398},{"$f":"100*'GDP&Prices'!N14","v":7.8029703488296409},{"$f":"100*'GDP&Prices'!O14","v":5.7983525913578138},{"$f":"100*'GDP&Prices'!P14","v":6.2254103089199653},{"$f":"100*'GDP&Prices'!Q14","v":6.4331771652692327},{"$f":"100*'GDP&Prices'!R14","v":6.5080695524958321},{"$f":"100*'GDP&Prices'!S14","v":6.5174225289397203},null,4.9334807206455222,5.4266512879964646,5.6951471692292754,5.7880511632188991,5.8058406482208946]
[null,"Investment",{"$f":"100*'GDP&Prices'!E16","v":9.349138822207026},{"$f":"100*'GDP&Prices'!F16","v":18.877571269057714},{"$f":"100*'GDP&Prices'!G16","v":12.31709749537826},{"$f":"100*'GDP&Prices'!H16","v":-0.26219335930380838},{"$f":"100*'GDP&Prices'!I16","v":13.333178052468607},{"$f":"100*'GDP&Prices'!J16","v":8.1266761641581411},{"$f":"100*'GDP&Prices'!K16","v":-12.065162714059186},{"$f":"100*'GDP&Prices'!L16","v":22.071430125151402},{"$f":"100*'GDP&Prices'!M16","v":4.0200586946758321},{"$f":"100*'GDP&Prices'!N16","v":2.000000000000024},{"$f":"100*'GDP&Prices'!O16","v":7.0914086325823522},{"$f":"100*'GDP&Prices'!P16","v":6.843558497978619},{"$f":"100*'GDP&Prices'!Q16","v":4.7058422009988998},{"$f":"100*'GDP&Prices'!R16","v":5.0026364063777917},{"$f":"100*'GDP&Prices'!S16","v":4.9987848952682157},null,6.3650610349176073,7.0943493249102429,4.5975807642625321,5.197997638908225,4.9116862376637593]
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[null,"Public","..",{"$f":"100*'GDP&Prices'!F22","v":22.559651831229921},{"$f":"100*'GDP&Prices'!G22","v":-11.452432108151333},{"$f":"100*'GDP&Prices'!H22","v":3.6555765358095904},{"$f":"100*'GDP&Prices'!I22","v":-11.87667127887061},{"$f":"100*'GDP&Prices'!J22","v":3.4076459613442855},{"$f":"100*'GDP&Prices'!K22","v":-4.3516859950501141},{"$f":"100*'GDP&Prices'!L22","v":-1.695169629064941},{"$f":"100*'GDP&Prices'!M22","v":9.7720440102376127},{"$f":"100*'GDP&Prices'!N22","v":43.536660859225094},{"$f":"100*'GDP&Prices'!O22","v":6.3178567608207725},{"$f":"100*'GDP&Prices'!P22","v":6.1832335571841535},{"$f":"100*'GDP&Prices'!Q22","v":5.9292538990754151},{"$f":"100*'GDP&Prices'!R22","v":5.9932046318091237},{"$f":"100*'GDP&Prices'!S22","v":5.8872243135105862},null,5.4024290345221937,5.3034505563782197,5.0820181717105894,5.1546019143148714,5.053518716712091]
[null,"Exports of goods and services",{"$f":"100*'GDP&Prices'!E24","v":10.197391913082022},{"$f":"100*'GDP&Prices'!F24","v":1.6998838734728627},{"$f":"100*'GDP&Prices'!G24","v":8.7978800163573503},{"$f":"100*'GDP&Prices'!H24","v":3.5965916118510854},{"$f":"100*'GDP&Prices'!I24","v":3.7392389240287427},{"$f":"100*'GDP&Prices'!J24","v":3.8030343840675052},{"$f":"100*'GDP&Prices'!K24","v":-28.168286257717469},{"$f":"100*'GDP&Prices'!L24","v":29.097309851404329},{"$f":"100*'GDP&Prices'!M24","v":16.331862754976669},{"$f":"100*'GDP&Prices'!N24","v":0.36552871236295026},{"$f":"100*'GDP&Prices'!O24","v":4.0268895405652927},{"$f":"100*'GDP&Prices'!P24","v":3.5896264404000933},{"$f":"100*'GDP&Prices'!Q24","v":3.4262277610883629},{"$f":"100*'GDP&Prices'!R24","v":3.3334338512690644},{"$f":"100*'GDP&Prices'!S24","v":3.1930376318355864},null,4.0681299771628874,3.664346624247814,3.5300074938925174,3.4460042771736434,3.309675664219379]
[null,"Imports of goods and services",{"$f":"100*'GDP&Prices'!E28","v":4.7762614176912743},{"$f":"100*'GDP&Prices'!F28","v":11.023984101946249},{"$f":"100*'GDP&Prices'!G28","v":8.1229492351039045},{"$f":"100*'GDP&Prices'!H28","v":-2.9756323548332575},{"$f":"100*'GDP&Prices'!I28","v":8.5256543829390186},{"$f":"100*'GDP&Prices'!J28","v":5.8128804445215287},{"$f":"100*'GDP&Prices'!K28","v":-14.509324072659069},{"$f":"100*'GDP&Prices'!L28","v":25.665621571162699},{"$f":"100*'GDP&Prices'!M28","v":14.394882467083603},{"$f":"100*'GDP&Prices'!N28","v":-4.0697929479574739},{"$f":"100*'GDP&Prices'!O28","v":0.21618269717562713},{"$f":"100*'GDP&Prices'!P28","v":3.8936757338527257},{"$f":"100*'GDP&Prices'!Q28","v":3.6743505537976922},{"$f":"100*'GDP&Prices'!R28","v":3.750325809206235},{"$f":"100*'GDP&Prices'!S28","v":3.7499500077898174},null,-0.28366159177322797,3.709847409038586,3.4375388689697326,3.7013842802444712,3.6374600594183701]
[null,"Inflation (percent)",null,null,null,null,null,"(In percent)"]
[null,"Consumer Price Index (CPI)",{"$f":"100*'GDP&Prices'!E63","v":2.938669416026872},{"$f":"100*'GDP&Prices'!F63","v":0.82001141979050007},{"$f":"100*'GDP&Prices'!G63","v":1.5818827510031264},{"$f":"100*'GDP&Prices'!H63","v":3.2139658078501236},{"$f":"100*'GDP&Prices'!I63","v":3.4931455749308884},{"$f":"100*'GDP&Prices'!J63","v":1.8106037704304114},{"$f":"100*'GDP&Prices'!K63","v":3.7054111631721649},{"$f":"100*'GDP&Prices'!L63","v":8.0777381234312173},{"$f":"100*'GDP&Prices'!M63","v":7.7353488167914097},{"$f":"100*'GDP&Prices'!N63","v":4.690196693489507},{"$f":"100*'GDP&Prices'!O63","v":4.4439703393134309},{"$f":"100*'GDP&Prices'!P63","v":4.0240745398382991},{"$f":"100*'GDP&Prices'!Q63","v":3.8210104621943421},{"$f":"100*'GDP&Prices'!R63","v":3.7480075118032379},{"$f":"100*'GDP&Prices'!S63","v":3.7388977094129876},null,4.3518229339132306,3.8636802575434932,3.5998368256952684,3.5088545407212379,3.4914512555703792]
[null,"GDP deflator",{"$f":"100*'GDP&Prices'!E68","v":4.4496167916327156},{"$f":"100*'GDP&Prices'!F68","v":2.3459879810873607},{"$f":"100*'GDP&Prices'!G68","v":2.0849349044202992},{"$f":"100*'GDP&Prices'!H68","v":4.0882445318985994},{"$f":"100*'GDP&Prices'!I68","v":4.0134682273657907},{"$f":"100*'GDP&Prices'!J68","v":2.6320949319838194},{"$f":"100*'GDP&Prices'!K68","v":4.7839202200796738},{"$f":"100*'GDP&Prices'!L68","v":7.7036683860792765},{"$f":"100*'GDP&Prices'!M68","v":10.725820525475505},{"$f":"100*'GDP&Prices'!N68","v":4.5033299857353271},{"$f":"100*'GDP&Prices'!O68","v":7.6908704278239037},{"$f":"100*'GDP&Prices'!P68","v":4.3452935065554366},{"$f":"100*'GDP&Prices'!Q68","v":4.1418944531057322},{"$f":"100*'GDP&Prices'!R68","v":4.0269275297348139},{"$f":"100*'GDP&Prices'!S68","v":4.003003943829242},null,7.5740652858195867,4.1845000270957167,3.9208442798952747,3.7881570072010318,3.7524687040712212]
[null,"External position (percent of GDP)",null,null,null,null,null,"(In percent of GDP)"]
[null,"Current account balance ",{"$f":"'Deficits&Financing'!E40","v":-3.1465154324806432},{"$f":"'Deficits&Financing'!F40","v":-1.7608747445892974},{"$f":"'Deficits&Financing'!G40","v":-1.0493255723184194},{"$f":"'Deficits&Financing'!H40","v":-0.16288129840019502},{"$f":"'Deficits&Financing'!I40","v":-1.5226809169197875},{"$f":"'Deficits&Financing'!J40","v":-1.3075601712227807},{"$f":"'Deficits&Financing'!K40","v":-1.6499732735347532},{"$f":"'Deficits&Financing'!L40","v":-2.8008337596717059},{"$f":"'Deficits&Financing'!M40","v":-5.6382413621438721},{"$f":"'Deficits&Financing'!N40","v":-3.6310553056211115},{"$f":"'Deficits&Financing'!O40","v":-2.6571561692984482},{"$f":"'Deficits&Financing'!P40","v":-2.392945321745005},{"$f":"'Deficits&Financing'!Q40","v":-2.2135133600359955},{"$f":"'Deficits&Financing'!R40","v":-2.1318894623328561},{"$f":"'Deficits&Financing'!S40","v":-2.1309464347459115},null,-2.5278057394348132,-2.2082169991787746,-1.9539038846792784,-1.8406398136602602,-1.7927902149364989]
[null,"Financial and capital account ",{"$f":"100*'Deficits&Financing'!E67/'Deficits&Financing'!E105","v":3.3645245361997809},{"$f":"100*'Deficits&Financing'!F67/'Deficits&Financing'!F105","v":2.3180142140080631},{"$f":"100*'Deficits&Financing'!G67/'Deficits&Financing'!G105","v":2.3923149760480267},{"$f":"100*'Deficits&Financing'!H67/'Deficits&Financing'!H105","v":0.80886355001799992},{"$f":"100*'Deficits&Financing'!I67/'Deficits&Financing'!I105","v":2.4827704849959056},{"$f":"100*'Deficits&Financing'!J67/'Deficits&Financing'!J105","v":2.5571088255418282},{"$f":"100*'Deficits&Financing'!K67/'Deficits&Financing'!K105","v":4.1097030226677358},{"$f":"100*'Deficits&Financing'!L67/'Deficits&Financing'!L105","v":5.0695062058858529},{"$f":"100*'Deficits&Financing'!M67/'Deficits&Financing'!M105","v":6.8539848723122558},{"$f":"100*'Deficits&Financing'!N67/'Deficits&Financing'!N105","v":3.7349305640014014},{"$f":"100*'Deficits&Financing'!O67/'Deficits&Financing'!O105","v":2.9716243824879434},{"$f":"100*'Deficits&Financing'!P67/'Deficits&Financing'!P105","v":2.7670526427248161},{"$f":"100*'Deficits&Financing'!Q67/'Deficits&Financing'!Q105","v":2.6694428876559453},{"$f":"100*'Deficits&Financing'!R67/'Deficits&Financing'!R105","v":2.5446810757067881},{"$f":"100*'Deficits&Financing'!S67/'Deficits&Financing'!S105","v":2.4459564035333745},null,2.9887702467362391,2.7903446813832646,2.7012342285036799,2.5792679409532995,2.4850848096730522]
[null,"Change in reserves ","..",{"$f":"100*('Deficits&Financing'!F78-'Deficits&Financing'!E78)/'Deficits&Financing'!F105","v":0.55713946941876524},{"$f":"100*('Deficits&Financing'!G78-'Deficits&Financing'!F78)/'Deficits&Financing'!G105","v":1.3429894037296073},{"$f":"100*('Deficits&Financing'!H78-'Deficits&Financing'!G78)/'Deficits&Financing'!H105","v":0.64598225161780487},{"$f":"100*('Deficits&Financing'!I78-'Deficits&Financing'!H78)/'Deficits&Financing'!I105","v":0.96008956807611834},{"$f":"100*('Deficits&Financing'!J78-'Deficits&Financing'!I78)/'Deficits&Financing'!J105","v":1.2495486543190475},{"$f":"100*('Deficits&Financing'!K78-'Deficits&Financing'!J78)/'Deficits&Financing'!K105","v":2.4597297491329826},{"$f":"100*('Deficits&Financing'!L78-'Deficits&Financing'!K78)/'Deficits&Financing'!L105","v":2.2686724462141461},{"$f":"100*('Deficits&Financing'!M78-'Deficits&Financing'!L78)/'Deficits&Financing'!M105","v":1.2157435101683847},{"$f":"100*('Deficits&Financing'!N78-'Deficits&Financing'!M78)/'Deficits&Financing'!N105","v":0.10387525838029048},{"$f":"100*('Deficits&Financing'!O78-'Deficits&Financing'!N78)/'Deficits&Financing'!O105","v":0.31446821318949558},{"$f":"100*('Deficits&Financing'!P78-'Deficits&Financing'!O78)/'Deficits&Financing'!P105","v":0.37410732097981036},{"$f":"100*('Deficits&Financing'!Q78-'Deficits&Financing'!P78)/'Deficits&Financing'!Q105","v":0.45592952761994998},{"$f":"100*('Deficits&Financing'!R78-'Deficits&Financing'!Q78)/'Deficits&Financing'!R105","v":0.4127916133739325},{"$f":"100*('Deficits&Financing'!S78-'Deficits&Financing'!R78)/'Deficits&Financing'!S105","v":0.31500996878746285},null,0.46096450730142691,0.58212768220448996,0.74733034382440167,0.73862812729303851,0.69229459473655386]
[null,"Net international reserves (US$)",{"$f":"'Deficits&Financing'!E79","v":3255.3140458488651},{"$f":"'Deficits&Financing'!F79","v":3636.5378703674573},{"$f":"'Deficits&Financing'!G79","v":4232.6899838663021},{"$f":"'Deficits&Financing'!H79","v":4746.282156336707},{"$f":"'Deficits&Financing'!I79","v":5338.9755185498898},{"$f":"'Deficits&Financing'!J79","v":6146.9808202220465},{"$f":"'Deficits&Financing'!K79","v":7526.1318343572184},{"$f":"'Deficits&Financing'!L79","v":9060.0657047330496},{"$f":"'Deficits&Financing'!M79","v":10065.265947485139},{"$f":"'Deficits&Financing'!N79","v":10156.378009715208},{"$f":"'Deficits&Financing'!O79","v":10442.518047743768},{"$f":"'Deficits&Financing'!P79","v":10805.33418331215},{"$f":"'Deficits&Financing'!Q79","v":11273.470361223095},{"$f":"'Deficits&Financing'!R79","v":11721.514389119882},{"$f":"'Deficits&Financing'!S79","v":12082.631410970509},null,10573.411321531952,11133.256840351323,11891.564584356465,12682.521029678082,13463.648840501963]
[null,"Reserves in months of imports",{"$f":"'Deficits&Financing'!E48","v":3.0758885074250353},{"$f":"'Deficits&Financing'!F48","v":3.2240730721393795},{"$f":"'Deficits&Financing'!G48","v":3.7127339433757496},{"$f":"'Deficits&Financing'!H48","v":3.4465663118233518},{"$f":"'Deficits&Financing'!I48","v":3.7809583509230187},{"$f":"'Deficits&Financing'!J48","v":4.8996882832257036},{"$f":"'Deficits&Financing'!K48","v":4.536684246823083},{"$f":"'Deficits&Financing'!L48","v":4.5302608562855422},{"$f":"'Deficits&Financing'!M48","v":4.9285594413433511},{"$f":"'Deficits&Financing'!N48","v":4.9691878874607927},{"$f":"'Deficits&Financing'!O48","v":4.8835797454947105},{"$f":"'Deficits&Financing'!P48","v":4.8068722887835893},{"$f":"'Deficits&Financing'!Q48","v":4.7682621782852674},{"$f":"'Deficits&Financing'!R48","v":4.7048384454719372},{"$f":"'Deficits&Financing'!S48","v":4.6039706452818043},null,4.9759395700251012,4.9921559200294157,5.0681088546385222,5.1310303397650765,5.1721795508095942]
[null,"External debt",{"$f":"100*'Deficits&Financing'!E51","v":44.575780280824056},{"$f":"100*'Deficits&Financing'!F51","v":40.648087728274284},{"$f":"100*'Deficits&Financing'!G51","v":40.760921125709039},{"$f":"100*'Deficits&Financing'!H51","v":41.048080932471976},{"$f":"100*'Deficits&Financing'!I51","v":39.681344918916786},{"$f":"100*'Deficits&Financing'!J51","v":41.04412540265632},{"$f":"100*'Deficits&Financing'!K51","v":54.833210945121927},{"$f":"100*'Deficits&Financing'!L51","v":47.845143669270612},{"$f":"100*'Deficits&Financing'!M51","v":39.711209754203431},{"$f":"100*'Deficits&Financing'!N51","v":40.612729172782416},{"$f":"100*'Deficits&Financing'!O51","v":37.95700947207893},{"$f":"100*'Deficits&Financing'!P51","v":35.736300530789542},{"$f":"100*'Deficits&Financing'!Q51","v":33.789432418085006},{"$f":"100*'Deficits&Financing'!R51","v":31.880205942738883},{"$f":"100*'Deficits&Financing'!S51","v":30.00479636769257},null,38.176016199683801,36.03711565827242,34.191842736740711,32.313516190336912,30.484788511754264]
[null,"Fiscal position (percent of GDP)",null,null,null,null,null,"(In percent of GDP)"]
[null,"Revenue",{"$f":"'Policies&Assumptions'!E32","v":14.126349455799549},{"$f":"'Policies&Assumptions'!F32","v":16.601895613919257},{"$f":"'Policies&Assumptions'!G32","v":13.770350621452488},{"$f":"'Policies&Assumptions'!H32","v":13.907309975488021},{"$f":"'Policies&Assumptions'!I32","v":14.22786903628071},{"$f":"'Policies&Assumptions'!J32","v":14.340108906712363},{"$f":"'Policies&Assumptions'!K32","v":14.0370011690576},{"$f":"'Policies&Assumptions'!L32","v":15.617863475167008},{"$f":"'Policies&Assumptions'!M32","v":15.186756484254213},{"$f":"'Policies&Assumptions'!N32","v":15.858233530308803},{"$f":"'Policies&Assumptions'!O32","v":15.631267498539003},{"$f":"'Policies&Assumptions'!P32","v":15.63063204938665},{"$f":"'Policies&Assumptions'!Q32","v":15.630414150224698},{"$f":"'Policies&Assumptions'!R32","v":15.630291729980554},{"$f":"'Policies&Assumptions'!S32","v":15.63022354118289},null,15.631628285126464,15.631153050855588,15.631148673292095,15.631128357578705,15.631207136416396]
[null,"Expenditure",{"$f":"'Policies&Assumptions'!E40","v":16.917237501237285},{"$f":"'Policies&Assumptions'!F40","v":16.681155155903181},{"$f":"'Policies&Assumptions'!G40","v":16.905185993106329},{"$f":"'Policies&Assumptions'!H40","v":17.064118584749298},{"$f":"'Policies&Assumptions'!I40","v":16.462686611940256},{"$f":"'Policies&Assumptions'!J40","v":17.861315757627324},{"$f":"'Policies&Assumptions'!K40","v":21.952082340068898},{"$f":"'Policies&Assumptions'!L40","v":18.636591303817539},{"$f":"'Policies&Assumptions'!M40","v":18.512685944626924},{"$f":"'Policies&Assumptions'!N40","v":19.217038403514032},{"$f":"'Policies&Assumptions'!O40","v":18.398678797285648},{"$f":"'Policies&Assumptions'!P40","v":17.93213596616684},{"$f":"'Policies&Assumptions'!Q40","v":17.685171692272085},{"$f":"'Policies&Assumptions'!R40","v":17.741872147891531},{"$f":"'Policies&Assumptions'!S40","v":17.761860148565781},null,18.439344110403699,17.882804009158821,17.556649205808714,17.473563635371502,17.353117767555624]
[null,"Balance",{"$f":"'Policies&Assumptions'!E46","v":-2.7908880454377361},{"$f":"'Policies&Assumptions'!F46","v":-7.9259541983923043E-2},{"$f":"'Policies&Assumptions'!G46","v":-3.1348353716538409},{"$f":"'Policies&Assumptions'!H46","v":-3.1568086092612777},{"$f":"'Policies&Assumptions'!I46","v":-2.2348175756595463},{"$f":"'Policies&Assumptions'!J46","v":-3.521206850914961},{"$f":"'Policies&Assumptions'!K46","v":-7.9150811710112983},{"$f":"'Policies&Assumptions'!L46","v":-3.0187278286505315},{"$f":"'Policies&Assumptions'!M46","v":-3.325929460372711},{"$f":"'Policies&Assumptions'!N46","v":-3.3588048732052282},{"$f":"'Policies&Assumptions'!O46","v":-2.7674112987466444},{"$f":"'Policies&Assumptions'!P46","v":-2.3015039167801898},{"$f":"'Policies&Assumptions'!Q46","v":-2.0547575420473869},{"$f":"'Policies&Assumptions'!R46","v":-2.1115804179109769},{"$f":"'Policies&Assumptions'!S46","v":-2.131636607382891},null,-2.807715825277235,-2.2516509583032338,-1.9255005325166188,-1.8424352777927968,-1.7219106311392274]
[null,"Primary balance",{"$f":"'Policies&Assumptions'!E69","v":0.45594748410130492},{"$f":"'Policies&Assumptions'!F69","v":3.4478483240466824},{"$f":"'Policies&Assumptions'!G69","v":0.77641908761849554},{"$f":"'Policies&Assumptions'!H69","v":0.95123276137400792},{"$f":"'Policies&Assumptions'!I69","v":1.9566377496603713},{"$f":"'Policies&Assumptions'!J69","v":1.2977868892267892},{"$f":"'Policies&Assumptions'!K69","v":-2.4939025213273864},{"$f":"'Policies&Assumptions'!L69","v":1.9465555300790918},{"$f":"'Policies&Assumptions'!M69","v":1.3607465198353728},{"$f":"'Policies&Assumptions'!N69","v":1.455439367292962},{"$f":"'Policies&Assumptions'!O69","v":1.3739091108104935},{"$f":"'Policies&Assumptions'!P69","v":1.3491760492474723},{"$f":"'Policies&Assumptions'!Q69","v":1.2288283833317242},{"$f":"'Policies&Assumptions'!R69","v":1.0851853756620344},{"$f":"'Policies&Assumptions'!S69","v":0.92725613036546006},null,1.4217772284064738,1.4889652435963017,1.4501293369877053,1.4148026209448576,1.3568452414493262]
[null,"Public debt",{"$f":"100*'Policies&Assumptions'!E57","v":44.692832778829022},{"$f":"100*'Policies&Assumptions'!F57","v":44.687473720103149},{"$f":"100*'Policies&Assumptions'!G57","v":46.401255029620735},{"$f":"100*'Policies&Assumptions'!H57","v":48.906423787152455},{"$f":"100*'Policies&Assumptions'!I57","v":50.807990612051142},{"$f":"100*'Policies&Assumptions'!J57","v":53.579255664654568},{"$f":"100*'Policies&Assumptions'!K57","v":71.084435248610689},{"$f":"100*'Policies&Assumptions'!L57","v":63.562789250751408},{"$f":"100*'Policies&Assumptions'!M57","v":59.547117496047605},{"$f":"100*'Policies&Assumptions'!N57","v":60.799336401706171},{"$f":"100*'Policies&Assumptions'!O57","v":60.469656986976283},{"$f":"100*'Policies&Assumptions'!P57","v":58.138120245265569},{"$f":"100*'Policies&Assumptions'!Q57","v":58.275022451390221},{"$f":"100*'Policies&Assumptions'!R57","v":56.460252787767132},{"$f":"100*'Policies&Assumptions'!S57","v":56.878414334627145},null,60.842895540170048,58.580399220105164,58.772174740757656,56.749571864263906,56.906098327375844]
[null,"Domestic",{"$f":"100*'Policies&Assumptions'!E59","v":19.02390757848357},{"$f":"100*'Policies&Assumptions'!F59","v":20.828095496508379},{"$f":"100*'Policies&Assumptions'!G59","v":22.211817915517713},{"$f":"100*'Policies&Assumptions'!H59","v":24.289800922516282},{"$f":"100*'Policies&Assumptions'!I59","v":24.50636582340945},{"$f":"100*'Policies&Assumptions'!J59","v":25.985512554024133},{"$f":"100*'Policies&Assumptions'!K59","v":30.67470616775984},{"$f":"100*'Policies&Assumptions'!L59","v":26.801324053404119},{"$f":"100*'Policies&Assumptions'!M59","v":25.581765564360616},{"$f":"100*'Policies&Assumptions'!N59","v":25.693950754865487},{"$f":"100*'Policies&Assumptions'!O59","v":24.374076175109323},{"$f":"100*'Policies&Assumptions'!P59","v":23.172838003957132},{"$f":"100*'Policies&Assumptions'!Q59","v":22.068635195511444},{"$f":"100*'Policies&Assumptions'!R59","v":21.268872739210511},{"$f":"100*'Policies&Assumptions'!S59","v":20.670416084441989},null,24.53904818822123,23.320792001709876,22.134592794990805,21.079876662111825,20.11887419279169]
[null,"External",{"$f":"100*'Policies&Assumptions'!E64","v":25.668925200345456},{"$f":"100*'Policies&Assumptions'!F64","v":23.859378223594774},{"$f":"100*'Policies&Assumptions'!G64","v":24.189437114103026},{"$f":"100*'Policies&Assumptions'!H64","v":24.616622864636177},{"$f":"100*'Policies&Assumptions'!I64","v":26.301624788641693},{"$f":"100*'Policies&Assumptions'!J64","v":27.593743110630431},{"$f":"100*'Policies&Assumptions'!K64","v":40.409729080850845},{"$f":"100*'Policies&Assumptions'!L64","v":36.761465197347285},{"$f":"100*'Policies&Assumptions'!M64","v":33.965351931686996},{"$f":"100*'Policies&Assumptions'!N64","v":35.105385646840688},{"$f":"100*'Policies&Assumptions'!O64","v":36.095580811866959},{"$f":"100*'Policies&Assumptions'!P64","v":34.965282241308444},{"$f":"100*'Policies&Assumptions'!Q64","v":36.206387255878774},{"$f":"100*'Policies&Assumptions'!R64","v":35.191380048556617},{"$f":"100*'Policies&Assumptions'!S64","v":36.207998250185163},null,36.303847351948818,35.259607218395296,36.637581945766847,35.669695202152084,36.78722413458415]
[null,"Interest and exchange rates",null,null,null,null,null,"(In percent)"]
[null,"Local currency/US dollar (average)",{"$f":"'Policies&Assumptions'!E106","v":42.625567292270553},{"$f":"'Policies&Assumptions'!F106","v":44.089331946457257},{"$f":"'Policies&Assumptions'!G106","v":45.099982534090898},{"$f":"'Policies&Assumptions'!H106","v":46.535049555555531},{"$f":"'Policies&Assumptions'!I106","v":48.477774271464632},{"$f":"'Policies&Assumptions'!J106","v":50.218005528985501},{"$f":"'Policies&Assumptions'!K106","v":55.339173367773242},{"$f":"'Policies&Assumptions'!L106","v":55.949323694444402},{"$f":"'Policies&Assumptions'!M106","v":53.9},{"$f":"'Policies&Assumptions'!N106","v":55.86},{"$f":"'Policies&Assumptions'!O106","v":57.815099999999994},{"$f":"'Policies&Assumptions'!P106","v":59.838628499999992},{"$f":"'Policies&Assumptions'!Q106","v":61.932980497499983},{"$f":"'Policies&Assumptions'!R106","v":64.100634814912482},{"$f":"'Policies&Assumptions'!S106","v":66.344157033434414},null,57.815099999999994,59.838628499999992,61.932980497499983,64.100634814912482,66.344157033434414]
[null,"percent change","…",{"$f":"100*(D43/C43-1)","v":3.4340062717526099},{"$f":"100*(E43/D43-1)","v":2.2922792045499518},{"$f":"100*(F43/E43-1)","v":3.181968020452941},{"$f":"100*(G43/F43-1)","v":4.1747558764062109},{"$f":"100*(H43/G43-1)","v":3.589750733554653},{"$f":"100*(I43/H43-1)","v":10.197871828724537},{"$f":"100*(J43/I43-1)","v":1.1025649454794451},-3.6628212087716383,3.6363636363636376,3.499999999999992,3.499999999999992,{"$f":"100*(O43/N43-1)","v":3.499999999999992},{"$f":"100*(P43/O43-1)","v":3.499999999999992},{"$f":"100*(Q43/P43-1)","v":3.499999999999992},null,3.499999999999992,3.499999999999992,3.499999999999992,3.499999999999992,3.499999999999992]
[null,"Real effective exchange rate (percent change)",{"$f":"100*'Policies&Assumptions'!E116","v":-2.3956008416611905},{"$f":"100*'Policies&Assumptions'!F116","v":3.8389303787426639},{"$f":"100*'Policies&Assumptions'!G116","v":0.53197904733132573},{"$f":"100*'Policies&Assumptions'!H116","v":-3.6206152894061905},{"$f":"100*'Policies&Assumptions'!I116","v":-4.1413145242869005},{"$f":"100*'Policies&Assumptions'!J116","v":-0.29956392546162391},{"$f":"100*'Policies&Assumptions'!K116","v":-7.6328625176322289},{"$f":"100*'Policies&Assumptions'!L116","v":-2.8743606966264337},{"$f":"100*'Policies&Assumptions'!M116","v":8.67225786455068},{"$f":"100*'Policies&Assumptions'!N116","v":1.355322306410764},{"$f":"100*'Policies&Assumptions'!O116","v":-6.5125074749102119},{"$f":"100*'Policies&Assumptions'!P116","v":-3.0801115476407293},{"$f":"100*'Policies&Assumptions'!Q116","v":-2.5696109556867297},{"$f":"100*'Policies&Assumptions'!R116","v":-2.330651887653612},{"$f":"100*'Policies&Assumptions'!S116","v":-2.2018645036974482},null,-6.5949883481054012,-3.2295519153361707,-2.7771704212950388,-2.55579273946277,-2.4351405684650329]
[null,"Policy interest rate (percent)",{"$f":"100*'Policies&Assumptions'!E84","v":6.25},{"$f":"100*'Policies&Assumptions'!F84","v":5.25},{"$f":"100*'Policies&Assumptions'!G84","v":5.5},{"$f":"100*'Policies&Assumptions'!H84","v":5.5},{"$f":"100*'Policies&Assumptions'!I84","v":5.5},{"$f":"100*'Policies&Assumptions'!J84","v":4.75},{"$f":"100*'Policies&Assumptions'!K84","v":3},{"$f":"100*'Policies&Assumptions'!L84","v":3.25},{"$f":"100*'Policies&Assumptions'!M84","v":7.75},{"$f":"100*'Policies&Assumptions'!N84","v":6.75},{"$f":"100*'Policies&Assumptions'!O84","v":4.5000000000000009},{"$f":"100*'Policies&Assumptions'!P84","v":4.5000000000000009},{"$f":"100*'Policies&Assumptions'!Q84","v":4},{"$f":"100*'Policies&Assumptions'!R84","v":3.9999999999999996},{"$f":"100*'Policies&Assumptions'!S84","v":4},null,5,5,4.5,4.3,4.2]
[null,"Effective average lending rate (percent)",{"$f":"100*'GDP&Prices'!E89","v":13.247862700403198},{"$f":"100*'GDP&Prices'!F89","v":13.785776238747028},{"$f":"100*'GDP&Prices'!G89","v":13.655360599175015},{"$f":"100*'GDP&Prices'!H89","v":12.922820625290345},{"$f":"100*'GDP&Prices'!I89","v":11.996736943993437},{"$f":"100*'GDP&Prices'!J89","v":11.815004603545939},{"$f":"100*'GDP&Prices'!K89","v":11.712660532730821},{"$f":"100*'GDP&Prices'!L89","v":8.7389855485248287},{"$f":"100*'GDP&Prices'!M89","v":9.6829204227186416},{"$f":"100*'GDP&Prices'!N89","v":13.428220997410012},{"$f":"100*'GDP&Prices'!O89","v":9.5031217404773525},{"$f":"100*'GDP&Prices'!P89","v":9.5031217404773525},{"$f":"100*'GDP&Prices'!Q89","v":9.0031217404773525},{"$f":"100*'GDP&Prices'!R89","v":9.0031217404773525},{"$f":"100*'GDP&Prices'!S89","v":9.0031217404773525},null,10.003121740477351,10.003121740477351,9.5031217404773525,9.3031217404773514,9.2031217404773518]
[null,"International developments (percent change)",null,null,null,null,null,"(In percent change)"]
[null,"Partners' real GDP",{"$f":"'GDP&Prices'!E98","v":3.0827931278675469},{"$f":"'GDP&Prices'!F98","v":2.7221895331594639},{"$f":"'GDP&Prices'!G98","v":1.0839696222634341},{"$f":"'GDP&Prices'!H98","v":2.0208335717570201},{"$f":"'GDP&Prices'!I98","v":1.8869664471707559},{"$f":"'GDP&Prices'!J98","v":0.83053834759866163},{"$f":"'GDP&Prices'!K98","v":-4.9454875884792431},{"$f":"'GDP&Prices'!L98","v":6.2695348464406022},{"$f":"'GDP&Prices'!M98","v":3.450561763815478},{"$f":"'GDP&Prices'!N98","v":3.0628920056678468},{"$f":"'GDP&Prices'!O98","v":2.8879292555500813},{"$f":"'GDP&Prices'!P98","v":2.6117687564377969},{"$f":"'GDP&Prices'!Q98","v":2.4187029694695736},{"$f":"'GDP&Prices'!R98","v":2.4213299356409888},{"$f":"'GDP&Prices'!S98","v":2.4027264975648603},null,2.8879292555500813,2.6117687564377969,2.4187029694695736,2.4213299356409888,2.4027264975648603]
[null,"Partners' nonoil imports",{"$f":"'GDP&Prices'!E99","v":6.914504791917599},{"$f":"'GDP&Prices'!F99","v":5.0771831638354552},{"$f":"'GDP&Prices'!G99","v":1.0344147235428209},{"$f":"'GDP&Prices'!H99","v":4.961370102754457},{"$f":"'GDP&Prices'!I99","v":5.4614853015940534},{"$f":"'GDP&Prices'!J99","v":-0.48417529000357662},{"$f":"'GDP&Prices'!K99","v":-5.8959443803462914},{"$f":"'GDP&Prices'!L99","v":13.25291600067254},{"$f":"'GDP&Prices'!M99","v":5.6233014266483723},{"$f":"'GDP&Prices'!N99","v":-1.040101625863717},{"$f":"'GDP&Prices'!O99","v":1.1009082901574101},{"$f":"'GDP&Prices'!P99","v":2.9279580951138988},{"$f":"'GDP&Prices'!Q99","v":3.0591746903499968},{"$f":"'GDP&Prices'!R99","v":3.0972970106317983},{"$f":"'GDP&Prices'!S99","v":2.9887219714098032},null,1.1009082901574101,2.9279580951138988,3.0591746903499968,3.0972970106317983,2.9887219714098032]
[null,"Average petroleum spot price (US$)",{"$f":"'GDP&Prices'!E102","v":-7.5314880179226451},{"$f":"'GDP&Prices'!F102","v":-47.146300179739114},{"$f":"'GDP&Prices'!G102","v":-15.022149497565174},{"$f":"'GDP&Prices'!H102","v":22.452431023357704},{"$f":"'GDP&Prices'!I102","v":29.36122533893047},{"$f":"'GDP&Prices'!J102","v":-10.360330409299749},{"$f":"'GDP&Prices'!K102","v":-32.013819483552894},{"$f":"'GDP&Prices'!L102","v":65.806664046654078},{"$f":"'GDP&Prices'!M102","v":39.15103208295718},{"$f":"'GDP&Prices'!N102","v":-16.362406522644093},{"$f":"'GDP&Prices'!O102","v":-2.4635976925484075},{"$f":"'GDP&Prices'!P102","v":-6.2713336273766238},{"$f":"'GDP&Prices'!Q102","v":-4.2322804583263842},{"$f":"'GDP&Prices'!R102","v":-2.6481217862969633},{"$f":"'GDP&Prices'!S102","v":-1.334910343701798},null,-2.4635976925484075,-6.2713336273766238,-4.2322804583263842,-2.6481217862969633,-1.334910343701798]
[]
[]
[]
[null,"GDP",{"$f":"'GDP&Prices'!E32","v":1375.5068533548499},{"$f":"'GDP&Prices'!F32","v":1465.442120392544},{"$f":"'GDP&Prices'!G32","v":1568.0288459077101},{"$f":"'GDP&Prices'!H32","v":1635.9707861504701},{"$f":"'GDP&Prices'!I32","v":1740.20289756586},{"$f":"'GDP&Prices'!J32","v":1838.6260886892567},{"$f":"'GDP&Prices'!K32","v":1725.0660143248699},{"$f":"'GDP&Prices'!L32","v":1915.5387481595601},{"$f":"'GDP&Prices'!M32","v":2019.0876599273729},{"$f":"'GDP&Prices'!N32","v":2077.7186469594099},{"$f":"'GDP&Prices'!O32","v":2153.6632140108404},{"$f":"'GDP&Prices'!P32","v":2276.8467825622015},{"$f":"'GDP&Prices'!Q32","v":2395.7019105383079},{"$f":"'GDP&Prices'!R32","v":2519.6644014894537},{"$f":"'GDP&Prices'!S32","v":2648.3233294845868}]
[null,"Consumption",{"$f":"'GDP&Prices'!E7","v":1107.2663705739592},{"$f":"'GDP&Prices'!F7","v":1179.1017611551827},{"$f":"'GDP&Prices'!G7","v":1244.9538394306446},{"$f":"'GDP&Prices'!H7","v":1294.4388875265001},{"$f":"'GDP&Prices'!I7","v":1364.131034879302},{"$f":"'GDP&Prices'!J7","v":1429.5884725352362},{"$f":"'GDP&Prices'!K7","v":1393.4871358349849},{"$f":"'GDP&Prices'!L7","v":1475.4137038774777},{"$f":"'GDP&Prices'!M7","v":1548.954305490367},{"$f":"'GDP&Prices'!N7","v":1606.9427984521078},{"$f":"'GDP&Prices'!O7","v":1685.0943723388502},{"$f":"'GDP&Prices'!P7","v":1773.7145622870155},{"$f":"'GDP&Prices'!Q7","v":1868.7373772380281},{"$f":"'GDP&Prices'!R7","v":1966.7698444654829},{"$f":"'GDP&Prices'!S7","v":2069.0175214195128}]
[null,"Private",{"$f":"'GDP&Prices'!E9","v":985.61963416907884},{"$f":"'GDP&Prices'!F9","v":1049.0588897012908},{"$f":"'GDP&Prices'!G9","v":1112.3761886063119},{"$f":"'GDP&Prices'!H9","v":1160.7652169137991},{"$f":"'GDP&Prices'!I9","v":1226.6912996176297},{"$f":"'GDP&Prices'!J9","v":1283.4287885329679},{"$f":"'GDP&Prices'!K9","v":1240.1175608410888},{"$f":"'GDP&Prices'!L9","v":1321.9498358590299},{"$f":"'GDP&Prices'!M9","v":1389.5449627672688},{"$f":"'GDP&Prices'!N9","v":1435.0947919830619},{"$f":"'GDP&Prices'!O9","v":1503.2820125335097},{"$f":"'GDP&Prices'!P9","v":1580.5836370914626},{"$f":"'GDP&Prices'!Q9","v":1663.1819974637217},{"$f":"'GDP&Prices'!R9","v":1747.8367776065677},{"$f":"'GDP&Prices'!S9","v":1835.8156615378359}]
[null,"Public",{"$f":"'GDP&Prices'!E13","v":121.64673640488037},{"$f":"'GDP&Prices'!F13","v":130.04287145389191},{"$f":"'GDP&Prices'!G13","v":132.57765082433269},{"$f":"'GDP&Prices'!H13","v":133.67367061270107},{"$f":"'GDP&Prices'!I13","v":137.43973526167218},{"$f":"'GDP&Prices'!J13","v":146.15968400226831},{"$f":"'GDP&Prices'!K13","v":153.36957499389609},{"$f":"'GDP&Prices'!L13","v":153.4638680184477},{"$f":"'GDP&Prices'!M13","v":159.40934272309829},{"$f":"'GDP&Prices'!N13","v":171.84800646904588},{"$f":"'GDP&Prices'!O13","v":181.81235980534055},{"$f":"'GDP&Prices'!P13","v":193.13092519555289},{"$f":"'GDP&Prices'!Q13","v":205.5553797743064},{"$f":"'GDP&Prices'!R13","v":218.93306685891523},{"$f":"'GDP&Prices'!S13","v":233.20185988167682}]
[null,"Investment",{"$f":"'GDP&Prices'!E15","v":305.05710183301642},{"$f":"'GDP&Prices'!F15","v":362.64447364286605},{"$f":"'GDP&Prices'!G15","v":407.31174702305918},{"$f":"'GDP&Prices'!H15","v":406.2438026707004},{"$f":"'GDP&Prices'!I15","v":460.40901220790414},{"$f":"'GDP&Prices'!J15","v":497.82496166063987},{"$f":"'GDP&Prices'!K15","v":437.7615700050809},{"$f":"'GDP&Prices'!L15","v":534.38180904351805},{"$f":"'GDP&Prices'!M15","v":555.86427142073796},{"$f":"'GDP&Prices'!N15","v":566.98155684915287},{"$f":"'GDP&Prices'!O15","v":607.18853591670347},{"$f":"'GDP&Prices'!P15","v":648.741838565183},{"$f":"'GDP&Prices'!Q15","v":679.27060577991961},{"$f":"'GDP&Prices'!R15","v":713.25204440248876},{"$f":"'GDP&Prices'!S15","v":748.90597986327214}]
[null,"Private",{"$f":"'GDP&Prices'!E17","v":277.76137839225902},{"$f":"'GDP&Prices'!F17","v":329.19093002905834},{"$f":"'GDP&Prices'!G17","v":377.68944777939362},{"$f":"'GDP&Prices'!H17","v":375.53863760651609},{"$f":"'GDP&Prices'!I17","v":433.35059866402764},{"$f":"'GDP&Prices'!J17","v":469.84449318043164},{"$f":"'GDP&Prices'!K17","v":410.99872365307527},{"$f":"'GDP&Prices'!L17","v":508.07263833474497},{"$f":"'GDP&Prices'!M17","v":526.98415697157498},{"$f":"'GDP&Prices'!N17","v":525.5280049165018},{"$f":"'GDP&Prices'!O17","v":563.116007950675},{"$f":"'GDP&Prices'!P17","v":601.94420326045974},{"$f":"'GDP&Prices'!Q17","v":629.6982198592159},{"$f":"'GDP&Prices'!R17","v":660.70868395268724},{"$f":"'GDP&Prices'!S17","v":693.26927392193431}]
[null,"Public",{"$f":"'GDP&Prices'!E21","v":27.295723440757399},{"$f":"'GDP&Prices'!F21","v":33.453543613807682},{"$f":"'GDP&Prices'!G21","v":29.622299243665562},{"$f":"'GDP&Prices'!H21","v":30.7051650641843},{"$f":"'GDP&Prices'!I21","v":27.058413543876512},{"$f":"'GDP&Prices'!J21","v":27.980468480208255},{"$f":"'GDP&Prices'!K21","v":26.762846352005621},{"$f":"'GDP&Prices'!L21","v":26.309170708773106},{"$f":"'GDP&Prices'!M21","v":28.880114449162956},{"$f":"'GDP&Prices'!N21","v":41.453551932651095},{"$f":"'GDP&Prices'!O21","v":44.072527966028439},{"$f":"'GDP&Prices'!P21","v":46.797635304723279},{"$f":"'GDP&Prices'!Q21","v":49.572385920703674},{"$f":"'GDP&Prices'!R21","v":52.543360449801575},{"$f":"'GDP&Prices'!S21","v":55.636705941337794}]
[null,"Exports of goods and services",{"$f":"'GDP&Prices'!E23","v":376.73837729234799},{"$f":"'GDP&Prices'!F23","v":383.142492213124},{"$f":"'GDP&Prices'!G23","v":416.85090896971599},{"$f":"'GDP&Prices'!H23","v":431.84333379564583},{"$f":"'GDP&Prices'!I23","v":447.99098782375597},{"$f":"'GDP&Prices'!J23","v":465.02823912821708},{"$f":"'GDP&Prices'!K23","v":334.03775355135798},{"$f":"'GDP&Prices'!L23","v":431.23375372286699},{"$f":"'GDP&Prices'!M23","v":501.66225853401971},{"$f":"'GDP&Prices'!N23","v":503.49597812805001},{"$f":"'GDP&Prices'!O23","v":523.77120500845535},{"$f":"'GDP&Prices'!P23","v":542.57263467064104},{"$f":"'GDP&Prices'!Q23","v":561.16240890379504},{"$f":"'GDP&Prices'!R23","v":579.86838660279113},{"$f":"'GDP&Prices'!S23","v":598.3838024021361}]
[null,"Imports of goods and services",{"$f":"'GDP&Prices'!E27","v":419.17254137077958},{"$f":"'GDP&Prices'!F27","v":465.3820556912184},{"$f":"'GDP&Prices'!G27","v":503.18480382429908},{"$f":"'GDP&Prices'!H27","v":488.21187399709896},{"$f":"'GDP&Prices'!I27","v":529.83513103056134},{"$f":"'GDP&Prices'!J27","v":560.63381375044185},{"$f":"'GDP&Prices'!K27","v":479.28963685248237},{"$f":"'GDP&Prices'!L27","v":602.30230127684047},{"$f":"'GDP&Prices'!M27","v":689.0030096421815},{"$f":"'GDP&Prices'!N27","v":660.96201374454927},{"$f":"'GDP&Prices'!O27","v":662.39089925316853},{"$f":"'GDP&Prices'!P27","v":688.18225296063804},{"$f":"'GDP&Prices'!Q27","v":713.46848138343478},{"$f":"'GDP&Prices'!R27","v":740.22587398130963},{"$f":"'GDP&Prices'!S27","v":767.98397420033393}]
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[null,"Contribution to GDP growth"]
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[null,"Exports of goods and services",null,{"$f":"'GDP&Prices'!F23/'GDP&Prices'!F$32*100","v":26.14518082164123},{"$f":"'GDP&Prices'!G23/'GDP&Prices'!G$32*100","v":26.584390335523882},{"$f":"'GDP&Prices'!H23/'GDP&Prices'!H$32*100","v":26.396763160532782},{"$f":"'GDP&Prices'!I23/'GDP&Prices'!I$32*100","v":25.743606590380431},{"$f":"'GDP&Prices'!J23/'GDP&Prices'!J$32*100","v":25.292159291600846},{"$f":"'GDP&Prices'!K23/'GDP&Prices'!K$32*100","v":19.363766416909474},{"$f":"'GDP&Prices'!L23/'GDP&Prices'!L$32*100","v":22.512400448030309},{"$f":"'GDP&Prices'!M23/'GDP&Prices'!M$32*100","v":24.845987051006226},{"$f":"'GDP&Prices'!N23/'GDP&Prices'!N$32*100","v":24.233116397394795},{"$f":"'GDP&Prices'!O23/'GDP&Prices'!O$32*100","v":24.320014457275256},{"$f":"'GDP&Prices'!P23/'GDP&Prices'!P$32*100","v":23.830002037294243},{"$f":"'GDP&Prices'!Q23/'GDP&Prices'!Q$32*100","v":23.42371588198564},{"$f":"'GDP&Prices'!R23/'GDP&Prices'!R$32*100","v":23.013715090787983},{"$f":"'GDP&Prices'!S23/'GDP&Prices'!S$32*100","v":22.594816718191005}]
[null,"Imports of goods and services",null,{"$f":"-'GDP&Prices'!F27/'GDP&Prices'!F$32*100","v":-31.757109285664438},{"$f":"-'GDP&Prices'!G27/'GDP&Prices'!G$32*100","v":-32.090277238044841},{"$f":"-'GDP&Prices'!H27/'GDP&Prices'!H$32*100","v":-29.84233447993827},{"$f":"-'GDP&Prices'!I27/'GDP&Prices'!I$32*100","v":-30.44674455902112},{"$f":"-'GDP&Prices'!J27/'GDP&Prices'!J$32*100","v":-30.491997105845144},{"$f":"-'GDP&Prices'!K27/'GDP&Prices'!K$32*100","v":-27.783843219475834},{"$f":"-'GDP&Prices'!L27/'GDP&Prices'!L$32*100","v":-31.442971428039733},{"$f":"-'GDP&Prices'!M27/'GDP&Prices'!M$32*100","v":-34.124472320679985},{"$f":"-'GDP&Prices'!N27/'GDP&Prices'!N$32*100","v":-31.811911334184689},{"$f":"-'GDP&Prices'!O27/'GDP&Prices'!O$32*100","v":-30.756475522446024},{"$f":"-'GDP&Prices'!P27/'GDP&Prices'!P$32*100","v":-30.225233346014029},{"$f":"-'GDP&Prices'!Q27/'GDP&Prices'!Q$32*100","v":-29.78118764463148},{"$f":"-'GDP&Prices'!R27/'GDP&Prices'!R$32*100","v":-29.377954998441009},{"$f":"-'GDP&Prices'!S27/'GDP&Prices'!S$32*100","v":-28.998875086366361}]
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[null,null,{"$f":"C41/100-'Deficits&Financing'!E52","v":0},{"$f":"D41/100-'Deficits&Financing'!F52","v":0},{"$f":"E41/100-'Deficits&Financing'!G52","v":0},{"$f":"F41/100-'Deficits&Financing'!H52","v":0},{"$f":"G41/100-'Deficits&Financing'!I52","v":0},{"$f":"H41/100-'Deficits&Financing'!J52","v":0},{"$f":"I41/100-'Deficits&Financing'!K52","v":0},{"$f":"J41/100-'Deficits&Financing'!L52","v":0},{"$f":"K41/100-'Deficits&Financing'!M52","v":0},{"$f":"L41/100-'Deficits&Financing'!N52","v":0},{"$f":"M41/100-'Deficits&Financing'!O52","v":0},{"$f":"N41/100-'Deficits&Financing'!P52","v":0},{"$f":"O41/100-'Deficits&Financing'!Q52","v":0},{"$f":"P41/100-'Deficits&Financing'!R52","v":0},{"$f":"Q41/100-'Deficits&Financing'!S52","v":0}]

{"sheet":"Control Panel","index":8,"n_rows":107,"n_cols":8,"rows_kept":107,"cut":false,"hidden":false,"merged":[[3,1,3,7],[2,1,2,7],[47,1,47,7]]}
[]
[]
[null,"The Control Panel can be completed after the model is finalized. Policy change values will need to be linked to the Policies & Assumptions sheet. More variables could be added to the Key Outcomes and aligned with the projection in the SEI sheet. "]
[null,{"$f":"\"\"&\" \"&Country_Name&\" - Baseline and Alternative Policy Scenarios\"","v":" Macrofoundland - Baseline and Alternative Policy Scenarios"}]
[]
[null,"Policy Instruments",{"$f":"D6-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"D6+1","v":2025},{"$f":"E6+1","v":2026},2027,2028]
[null,"Fiscal Policy (percent of GDP, unless otherwise indicated)"]
[null,"Revenue: Baseline ",{"$f":"'Policies&Assumptions'!N32","v":15.858233530308803},{"$f":"SEI!S35","v":15.631628285126464},{"$f":"SEI!T35","v":15.631153050855588},{"$f":"SEI!U35","v":15.631148673292095},{"$f":"SEI!V35","v":15.631128357578705},{"$f":"SEI!W35","v":15.631207136416396}]
[null,"Revenue: Scenario",{"$f":"'Policies&Assumptions'!N32","v":15.858233530308803},{"$f":"'Policies&Assumptions'!O32","v":15.631267498539003},{"$f":"'Policies&Assumptions'!P32","v":15.63063204938665},{"$f":"'Policies&Assumptions'!Q32","v":15.630414150224698},{"$f":"'Policies&Assumptions'!R32","v":15.630291729980554},{"$f":"'Policies&Assumptions'!S32","v":15.63022354118289}]
[null,"Additional revenue measures (please specify)","…",0,0,0,0,0]
[null,"Changes in revenue (scenario minus baseline)",{"$f":"C9-C8","v":0},-3.6078658746063752E-4,-5.2100146893785393E-4,-7.3452306739696382E-4,-8.3662759815084087E-4,-9.8359523350666223E-4]
[null,"Expenditure: Baseline",{"$f":"'Policies&Assumptions'!N40","v":19.217038403514032},{"$f":"SEI!S36","v":18.439344110403699},{"$f":"SEI!T36","v":17.882804009158821},{"$f":"SEI!U36","v":17.556649205808714},{"$f":"SEI!V36","v":17.473563635371502},{"$f":"SEI!W36","v":17.353117767555624}]
[null,"Baseline growth of noninterest expense (% y/y)","…",9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,"Baseline growth of capital expenditure  (% y/y)","…",9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,"Expenditure: Scenario",{"$f":"'Policies&Assumptions'!N40","v":19.217038403514032},{"$f":"'Policies&Assumptions'!O40","v":18.398678797285648},{"$f":"'Policies&Assumptions'!P40","v":17.93213596616684},{"$f":"'Policies&Assumptions'!Q40","v":17.685171692272085},{"$f":"'Policies&Assumptions'!R40","v":17.741872147891531},{"$f":"'Policies&Assumptions'!S40","v":17.761860148565781}]
[null,"Growth of noninterest expense compared to baseline (% y/y)","…",0.01,0.01,0.01,0.01,0.01]
[null,"Growth of capital expenditure compared to baseline (% y/y)","…",0.01,0.01,0.01,0.01,0.01]
[null,"Changes in expenditure (scenario minus baseline)",{"$f":"C15-C12","v":0},-4.0665313118051216E-2,4.9331957008018179E-2,0.12852248646337117,0.2683085125200293,0.40874238101015692]
[null,"Fiscal balance: Baseline",{"$f":"'Policies&Assumptions'!N46","v":-3.3588048732052282},{"$f":"D8-D12","v":-2.807715825277235},{"$f":"E8-E12","v":-2.2516509583032338},{"$f":"F8-F12","v":-1.9255005325166188},{"$f":"G8-G12","v":-1.8424352777927968},{"$f":"H8-H12","v":-1.7219106311392274}]
[null,"Fiscal balance: Scenario",{"$f":"'Policies&Assumptions'!N46","v":-3.3588048732052282},{"$f":"'Policies&Assumptions'!O46","v":-2.7674112987466444},{"$f":"'Policies&Assumptions'!P46","v":-2.3015039167801898},{"$f":"'Policies&Assumptions'!Q46","v":-2.0547575420473869},{"$f":"'Policies&Assumptions'!R46","v":-2.1115804179109769},{"$f":"'Policies&Assumptions'!S46","v":-2.131636607382891}]
[null,"Changes in fiscal balance (scenario minus baseline)",{"$f":"C20-C19","v":0},{"$f":"D20-D19","v":4.0304526530590579E-2},{"$f":"E20-E19","v":-4.9852958476956033E-2},-0.12925700953076813,-0.26914514011818014,-0.40972597624366358]
[null,"Monetary Policy (percent)"]
[null,"Policy rate: Baseline",{"$f":"'Policies&Assumptions'!N84","v":6.7500000000000004E-2},0.05,0.05,4.4999999999999998E-2,4.2999999999999997E-2,4.2000000000000003E-2]
[null,"Policy rate: Scenario",{"$f":"'Policies&Assumptions'!N84","v":6.7500000000000004E-2},{"$f":"'Policies&Assumptions'!O84","v":4.5000000000000005E-2},{"$f":"'Policies&Assumptions'!P84","v":4.5000000000000005E-2},{"$f":"'Policies&Assumptions'!Q84","v":0.04},{"$f":"'Policies&Assumptions'!R84","v":3.9999999999999994E-2},{"$f":"'Policies&Assumptions'!S84","v":0.04}]
[null,"Lower policy rate compared to baseline (%)","…",-5.0000000000000001E-3,-5.0000000000000001E-3,-5.0000000000000001E-3,-3.0000000000000001E-3,-2E-3]
[null,"Exchange rate depreciation (LC/US$): Baseline",{"$f":"'Policies&Assumptions'!N107","v":3.6363636363636376E-2},3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,"Exchange rate depreciation (LC/US$): Scenario",{"$f":"'Policies&Assumptions'!N107","v":3.6363636363636376E-2},{"$f":"'Policies&Assumptions'!O107","v":3.499999999999992E-2},{"$f":"'Policies&Assumptions'!P107","v":3.499999999999992E-2},{"$f":"'Policies&Assumptions'!Q107","v":3.499999999999992E-2},{"$f":"'Policies&Assumptions'!R107","v":3.499999999999992E-2},{"$f":"'Policies&Assumptions'!S107","v":3.499999999999992E-2}]
[null,"Additional depreciation compared to baseline ","…",0,0,0,0,0]
[]
[null,"Key Outcomes",{"$f":"C6","v":2023},2024,2025,2026,2027,2028]
[null,"Real GDP growth: Baseline (%)",{"$f":"'GDP&Prices'!N33","v":2.9038356380300057E-2},{"$f":"SEI!S7/100","v":3.1724516702943406E-2},{"$f":"SEI!T7/100","v":5.6048697944482972E-2},{"$f":"SEI!U7/100","v":5.0801313072475818E-2},{"$f":"SEI!V7/100","v":5.2413468543851538E-2},{"$f":"SEI!W7/100","v":5.1105527227359504E-2}]
[null,"Real GDP growth: Scenario (%)",{"$f":"'GDP&Prices'!N33","v":2.9038356380300057E-2},{"$f":"'GDP&Prices'!O33","v":3.6551901366708162E-2},{"$f":"'GDP&Prices'!P33","v":5.7197229237134106E-2},{"$f":"'GDP&Prices'!Q33","v":5.2201636441410182E-2},{"$f":"'GDP&Prices'!R33","v":5.1743704175321037E-2},{"$f":"'GDP&Prices'!S33","v":5.1061930278920808E-2}]
[null,"Output gap: Baseline (%)",{"$f":"SEI!L9/100","v":2.1398252047293378E-3},{"$f":"SEI!S9/100","v":-1.5302605998484698E-2},{"$f":"SEI!T9/100","v":-9.6301234748912938E-3},{"$f":"SEI!U9/100","v":-8.8743240229503268E-3},{"$f":"SEI!V9/100","v":-6.5961692440453393E-3},{"$f":"SEI!W9/100","v":-5.5501788106778992E-3}]
[null,"Output gap: Scenario (%)",{"$f":"SEI!L9/100","v":2.1398252047293378E-3},{"$f":"SEI!M9/100","v":-1.0695235728474677E-2},{"$f":"SEI!N9/100","v":-3.9140944951559873E-3},{"$f":"SEI!O9/100","v":-1.8254992553667769E-3},{"$f":"SEI!P9/100","v":-1.6786160242218364E-4},{"$f":"SEI!Q9/100","v":8.4331960440254584E-4}]
[null,"CPI inflation: Baseline (%)",{"$f":"'GDP&Prices'!N63","v":4.6901966934895067E-2},{"$f":"SEI!S25/100","v":4.3518229339132304E-2},{"$f":"SEI!T25/100","v":3.8636802575434934E-2},{"$f":"SEI!U25/100","v":3.5998368256952684E-2},{"$f":"SEI!V25/100","v":3.5088545407212381E-2},{"$f":"SEI!W25/100","v":3.491451255570379E-2}]
[null,"CPI inflation: Scenario (%)",{"$f":"'GDP&Prices'!N63","v":4.6901966934895067E-2},{"$f":"'GDP&Prices'!O63","v":4.4439703393134307E-2},{"$f":"'GDP&Prices'!P63","v":4.0240745398382988E-2},{"$f":"'GDP&Prices'!Q63","v":3.8210104621943422E-2},{"$f":"'GDP&Prices'!R63","v":3.7480075118032377E-2},{"$f":"'GDP&Prices'!S63","v":3.7388977094129874E-2}]
[null,"Unemployment rate: Baseline (%)",{"$f":"SEI!L10/100","v":6.0759999999999995E-2},{"$f":"SEI!S10/100","v":6.6121042399393884E-2},{"$f":"SEI!T10/100","v":6.3852049389956519E-2},{"$f":"SEI!U10/100","v":6.3549729609180122E-2},{"$f":"SEI!V10/100","v":6.2638467697618133E-2},{"$f":"SEI!W10/100","v":6.2220071524271156E-2}]
[null,"Unemployment rate: Scenarios (%)",{"$f":"SEI!L10/100","v":6.0759999999999995E-2},{"$f":"SEI!M10/100","v":6.4278094291389878E-2},{"$f":"SEI!N10/100","v":6.1565637798062393E-2},{"$f":"SEI!O10/100","v":6.0730199702146707E-2},{"$f":"SEI!P10/100","v":6.0067144640968878E-2},{"$f":"SEI!Q10/100","v":5.9662672158238984E-2}]
[null,"Current account balance: Baseline (% of GDP)",{"$f":"'Deficits&Financing'!N40","v":-3.6310553056211115},{"$f":"SEI!S28","v":-2.5278057394348132},{"$f":"SEI!T28","v":-2.2082169991787746},{"$f":"SEI!U28","v":-1.9539038846792784},{"$f":"SEI!V28","v":-1.8406398136602602},{"$f":"SEI!W28","v":-1.7927902149364989}]
[null,"Current account balance: Scenario (% of GDP)",{"$f":"'Deficits&Financing'!N40","v":-3.6310553056211115},{"$f":"'Deficits&Financing'!O40","v":-2.6571561692984482},{"$f":"'Deficits&Financing'!P40","v":-2.392945321745005},{"$f":"'Deficits&Financing'!Q40","v":-2.2135133600359955},{"$f":"'Deficits&Financing'!R40","v":-2.1318894623328561},{"$f":"'Deficits&Financing'!S40","v":-2.1309464347459115}]
[null,"Gross international reserves: Baseline (mo. of imports)",{"$f":"SEI!L32","v":4.9691878874607927},{"$f":"SEI!S32","v":4.9759395700251012},{"$f":"SEI!T32","v":4.9921559200294157},{"$f":"SEI!U32","v":5.0681088546385222},{"$f":"SEI!V32","v":5.1310303397650765},{"$f":"SEI!W32","v":5.1721795508095942}]
[null,"Gross international reserves: Scenario (mo. of imports)",{"$f":"SEI!L32","v":4.9691878874607927},{"$f":"SEI!M32","v":4.8835797454947105},{"$f":"SEI!N32","v":4.8068722887835893},{"$f":"SEI!O32","v":4.7682621782852674},{"$f":"SEI!P32","v":4.7048384454719372},{"$f":"SEI!Q32","v":4.6039706452818043}]
[null,"Fiscal Balance: Baseline (% of GDP)",{"$f":"SEI!L37","v":-3.3588048732052282},{"$f":"SEI!S37","v":-2.807715825277235},{"$f":"SEI!T37","v":-2.2516509583032338},{"$f":"SEI!U37","v":-1.9255005325166188},{"$f":"SEI!V37","v":-1.8424352777927968},{"$f":"SEI!W37","v":-1.7219106311392274}]
[null,"Fiscal Balance: Scenario (% of GDP)",{"$f":"C43","v":-3.3588048732052282},{"$f":"SEI!M37","v":-2.7674112987466444},{"$f":"SEI!N37","v":-2.3015039167801898},{"$f":"SEI!O37","v":-2.0547575420473869},{"$f":"SEI!P37","v":-2.1115804179109769},{"$f":"SEI!Q37","v":-2.131636607382891}]
[null,"Public debt: Baseline (% of GDP)",{"$f":"SEI!L39","v":60.799336401706171},{"$f":"SEI!S39","v":60.842895540170048},{"$f":"SEI!T39","v":58.580399220105164},{"$f":"SEI!U39","v":58.772174740757656},{"$f":"SEI!V39","v":56.749571864263906},{"$f":"SEI!W39","v":56.906098327375844}]
[null,"Public debt: Scenario (% of GDP)",{"$f":"SEI!L39","v":60.799336401706171},{"$f":"SEI!M39","v":60.469656986976283},{"$f":"SEI!N39","v":58.138120245265569},{"$f":"SEI!O39","v":58.275022451390221},{"$f":"SEI!P39","v":56.460252787767132},{"$f":"SEI!Q39","v":56.878414334627145}]
[]
[null,{"$f":"\"\"&\" \"&Country_Name&\" - Baseline and Alternative Policy Scenarios\"","v":" Macrofoundland - Baseline and Alternative Policy Scenarios"}]
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[null,"Inflation target",{"$f":"'GDP&Prices'!N107","v":0.04},{"$f":"'GDP&Prices'!O107","v":0.04},{"$f":"'GDP&Prices'!P107","v":0.04},{"$f":"'GDP&Prices'!Q107","v":0.04},{"$f":"'GDP&Prices'!R107","v":0.04},{"$f":"'GDP&Prices'!S107","v":0.04}]

{"sheet":"DDT Input","index":9,"n_rows":21,"n_cols":16,"rows_kept":21,"cut":false,"hidden":false,"merged":[[3,0,3,15],[4,0,4,15],[0,0,0,15]]}
["Cell codes: Yellow-shaded cells contain historical data to be populate by users. Grey (empty) cells refer to values to be generated by the template in other worksheets. "]
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[]
["Historical Data and Forecasts. Variables in percent or percent of GDP, unless otherwise indicated."]
[{"$f":"\"Country:\"&\" \"&Country_Name","v":"Country: Macrofoundland"}]
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[null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
["Year/Variable",{"$f":"C8-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"L8-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"L8+1","v":2025},2026,2027,2028]
["dt (debt including uncalled guarantees): Stock of total gross public debt, percent of GDP",{"$f":"'Policies&Assumptions'!E57*100","v":44.692832778829022},{"$f":"'Policies&Assumptions'!F57*100","v":44.687473720103149},{"$f":"'Policies&Assumptions'!G57*100","v":46.401255029620735},{"$f":"'Policies&Assumptions'!H57*100","v":48.906423787152455},{"$f":"'Policies&Assumptions'!I57*100","v":50.807990612051142},{"$f":"'Policies&Assumptions'!J57*100","v":53.579255664654568},{"$f":"'Policies&Assumptions'!K57*100","v":71.084435248610689},{"$f":"'Policies&Assumptions'!L57*100","v":63.562789250751408},{"$f":"'Policies&Assumptions'!M57*100","v":59.547117496047605},{"$f":"'Policies&Assumptions'!N57*100","v":60.799336401706171}]
["o/w stock of local-currency guarantees (uncalled): Stock of uncalled guarantees in local currency included in total debt, percent of GDP",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["o/w stock of foreign-currency guarantees (uncalled): Stock of uncalled guarantees in foreign currency included in total debt, percent of GDP",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["αt (share excl. guarantees): Share of foreign currency denominated debt in total debt, percent of total debt",{"$f":"'Policies&Assumptions'!E63/'Policies&Assumptions'!E56*100","v":57.434097604358648},{"$f":"'Policies&Assumptions'!F63/'Policies&Assumptions'!F56*100","v":53.391647003892665},{"$f":"'Policies&Assumptions'!G63/'Policies&Assumptions'!G56*100","v":52.130997531556936},{"$f":"'Policies&Assumptions'!H63/'Policies&Assumptions'!H56*100","v":50.334129871714062},{"$f":"'Policies&Assumptions'!I63/'Policies&Assumptions'!I56*100","v":51.766709275062759},{"$f":"'Policies&Assumptions'!J63/'Policies&Assumptions'!J56*100","v":51.500795911268348},{"$f":"'Policies&Assumptions'!K63/'Policies&Assumptions'!K56*100","v":56.847506686269455},{"$f":"'Policies&Assumptions'!L63/'Policies&Assumptions'!L56*100","v":57.834883633450232},{"$f":"'Policies&Assumptions'!M63/'Policies&Assumptions'!M56*100","v":57.039456081046104},{"$f":"'Policies&Assumptions'!N63/'Policies&Assumptions'!N56*100","v":57.739751327048282},{"$f":"'Policies&Assumptions'!O63/'Policies&Assumptions'!O56*100","v":59.692054842714057},{"$f":"'Policies&Assumptions'!P63/'Policies&Assumptions'!P56*100","v":60.141748810937536},{"$f":"'Policies&Assumptions'!Q63/'Policies&Assumptions'!Q56*100","v":62.130198724642497},{"$f":"'Policies&Assumptions'!R63/'Policies&Assumptions'!R56*100","v":62.329476598059621},{"$f":"'Policies&Assumptions'!S63/'Policies&Assumptions'!S56*100","v":63.65859293679712}]
["et (LCU/FCU, avg): Nominal average exchange rate, local currency per unit of foreign currency",{"$f":"'Policies&Assumptions'!E106","v":42.625567292270553},{"$f":"'Policies&Assumptions'!F106","v":44.089331946457257},{"$f":"'Policies&Assumptions'!G106","v":45.099982534090898},{"$f":"'Policies&Assumptions'!H106","v":46.535049555555531},{"$f":"'Policies&Assumptions'!I106","v":48.477774271464632},{"$f":"'Policies&Assumptions'!J106","v":50.218005528985501},{"$f":"'Policies&Assumptions'!K106","v":55.339173367773242},{"$f":"'Policies&Assumptions'!L106","v":55.949323694444402},{"$f":"'Policies&Assumptions'!M106","v":53.9},{"$f":"'Policies&Assumptions'!N106","v":55.86},{"$f":"'Policies&Assumptions'!O106","v":57.815099999999994},{"$f":"'Policies&Assumptions'!P106","v":59.838628499999992},{"$f":"'Policies&Assumptions'!Q106","v":61.932980497499983},{"$f":"'Policies&Assumptions'!R106","v":64.100634814912482},{"$f":"'Policies&Assumptions'!S106","v":66.344157033434414}]
["et (LCU/FCU, eop): Nominal end-of-period exchange rate, local currency per unit of foreign currency",{"$f":"'Policies&Assumptions'!E110","v":43.394204000000002},{"$f":"'Policies&Assumptions'!F110","v":44.601514999999999},{"$f":"'Policies&Assumptions'!G110","v":45.728417},{"$f":"'Policies&Assumptions'!H110","v":47.281227000000001},{"$f":"'Policies&Assumptions'!I110","v":49.23471},{"$f":"'Policies&Assumptions'!J110","v":51.872526999999998},{"$f":"'Policies&Assumptions'!K110","v":57.055109999999992},{"$f":"'Policies&Assumptions'!L110","v":56.196336000000002},{"$f":"'Policies&Assumptions'!M110","v":54.879999999999995},{"$f":"'Policies&Assumptions'!N110","v":55.86},{"$f":"'Policies&Assumptions'!O110","v":59.770199999999988},{"$f":"'Policies&Assumptions'!P110","v":59.907056999999995},{"$f":"'Policies&Assumptions'!Q110","v":63.958903994999972},{"$f":"'Policies&Assumptions'!R110","v":64.242365634824992},{"$f":"'Policies&Assumptions'!S110","v":68.445948432043835}]
["itd: Nominal effective interest rate on local currency denominated debt, percent",null,{"$f":"('Policies&Assumptions'!F23/'Policies&Assumptions'!E58)*100","v":14.325104057738159},{"$f":"('Policies&Assumptions'!G23/'Policies&Assumptions'!F58)*100","v":14.320711182521121},{"$f":"('Policies&Assumptions'!H23/'Policies&Assumptions'!G58)*100","v":14.026144558045802},{"$f":"('Policies&Assumptions'!I23/'Policies&Assumptions'!H58)*100","v":13.248374680216472},{"$f":"('Policies&Assumptions'!J23/'Policies&Assumptions'!I58)*100","v":14.342757918782983},{"$f":"('Policies&Assumptions'!K23/'Policies&Assumptions'!J58)*100","v":13.784213217969432},{"$f":"('Policies&Assumptions'!L23/'Policies&Assumptions'!K58)*100","v":13.072896216836646},{"$f":"('Policies&Assumptions'!M23/'Policies&Assumptions'!L58)*100","v":13.818247616422536},{"$f":"('Policies&Assumptions'!N23/'Policies&Assumptions'!M58)*100","v":13.694593298364696},{"$f":"('Policies&Assumptions'!O23/'Policies&Assumptions'!N58)*100","v":9.8929986592605399},{"$f":"('Policies&Assumptions'!P23/'Policies&Assumptions'!O58)*100","v":9.4079321730998391},{"$f":"('Policies&Assumptions'!Q23/'Policies&Assumptions'!P58)*100","v":9.3551710384745252},{"$f":"('Policies&Assumptions'!R23/'Policies&Assumptions'!Q58)*100","v":9.7155544440277612},{"$f":"('Policies&Assumptions'!S23/'Policies&Assumptions'!R58)*100","v":9.918860525897454}]
["itf: Nominal effective interest rate on foreign currency denominated debt, percent",null,{"$f":"('Policies&Assumptions'!F24/'Policies&Assumptions'!F106/('Policies&Assumptions'!E63/'Policies&Assumptions'!E110)*100)","v":4.2970794618611414},{"$f":"('Policies&Assumptions'!G24/'Policies&Assumptions'!G106/('Policies&Assumptions'!F63/'Policies&Assumptions'!F110)*100)","v":5.3451892231101983},{"$f":"('Policies&Assumptions'!H24/'Policies&Assumptions'!H106/('Policies&Assumptions'!G63/'Policies&Assumptions'!G110)*100)","v":5.4671590658422673},{"$f":"('Policies&Assumptions'!I24/'Policies&Assumptions'!I106/('Policies&Assumptions'!H63/'Policies&Assumptions'!H110)*100)","v":5.6238659424659927},{"$f":"('Policies&Assumptions'!J24/'Policies&Assumptions'!J106/('Policies&Assumptions'!I63/'Policies&Assumptions'!I110)*100)","v":6.3767099997811165},{"$f":"('Policies&Assumptions'!K24/'Policies&Assumptions'!K106/('Policies&Assumptions'!J63/'Policies&Assumptions'!J110)*100)","v":5.9371747545040137},{"$f":"('Policies&Assumptions'!L24/'Policies&Assumptions'!L106/('Policies&Assumptions'!K63/'Policies&Assumptions'!K110)*100)","v":4.8659171951577385},{"$f":"('Policies&Assumptions'!M24/'Policies&Assumptions'!M106/('Policies&Assumptions'!L63/'Policies&Assumptions'!L110)*100)","v":5.0097719691005951},{"$f":"('Policies&Assumptions'!N24/'Policies&Assumptions'!N106/('Policies&Assumptions'!M63/'Policies&Assumptions'!M110)*100)","v":4.8415656770752564},{"$f":"('Policies&Assumptions'!O24/'Policies&Assumptions'!O106/('Policies&Assumptions'!N63/'Policies&Assumptions'!N110)*100)","v":5.7272330750074527},{"$f":"('Policies&Assumptions'!P24/'Policies&Assumptions'!P106/('Policies&Assumptions'!O63/'Policies&Assumptions'!O110)*100)","v":4.7986901032279929},{"$f":"('Policies&Assumptions'!Q24/'Policies&Assumptions'!Q106/('Policies&Assumptions'!P63/'Policies&Assumptions'!P110)*100)","v":3.9566470300256382},{"$f":"('Policies&Assumptions'!R24/'Policies&Assumptions'!R106/('Policies&Assumptions'!Q63/'Policies&Assumptions'!Q110)*100)","v":3.7299713500015126},{"$f":"('Policies&Assumptions'!S24/'Policies&Assumptions'!S106/('Policies&Assumptions'!R63/'Policies&Assumptions'!R110)*100)","v":3.3958817072189014}]
["πt: GDP deflator inflation, percent",{"$f":"'GDP&Prices'!E68*100","v":4.4496167916327156},{"$f":"'GDP&Prices'!F68*100","v":2.3459879810873607},{"$f":"'GDP&Prices'!G68*100","v":2.0849349044202992},{"$f":"'GDP&Prices'!H68*100","v":4.0882445318985994},{"$f":"'GDP&Prices'!I68*100","v":4.0134682273657907},{"$f":"'GDP&Prices'!J68*100","v":2.6320949319838194},{"$f":"'GDP&Prices'!K68*100","v":4.7839202200796738},{"$f":"'GDP&Prices'!L68*100","v":7.7036683860792765},{"$f":"'GDP&Prices'!M68*100","v":10.725820525475505},{"$f":"'GDP&Prices'!N68*100","v":4.5033299857353271},{"$f":"'GDP&Prices'!O68*100","v":7.6908704278239037},{"$f":"'GDP&Prices'!P68*100","v":4.3452935065554366},{"$f":"'GDP&Prices'!Q68*100","v":4.1418944531057322},{"$f":"'GDP&Prices'!R68*100","v":4.0269275297348139},{"$f":"'GDP&Prices'!S68*100","v":4.003003943829242}]
["gt: Real GDP growth, percent",{"$f":"'GDP&Prices'!E33*100","v":7.4410143225613901},{"$f":"'GDP&Prices'!F33*100","v":6.5383365279745975},{"$f":"'GDP&Prices'!G33*100","v":7.0003942214849513},{"$f":"'GDP&Prices'!H33*100","v":4.3329521915414393},{"$f":"'GDP&Prices'!I33*100","v":6.3712697254609152},{"$f":"'GDP&Prices'!J33*100","v":5.6558457212700919},{"$f":"'GDP&Prices'!K33*100","v":-6.1763550002351453},{"$f":"'GDP&Prices'!L33*100","v":11.041475065476526},{"$f":"'GDP&Prices'!M33*100","v":5.405733079913011},{"$f":"'GDP&Prices'!N33*100","v":2.9038356380300057},{"$f":"'GDP&Prices'!O33*100","v":3.6551901366708162},{"$f":"'GDP&Prices'!P33*100","v":5.7197229237134106},{"$f":"'GDP&Prices'!Q33*100","v":5.2201636441410182},{"$f":"'GDP&Prices'!R33*100","v":5.1743704175321037},{"$f":"'GDP&Prices'!S33*100","v":5.1061930278920808}]
["pbt: Primary balance, percent of GDP",{"$f":"('Policies&Assumptions'!E32-('Policies&Assumptions'!E40-'Policies&Assumptions'!E42))","v":0.45594748410130492},{"$f":"('Policies&Assumptions'!F32-('Policies&Assumptions'!F40-'Policies&Assumptions'!F42))","v":3.4478483240466815},{"$f":"('Policies&Assumptions'!G32-('Policies&Assumptions'!G40-'Policies&Assumptions'!G42))","v":0.77641908761849443},{"$f":"('Policies&Assumptions'!H32-('Policies&Assumptions'!H40-'Policies&Assumptions'!H42))","v":0.95123276137400659},{"$f":"('Policies&Assumptions'!I32-('Policies&Assumptions'!I40-'Policies&Assumptions'!I42))","v":1.9566377496603682},{"$f":"('Policies&Assumptions'!J32-('Policies&Assumptions'!J40-'Policies&Assumptions'!J42))","v":1.2977868892267903},{"$f":"('Policies&Assumptions'!K32-('Policies&Assumptions'!K40-'Policies&Assumptions'!K42))","v":-2.4939025213273887},{"$f":"('Policies&Assumptions'!L32-('Policies&Assumptions'!L40-'Policies&Assumptions'!L42))","v":1.9465555300790918},{"$f":"('Policies&Assumptions'!M32-('Policies&Assumptions'!M40-'Policies&Assumptions'!M42))","v":1.3607465198353719},{"$f":"('Policies&Assumptions'!N32-('Policies&Assumptions'!N40-'Policies&Assumptions'!N42))","v":1.4554393672929624},{"$f":"('Policies&Assumptions'!O32-('Policies&Assumptions'!O40-'Policies&Assumptions'!O42))","v":1.3739091108104962},{"$f":"('Policies&Assumptions'!P32-('Policies&Assumptions'!P40-'Policies&Assumptions'!P42))","v":1.3491760492474718},{"$f":"('Policies&Assumptions'!Q32-('Policies&Assumptions'!Q40-'Policies&Assumptions'!Q42))","v":1.2288283833317273},{"$f":"('Policies&Assumptions'!R32-('Policies&Assumptions'!R40-'Policies&Assumptions'!R42))","v":1.0851853756620358},{"$f":"('Policies&Assumptions'!S32-('Policies&Assumptions'!S40-'Policies&Assumptions'!S42))","v":0.92725613036546051}]
["oft: Other net debt-creating flows, percent of GDP",{"$f":"'Policies&Assumptions'!E53/'Policies&Assumptions'!E79*100","v":-0.31184344956885002},{"$f":"'Policies&Assumptions'!F53/'Policies&Assumptions'!F79*100","v":1.0743277478043574},{"$f":"'Policies&Assumptions'!G53/'Policies&Assumptions'!G79*100","v":1.5191586913217929},{"$f":"'Policies&Assumptions'!H53/'Policies&Assumptions'!H79*100","v":2.8486792439386552},{"$f":"'Policies&Assumptions'!I53/'Policies&Assumptions'!I79*100","v":2.3305892440691522},{"$f":"'Policies&Assumptions'!J53/'Policies&Assumptions'!J79*100","v":1.6942818785375064},{"$f":"'Policies&Assumptions'!K53/'Policies&Assumptions'!K79*100","v":4.2116278515946703},{"$f":"'Policies&Assumptions'!L53/'Policies&Assumptions'!L79*100","v":-0.38439533955029487},{"$f":"'Policies&Assumptions'!M53/'Policies&Assumptions'!M79*100","v":2.0640443960835166},{"$f":"'Policies&Assumptions'!N53/'Policies&Assumptions'!N79*100","v":0.97742038276650034},{"$f":"'Policies&Assumptions'!O53/'Policies&Assumptions'!O79*100","v":0.95441646720805262},{"$f":"'Policies&Assumptions'!P53/'Policies&Assumptions'!P79*100","v":0.94305183270937831},{"$f":"'Policies&Assumptions'!Q53/'Policies&Assumptions'!Q79*100","v":0.93807510853327192},{"$f":"'Policies&Assumptions'!R53/'Policies&Assumptions'!R79*100","v":0.9345626453988225},{"$f":"'Policies&Assumptions'!S53/'Policies&Assumptions'!S79*100","v":0.9318815890894715}]
["πft: Foreign GDP deflator inflation, percent (used in fan chart)",{"$f":"'GDP&Prices'!E101","v":2.3724696808533898},{"$f":"'GDP&Prices'!F101","v":1.561337286511671},{"$f":"'GDP&Prices'!G101","v":1.990749672266688},{"$f":"'GDP&Prices'!H101","v":2.7045681957787839},{"$f":"'GDP&Prices'!I101","v":3.091593862828371},{"$f":"'GDP&Prices'!J101","v":3.310674431625793},{"$f":"'GDP&Prices'!K101","v":2.4815337634426888},{"$f":"'GDP&Prices'!L101","v":4.3871459142233311},{"$f":"'GDP&Prices'!M101","v":8.23504534544203},{"$f":"'GDP&Prices'!N101","v":6.5725421200532441},{"$f":"'GDP&Prices'!O101","v":7.9417640920633961},{"$f":"'GDP&Prices'!P101","v":3.7004414855551677},{"$f":"'GDP&Prices'!Q101","v":2.9557164041636974},{"$f":"'GDP&Prices'!R101","v":2.6316062528113049},{"$f":"'GDP&Prices'!S101","v":2.4874539113279281}]

{"sheet":"DDT Debt Dynamics","index":10,"n_rows":97,"n_cols":16,"rows_kept":97,"cut":false,"hidden":false,"merged":[[0,0,1,15],[3,0,3,15],[4,0,4,15]]}
["Cell code: Yellow cells are values to be inputted by the user. White cells refer to values generated by the template, or constructed to satisfy certain constraints, using formulas (e.g., accounting definitions, solutions to equations). "]
[]
[]
["Baseline Scenario. Units of macro fiscal variables are as indicated in \"Input - Data\"."]
[{"$f":"\"Country:\"&\" \"&Country_Name","v":"Country: Macrofoundland"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
["Year",{"$f":"C8-1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,{"$f":"L8-1","v":2023},{"$f":"First_Year","v":2024},{"$f":"L8+1","v":2025},2026,2027,2028]
["dt (debt including uncalled guarantees)",{"$f":"'DDT Input'!B9","v":44.692832778829022},{"$f":"'DDT Input'!C9","v":44.687473720103149},{"$f":"'DDT Input'!D9","v":46.401255029620735},{"$f":"'DDT Input'!E9","v":48.906423787152455},{"$f":"'DDT Input'!F9","v":50.807990612051142},{"$f":"'DDT Input'!G9","v":53.579255664654568},{"$f":"'DDT Input'!H9","v":71.084435248610689},{"$f":"'DDT Input'!I9","v":63.562789250751408},{"$f":"'DDT Input'!J9","v":59.547117496047605},{"$f":"'DDT Input'!K9","v":60.799336401706171},{"$f":"(K9-K10-K11)*(L23)-L20*L24+L20*L25+(L10+L11)","v":60.469660576787433},{"$f":"(L9-L10-L11)*(M23)-M20*M24+M20*M25+(M10+M11)","v":58.138120648902628},{"$f":"(M9-M10-M11)*(N23)-N20*N24+N20*N25+(N10+N11)","v":58.275023191859859},56.460253425719102,56.878414341103102]
["o/w stock of local-currency guarantees (uncalled)",{"$f":"'DDT Input'!B10","v":0},{"$f":"'DDT Input'!C10","v":0},{"$f":"'DDT Input'!D10","v":0},{"$f":"'DDT Input'!E10","v":0},{"$f":"'DDT Input'!F10","v":0},{"$f":"'DDT Input'!G10","v":0},{"$f":"'DDT Input'!H10","v":0},{"$f":"'DDT Input'!I10","v":0},{"$f":"'DDT Input'!J10","v":0},{"$f":"'DDT Input'!K10","v":0},{"$f":"'DDT Input'!L10","v":0},{"$f":"'DDT Input'!M10","v":0},{"$f":"'DDT Input'!N10","v":0},{"$f":"'DDT Input'!O10","v":0},{"$f":"'DDT Input'!P10","v":0}]
["o/w stock of foreign-currency guarantees (uncalled)",{"$f":"'DDT Input'!B11","v":0},{"$f":"'DDT Input'!C11","v":0},{"$f":"'DDT Input'!D11","v":0},{"$f":"'DDT Input'!E11","v":0},{"$f":"'DDT Input'!F11","v":0},{"$f":"'DDT Input'!G11","v":0},{"$f":"'DDT Input'!H11","v":0},{"$f":"'DDT Input'!I11","v":0},{"$f":"'DDT Input'!J11","v":0},{"$f":"'DDT Input'!K11","v":0},{"$f":"'DDT Input'!L11","v":0},{"$f":"'DDT Input'!M11","v":0},{"$f":"'DDT Input'!N11","v":0},{"$f":"'DDT Input'!O11","v":0},{"$f":"'DDT Input'!P11","v":0}]
["1 - αt (share excl. guarantees)",{"$f":"100-B13","v":42.565902395641352},{"$f":"100-C13","v":46.608352996107335},47.869002468443064,49.665870128285938,48.233290724937241,48.499204088731652,43.152493313730545,42.165116366549768,42.960543918953896,42.260248672951718,40.307945157285943,39.858251189062464,37.869801275357503,37.670523401940379,36.34140706320288]
["αt (share excl. guarantees)",{"$f":"'DDT Input'!B12","v":57.434097604358648},{"$f":"'DDT Input'!C12","v":53.391647003892665},{"$f":"'DDT Input'!D12","v":52.130997531556936},{"$f":"'DDT Input'!E12","v":50.334129871714062},{"$f":"'DDT Input'!F12","v":51.766709275062759},{"$f":"'DDT Input'!G12","v":51.500795911268348},{"$f":"'DDT Input'!H12","v":56.847506686269455},{"$f":"'DDT Input'!I12","v":57.834883633450232},{"$f":"'DDT Input'!J12","v":57.039456081046104},{"$f":"'DDT Input'!K12","v":57.739751327048282},{"$f":"'DDT Input'!L12","v":59.692054842714057},{"$f":"'DDT Input'!M12","v":60.141748810937536},{"$f":"'DDT Input'!N12","v":62.130198724642497},{"$f":"'DDT Input'!O12","v":62.329476598059621},{"$f":"'DDT Input'!P12","v":63.65859293679712}]
["et (avg)",{"$f":"'DDT Input'!B13","v":42.625567292270553},{"$f":"'DDT Input'!C13","v":44.089331946457257},{"$f":"'DDT Input'!D13","v":45.099982534090898},{"$f":"'DDT Input'!E13","v":46.535049555555531},{"$f":"'DDT Input'!F13","v":48.477774271464632},{"$f":"'DDT Input'!G13","v":50.218005528985501},{"$f":"'DDT Input'!H13","v":55.339173367773242},{"$f":"'DDT Input'!I13","v":55.949323694444402},{"$f":"'DDT Input'!J13","v":53.9},{"$f":"'DDT Input'!K13","v":55.86},{"$f":"'DDT Input'!L13","v":57.815099999999994},{"$f":"'DDT Input'!M13","v":59.838628499999992},{"$f":"'DDT Input'!N13","v":61.932980497499983},{"$f":"'DDT Input'!O13","v":64.100634814912482},{"$f":"'DDT Input'!P13","v":66.344157033434414}]
["et (eop)",{"$f":"'DDT Input'!B14","v":43.394204000000002},{"$f":"'DDT Input'!C14","v":44.601514999999999},{"$f":"'DDT Input'!D14","v":45.728417},{"$f":"'DDT Input'!E14","v":47.281227000000001},{"$f":"'DDT Input'!F14","v":49.23471},{"$f":"'DDT Input'!G14","v":51.872526999999998},{"$f":"'DDT Input'!H14","v":57.055109999999992},{"$f":"'DDT Input'!I14","v":56.196336000000002},{"$f":"'DDT Input'!J14","v":54.879999999999995},{"$f":"'DDT Input'!K14","v":55.86},{"$f":"'DDT Input'!L14","v":59.770199999999988},{"$f":"'DDT Input'!M14","v":59.907056999999995},{"$f":"'DDT Input'!N14","v":63.958903994999972},{"$f":"'DDT Input'!O14","v":64.242365634824992},{"$f":"'DDT Input'!P14","v":68.445948432043835}]
["εt","n.a.",{"$f":"(C15/B15-1)*100","v":2.7821941381849014},2.5266002735557347,3.3957221829918227,4.1316250104930674,5.3576369191572271,9.9909977395163274,-1.5051657949655906,-2.3423875891125823,1.7857142857143016,6.999999999999984,0.22897196261684183,6.7635554105086149,0.44319339782179501,6.5433188141193366]
["itd",{"$f":"'DDT Input'!B15","v":0},{"$f":"'DDT Input'!C15","v":14.325104057738159},{"$f":"'DDT Input'!D15","v":14.320711182521121},{"$f":"'DDT Input'!E15","v":14.026144558045802},{"$f":"'DDT Input'!F15","v":13.248374680216472},{"$f":"'DDT Input'!G15","v":14.342757918782983},{"$f":"'DDT Input'!H15","v":13.784213217969432},{"$f":"'DDT Input'!I15","v":13.072896216836646},{"$f":"'DDT Input'!J15","v":13.818247616422536},{"$f":"'DDT Input'!K15","v":13.694593298364696},{"$f":"'DDT Input'!L15","v":9.8929986592605399},{"$f":"'DDT Input'!M15","v":9.4079321730998391},{"$f":"'DDT Input'!N15","v":9.3551710384745252},{"$f":"'DDT Input'!O15","v":9.7155544440277612},{"$f":"'DDT Input'!P15","v":9.918860525897454}]
["itf",{"$f":"'DDT Input'!B16","v":0},{"$f":"'DDT Input'!C16","v":4.2970794618611414},{"$f":"'DDT Input'!D16","v":5.3451892231101983},{"$f":"'DDT Input'!E16","v":5.4671590658422673},{"$f":"'DDT Input'!F16","v":5.6238659424659927},{"$f":"'DDT Input'!G16","v":6.3767099997811165},{"$f":"'DDT Input'!H16","v":5.9371747545040137},{"$f":"'DDT Input'!I16","v":4.8659171951577385},{"$f":"'DDT Input'!J16","v":5.0097719691005951},{"$f":"'DDT Input'!K16","v":4.8415656770752564},{"$f":"'DDT Input'!L16","v":5.7272330750074527},{"$f":"'DDT Input'!M16","v":4.7986901032279929},{"$f":"'DDT Input'!N16","v":3.9566470300256382},{"$f":"'DDT Input'!O16","v":3.7299713500015126},{"$f":"'DDT Input'!P16","v":3.3958817072189014}]
["π t",{"$f":"'DDT Input'!B17","v":4.4496167916327156},{"$f":"'DDT Input'!C17","v":2.3459879810873607},{"$f":"'DDT Input'!D17","v":2.0849349044202992},{"$f":"'DDT Input'!E17","v":4.0882445318985994},{"$f":"'DDT Input'!F17","v":4.0134682273657907},{"$f":"'DDT Input'!G17","v":2.6320949319838194},{"$f":"'DDT Input'!H17","v":4.7839202200796738},{"$f":"'DDT Input'!I17","v":7.7036683860792765},{"$f":"'DDT Input'!J17","v":10.725820525475505},{"$f":"'DDT Input'!K17","v":4.5033299857353271},{"$f":"'DDT Input'!L17","v":7.6908704278239037},{"$f":"'DDT Input'!M17","v":4.3452935065554366},{"$f":"'DDT Input'!N17","v":4.1418944531057322},{"$f":"'DDT Input'!O17","v":4.0269275297348139},{"$f":"'DDT Input'!P17","v":4.003003943829242}]
["µt",{"$f":"1/(1-B13/100*(1-B14/B15))","v":1.010277796277383},1.0061690725268877,1.0072159323031336,1.0080071795910972,1.0080224754145291,1.0167009889570877,1.0173943189166235,1.0025486247747069,1.0102904315535175,1,1.0199142734209043,1.0006874380004172,1.0200750623040913,1.0013769997667827,1.0199375823657217]
["rˆtw","n.a.",{"$f":"(((1+C18/100)*(1+C16/100)*C14/C15*B13/100+(1+C17/100)*B12/100)*C20/(1+C19/100)-1)*100","v":7.6747958074589118},8.6859878277830926,7.0429933442496262,7.3367024735456976,10.275368566440047,10.09456496936021,-0.16551289995982987,-3.0619358840190181,4.984932596515268,3.8225587989190402,2.3539871449577143,6.0047121151050931,2.171303353020404,5.875857383841776]
["gt",{"$f":"'DDT Input'!B18","v":7.4410143225613901},{"$f":"'DDT Input'!C18","v":6.5383365279745975},{"$f":"'DDT Input'!D18","v":7.0003942214849513},{"$f":"'DDT Input'!E18","v":4.3329521915414393},{"$f":"'DDT Input'!F18","v":6.3712697254609152},{"$f":"'DDT Input'!G18","v":5.6558457212700919},{"$f":"'DDT Input'!H18","v":-6.1763550002351453},{"$f":"'DDT Input'!I18","v":11.041475065476526},{"$f":"'DDT Input'!J18","v":5.405733079913011},{"$f":"'DDT Input'!K18","v":2.9038356380300057},{"$f":"'DDT Input'!L18","v":3.6551901366708162},{"$f":"'DDT Input'!M18","v":5.7197229237134106},{"$f":"'DDT Input'!N18","v":5.2201636441410182},{"$f":"'DDT Input'!O18","v":5.1743704175321037},{"$f":"'DDT Input'!P18","v":5.1061930278920808}]
["φˆt","n.a.",{"$f":"(1+C21/100)/(1+C22/100)","v":1.0106671393276907},1.0157531532342681,1.0259749302189103,1.0090760667854819,1.0437223592659197,1.1734202499768169,0.89907385543259344,0.91966595443615673,1.0202237063913306,1.0016146674568591,0.96816359629333892,1.0074562559474576,0.97144677878660157,1.0073227307904249]
["pbt",{"$f":"'DDT Input'!B19","v":0.45594748410130492},{"$f":"'DDT Input'!C19","v":3.4478483240466815},{"$f":"'DDT Input'!D19","v":0.77641908761849443},{"$f":"'DDT Input'!E19","v":0.95123276137400659},{"$f":"'DDT Input'!F19","v":1.9566377496603682},{"$f":"'DDT Input'!G19","v":1.2977868892267903},{"$f":"'DDT Input'!H19","v":-2.4939025213273887},{"$f":"'DDT Input'!I19","v":1.9465555300790918},{"$f":"'DDT Input'!J19","v":1.3607465198353719},{"$f":"'DDT Input'!K19","v":1.4554393672929624},{"$f":"'DDT Input'!L19","v":1.3739091108104962},{"$f":"'DDT Input'!M19","v":1.3491760492474718},{"$f":"'DDT Input'!N19","v":1.2288283833317273},{"$f":"'DDT Input'!O19","v":1.0851853756620358},{"$f":"'DDT Input'!P19","v":0.92725613036546051}]
["oft (other net debt-creating flows)",{"$f":"'DDT Input'!B20","v":-0.31184344956885002},{"$f":"'DDT Input'!C20","v":1.0743277478043574},{"$f":"'DDT Input'!D20","v":1.5191586913217929},{"$f":"'DDT Input'!E20","v":2.8486792439386552},{"$f":"'DDT Input'!F20","v":2.3305892440691522},{"$f":"'DDT Input'!G20","v":1.6942818785375064},{"$f":"'DDT Input'!H20","v":4.2116278515946703},{"$f":"'DDT Input'!I20","v":-0.38439533955029487},{"$f":"'DDT Input'!J20","v":2.0640443960835166},{"$f":"'DDT Input'!K20","v":0.97742038276650034},{"$f":"'DDT Input'!L20","v":0.95441646720805262},{"$f":"'DDT Input'!M20","v":0.94305183270937831},{"$f":"'DDT Input'!N20","v":0.93807510853327192},{"$f":"'DDT Input'!O20","v":0.9345626453988225},{"$f":"'DDT Input'!P20","v":0.9318815890894715}]
["sfiert","n.a.",{"$f":"((C15-C14)/C15)*((C13/100)*(C9-C10-C11)-(B13/100)*(B9-B10-B11)*(1+C16/100)/((1+C22/100)*(1+C19/100)))","v":-3.8689724928632407E-3},2.466222759288602E-2,2.503019695273247E-2,4.8169333792646429E-2,6.5035094769428647E-2,0.28685635002305127,1.5302741297093362E-2,5.7239131295662583E-2,0,7.998932338602105E-2,2.4780597484603132E-3,6.776164516868545E-2,4.3069717639793448E-3,5.8603537031620863E-2]
["adjt","n.a.",{"$f":"C24-B24","v":2.9919008399453766},{"$f":"D24-C24","v":-2.6714292364281871},0.17481367375551216,1.0054049882863616,-0.65885086043357788,-3.791689410554179,4.4404580514064804,-0.5858090102437199,9.4692847457590545E-2,-8.1530256482466257E-2,-2.473306156302435E-2,-0.12034766591574453,-0.14364300766969151,-0.15792924529657526]
["Int paymentst (excl. guarantees)","n.a.",{"$f":"(B9-B10-B11)*(1/((1+C22/100)*(1+C19/100)))*(B13/100*(1+C16/100)*(C14/C15)*(C18/100)+B12/100*(C17/100))","v":3.5271078660306041},3.9112544592723362,4.1080413706352843,4.1914553253199136,4.8189937401417504,5.4211786496839132,4.9652833587296232,4.6866759802080828,4.8142442404981916,4.1413206536814045,3.6506799911973897,3.2835859668906182,3.1967658295974615,3.0588927380966542]
["ifisct (excl. guarantees), used in final output","n.a.",{"$f":"(B13/100)*(1+C16/100)*(C14/C15)*C18+(B12/100)*C17","v":8.6051331197947079},{"$f":"(C13/100)*(1+D16/100)*(D14/D15)*D18+(C12/100)*D17","v":9.5604272592001465},9.6145344918594784,9.4822817574460423,10.284923534441376,9.9472718447275099,8.353822406068339,8.6054804588871967,8.6941888309051834,7.6034371247850885,6.6598602474156703,6.1888769611038397,6.0018351403444097,5.9223710673220769]
["φˆobt","n.a.",{"$f":"((1+C16/100)*C14/C15*B13/100+B12/100)*C20/((1+C19/100)*(1+C22/100))","v":0.93126141295924691},{"$f":"((1+D16/100)*D14/D15*C13/100+C12/100)*D20/((1+D19/100)*(1+D22/100))","v":0.92759695466852654},0.93673305102805193,0.9226849376567906,0.94729115538717357,1.0704797314570911,0.82904533251472423,0.84517419668907279,0.93937606098149651,0.9321436453128753,0.90775000090509128,0.94984338297578885,0.91651470669012181,0.95206474885247649]
["obt","n.a.",{"$f":"C24-C28","v":-7.9259541983922599E-2},{"$f":"D24-D28","v":-3.1348353716538417},-3.1568086092612777,-2.2348175756595454,-3.5212068509149601,-7.9150811710113018,-3.0187278286505315,-3.325929460372711,-3.3588048732052291,-2.7674115428709083,-2.3015039419499179,-2.0547575835588909,-2.1115804539354257,-2.1316366077311937]
["residualt","n.a.",{"$f":"((C9-C10-C11)-C23*(B9-B10-B11)+C20*C24-C20*C25)/C20","v":1.8943727410618303},{"$f":"((D9-D10-D11)-D23*(C9-C10-C11)+D20*D24-D20*D25)/D20","v":0.25983854857374522},-0.60787293350047455,1.0721361593094194,0.14429314747259375,1.3674964961153726,1.984465920289789,0.37617810320267719,0.52597446949489546,-4.3541817329464237E-15,1.4422984412562415E-15,-1.5237233924378285E-15,-1.5521748900136643E-15,-4.0275260585898537E-15]
["πft: (used in fan chart) (US deflator)",{"$f":"'DDT Input'!B21","v":2.3724696808533898},{"$f":"'DDT Input'!C21","v":1.561337286511671},{"$f":"'DDT Input'!D21","v":1.990749672266688},{"$f":"'DDT Input'!E21","v":2.7045681957787839},{"$f":"'DDT Input'!F21","v":3.091593862828371},{"$f":"'DDT Input'!G21","v":3.310674431625793},{"$f":"'DDT Input'!H21","v":2.4815337634426888},{"$f":"'DDT Input'!I21","v":4.3871459142233311},{"$f":"'DDT Input'!J21","v":8.23504534544203},{"$f":"'DDT Input'!K21","v":6.5725421200532441},{"$f":"'DDT Input'!L21","v":7.9417640920633961},{"$f":"'DDT Input'!M21","v":3.7004414855551677},{"$f":"'DDT Input'!N21","v":2.9557164041636974},{"$f":"'DDT Input'!O21","v":2.6316062528113049},{"$f":"'DDT Input'!P21","v":2.4874539113279281}]
["rˆtd (used in fan chart)","n.a.",{"$f":"((1+C17/100)*C20/(1+C19/100)-1)*100","v":12.393642570113217},{"$f":"((1+D17/100)/(1+D19/100)*D20-1)*100","v":12.793961031633527},10.424739020724427,9.7520435837071382,13.270994938912771,10.478222104326473,5.2527535042944606,3.8506519593631383,8.795187018331351,4.0770099046816277,4.9238922657728335,7.1139367073610904,5.6136476831978088,7.7953257212919125]
["rˆtf (used in fan chart)","n.a.",{"$f":"((1+C18/100)*(C14/C15)*C20/(1+C33/100)-1)*100","v":2.1406478462931755},2.6045728293769166,1.8785029030543798,1.6904825842623428,1.3483443738267376,2.0070524928349709,0.27198732527811131,-3.7318304314811535,-1.6242236588745906,-3.3687501143923826,1.0130171078361672,-0.26332244492487389,0.98608820776264761,-0.26190559958698678]
["zt (used in fan chart)","n.a.",{"$f":"((1+C16/100)*(1+C33/100)/(1+C19/100)-1)*100","v":1.9941992044172796},2.4320075537021424,2.0212517547122832,3.208703418983827,6.0542370673997814,7.5741976902763186,-4.5381203442179103,-4.5391936816752683,3.8011164277222731,7.2492841033503952,-0.39044126591379902,5.5475165961582862,-0.90405897421487191,4.990750867343996]
["iˆtw including all exchange rate valuation effects, for reference only","n.a.",{"$f":"(((1+C18/100)*(1+C16/100)*C14/C15*B13/100+(1+C17/100)*B12/100)*C20-1)*100","v":10.200833575762246},10.952019924218547,11.419172666426491,11.644626923623601,13.177920953703804,15.361401124138174,7.5254049211703533,7.3354668939314749,9.7127505466381603,11.807417270995192,6.8015683020681506,10.395315406231331,6.2856676952320445,10.11407213047999]
["it w/o exchange rate valuation effects, used in debt decomposition ","n.a.",{"$f":"(B12/100*(1+C17/100)+B13/100*(1+C18/100)-1)*100","v":8.5655986235530612},9.5285321811955583,9.5642600423788693,9.4106445500769631,10.218997051841106,9.7429259538213806,8.407433268746999,8.7238759759130868,8.6448744964764188,7.4876959700450385,6.6565808689184713,6.1084042898150281,5.9966997728806426,5.8531219696128289]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,"First Year of Projection"]
[null,{"$f":"C56-1","v":2012},2013,2014,2015,2016,2017,2018,2019,2020,{"$f":"L56-1","v":2021},2022,{"$f":"L56+1","v":2023},{"$f":"M56+1","v":2024},2025,2026]
[]
["Public sector debt 1/",{"$f":"B9","v":44.692832778829022},44.687473720103149,46.401255029620735,48.906423787152455,50.807990612051142,53.579255664654568,71.084435248610689,63.562789250751408,59.547117496047605,60.799336401706171,60.469660576787433,58.138120648902628,58.275023191859859,56.460253425719102,56.878414341103102]
["o/w stock of foreign-currency denominated debt (excl. guarantees)",{"$f":"IF(B13=\"n.a.\",\"n.a.\",B13*(B9-B10-B11)/100)","v":25.668925200345456},23.859378223594778,24.189437114103026,24.616622864636174,26.301624788641693,27.593743110630435,40.409729080850845,36.761465197347292,33.965351931686996,35.105385646840688,36.095582954698997,34.965282484062826,36.206387715934035,35.191380446188738,36.207998254307661]
["o/w stock of local-currency guarantees (uncalled)",{"$f":"IF(B10=\"n.a.\",\"0\",B10)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["o/w stock of foreign-currency guarantees (uncalled)",{"$f":"IF(B11=\"n.a.\",\"0\",B11)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Change in public sector debt",null,{"$f":"C58-B58","v":-5.3590587258725009E-3},1.7137813095175858,2.5051687575317203,1.901566824898687,2.7712650526034253,17.505179583956121,-7.5216459978592809,-4.0156717547038028,1.252218905658566,-0.3296758249187377,-2.3315399278848048,0.13690254295723037,-1.8147697661407562,0.41816091538400002]
["Identified debt-creating flows",null,{"$f":"SUM(C65,C66,C72,C73,C74)","v":-1.899731799787705},{"$f":"SUM(D65,D66,D72,D73,D74)","v":1.4539427609438351},3.1130416910321936,0.82943066558927236,2.6269719051308438,16.137683087840749,-9.506111918149065,-4.3918498579064815,0.72624443616366474,-0.32967582491874137,-2.3315399278847995,0.13690254295723625,-1.8147697661407582,0.41816091538401295]
["Primary deficit",null,{"$f":"-C24","v":-3.4478483240466815},-0.77641908761849443,-0.95123276137400659,-1.9566377496603682,-1.2977868892267903,2.4939025213273887,-1.9465555300790918,-1.3607465198353719,-1.4554393672929624,-1.3739091108104962,-1.3491760492474718,-1.2288283833317273,-1.0851853756620358,-0.92725613036546051]
["Automatic debt dynamics 2/",null,{"$f":"C67+C70","v":0.4776577489474827},0.68654092964765046,1.1905650115148125,0.40730983738784199,2.1654418210506989,9.1452963648956391,-7.1904637898167723,-5.1523868654502891,1.2042634206901268,9.8274952976811214E-3,-1.9278937710951667,0.35989417258700618,-1.6684540076415244,0.35493191962838111]
["Contribution from interest rate/growth differential 3/",null,{"$f":"C68+C69","v":-0.19351225064285549},0.12160732792266282,0.41271327828070614,-0.54360980664689285,0.83504349110647746,6.2297066741037819,-6.6500244834390756,-4.3501072342348683,0.61294705707695862,-2.2546272087624675,-2.0046130769123538,-1.8409815257732665,-1.8178530163056124,-1.7873289471591938]
["Real interest rate ",null,{"$f":"((C38/100-(1+C22/100)*C19/100)/C71)*(B58-B60-B61)","v":2.4864484051110214},2.9855298674826809,2.2640714355485465,2.2726841089881762,3.4850860543532498,2.8636456693579664,-8.7273956373324871E-2,-1.4060625057525371,2.2208916586533038,-0.26377568231478032,1.1307196863984552,0.92864149218326097,0.93817912280732163,0.85000947604795662]
["Real GDP growth",null,{"$f":"-((C22/100)/C71)*(B58-B60-B61)","v":-2.6799606557538769},-2.8639225395600181,-1.8513581572678404,-2.816293915635069,-2.6500425632467723,3.3660610047458155,-6.5627505270657505,-2.9440447284823312,-1.6079446015763452,-1.9908515264476871,-3.1353327633108088,-2.7696230179565275,-2.7560321391129339,-2.6373384232071504]
["Exchange rate depreciation",null,{"$f":"(B13/100*(B58-B60-B61))*(C16/100+(C18/100*((1+C16/100)*(C14/C15)-1)))/C71","v":0.67116999959033818},0.56493360172498763,0.7778517332341065,0.95091964403473483,1.3303983299442215,2.9155896907918581,-0.54043930637769666,-0.80227963121542112,0.59131636361316819,2.2644547040601486,7.6719305817187028E-2,2.2008756983602726,0.14939900866408806,2.1422608667875749]
["   Denominator = 1+g+p+gp",null,{"$f":"(1+C22/100)*(1+C19/100)","v":1.090377130981713},1.09231282788476,1.0859833840448052,1.1064044683893786,1.0843680788184429,0.98312093324124372,1.1959574207553174,1.1671136283362624,1.075379349247892,1.1162717650179668,1.1031355517906594,1.0957827176566648,1.0940966609410097,1.0931359808000738]
["Other debt-creating flows",null,{"$f":"C25","v":1.0743277478043574},1.5191586913217929,2.8486792439386552,2.3305892440691522,1.6942818785375064,4.2116278515946703,-0.38439533955029487,2.0640443960835166,0.97742038276650034,0.95441646720805262,0.94305183270937831,0.93807510853327192,0.9345626453988225,0.9318815890894715]
["Change in guarantees",null,{"$f":"(C60+C61)-(B60+B61)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
["SFA due to intra-year fx changes",null,{"$f":"((C15-C14)/C15)*((C13/100)*(C9-C10-C11)-(B13/100)*(B9-B10-B11)*(1+C16/100)/((1+C22/100)*(1+C19/100)))","v":-3.8689724928632407E-3},2.466222759288602E-2,2.503019695273247E-2,4.8169333792646429E-2,6.5035094769428647E-2,0.28685635002305127,1.5302741297093362E-2,5.7239131295662583E-2,0,7.998932338602105E-2,2.4780597484603132E-3,6.776164516868545E-2,4.3069717639793448E-3,5.8603537031620863E-2]
["Residual",null,{"$f":"((C9-C10-C11)-C23*(B9-B10-B11)+C20*C24-C20*C25)/C20","v":1.8943727410618303},0.25983854857374522,-0.60787293350047455,1.0721361593094194,0.14429314747259375,1.3674964961153726,1.984465920289789,0.37617810320267719,0.52597446949489546,-4.3541817329464237E-15,1.4422984412562415E-15,-1.5237233924378285E-15,-1.5521748900136643E-15,-4.0275260585898537E-15]
[]
["Key Macroeconomic and Fiscal Assumptions"]
["Real GDP growth (in percent)",null,{"$f":"C22","v":6.5383365279745975},7.0003942214849513,4.3329521915414393,6.3712697254609152,5.6558457212700919,-6.1763550002351453,11.041475065476526,5.405733079913011,2.9038356380300057,3.6551901366708162,5.7197229237134106,5.2201636441410182,5.1743704175321037,5.1061930278920808]
["Average nominal effective interest rate on public debt (in percent) 5/",null,{"$f":"C29","v":8.6051331197947079},9.5604272592001465,9.6145344918594784,9.4822817574460423,10.284923534441376,9.9472718447275099,8.353822406068339,8.6054804588871967,8.6941888309051834,7.6034371247850885,6.6598602474156703,6.1888769611038397,6.0018351403444097,5.9223710673220769]
["Average real effective interest rate on public debt (nominal rate minus change in GDP deflator, in percent)",null,{"$f":"C79-C83","v":6.2591451387073471},{"$f":"D79-D83","v":7.4754923547798473},5.526289959960879,5.4688135300802516,7.6528286024575563,5.1633516246478361,0.65015401998906253,-2.1203400665883088,4.1908588451698563,-8.7433303038815247E-2,2.3145667408602337,2.0469825079981074,1.9749076106095957,1.9193671234928349]
["Exchange rate (LC per US dollar, eop) ",null,{"$f":"C15","v":44.601514999999999},45.728417,47.281227000000001,49.23471,51.872526999999998,57.055109999999992,56.196336000000002,54.879999999999995,55.86,59.770199999999988,59.907056999999995,63.958903994999972,64.242365634824992,68.445948432043835]
["Nominal depreciation of local currency (LC per US dollar, eop, in percent)",null,{"$f":"C16","v":2.7821941381849014},2.5266002735557347,3.3957221829918227,4.1316250104930674,5.3576369191572271,9.9909977395163274,-1.5051657949655906,-2.3423875891125823,1.7857142857143016,6.999999999999984,0.22897196261684183,6.7635554105086149,0.44319339782179501,6.5433188141193366]
["Inflation rate (GDP deflator, in percent)",null,{"$f":"C19","v":2.3459879810873607},2.0849349044202992,4.0882445318985994,4.0134682273657907,2.6320949319838194,4.7839202200796738,7.7036683860792765,10.725820525475505,4.5033299857353271,7.6908704278239037,4.3452935065554366,4.1418944531057322,4.0269275297348139,4.003003943829242]
[]
["NOTES"]
["1/ Indicate coverage of public sector, e.g., general government or nonfinancial public sector. Also whether net or gross debt is used."]
["2/ Derived as [(r - p(1+g) - g + ae(1+r)]/(1+g+p+gp)) times previous period debt ratio, with r = interest rate; p = growth rate of GDP deflator; g = real GDP growth rate; a = share of foreign-currency "]
["denominated debt; and e = nominal exchange rate depreciation (measured by increase in local currency value of U.S. dollar)."]
["3/ The real interest rate contribution is derived from the denominator in footnote 2/ as r - π (1+g) and the real growth contribution as -g."]
["4/ The exchange rate contribution is derived from the numerator in footnote 2/ as ae(1+r). "]
["5/ Derived as nominal interest expenditure divided by previous period debt stock."]
[]
[]
[null,null,null,null,"Cross checks MFT vs. DDT:"]
[null,null,null,null,"Debt stock form the MFT projection",null,null,null,null,{"$f":"'Policies&Assumptions'!M57*100","v":59.547117496047605},{"$f":"'Policies&Assumptions'!N57*100","v":60.799336401706171},{"$f":"'Policies&Assumptions'!O57*100","v":60.469656986976283},{"$f":"'Policies&Assumptions'!P57*100","v":58.138120245265569},{"$f":"'Policies&Assumptions'!Q57*100","v":58.275022451390221},{"$f":"'Policies&Assumptions'!R57*100","v":56.460252787767132},{"$f":"'Policies&Assumptions'!S57*100","v":56.878414334627145}]
[null,null,null,null,"Debt stock projection from the DDT projection",null,null,null,null,{"$f":"J9","v":59.547117496047605},{"$f":"K9","v":60.799336401706171},60.469660576787433,58.138120648902628,58.275023191859859,56.460253425719102,56.878414341103102]
[null,null,null,null,"Check for MFT vs DDT consistency",null,null,null,null,{"$f":"J95-J96","v":0},0,-3.5898111505616725E-6,-4.0363705977597419E-7,-7.4046963760565632E-7,-6.3795197036142781E-7,-6.4759575479911291E-9]

{"sheet":"DDT Output","index":11,"n_rows":75,"n_cols":36,"rows_kept":75,"cut":false,"hidden":false,"merged":[[41,22,41,24],[3,1,3,19],[4,1,4,20],[22,22,22,24],[26,22,26,24],[30,22,30,24],[34,22,34,24],[35,22,35,24],[39,22,40,24],[20,7,20,10],[20,13,20,19],[20,22,20,24],[21,7,21,8],[8,7,8,10],[8,13,8,18],[9,7,9,8],[6,0,6,20],[18,1,18,21],[18,26,18,28],[20,26,20,28],[39,26,40,28],[21,22,21,24],[6,26,6,28],[18,22,18,24],[41,26,41,28],[21,26,21,28],[22,26,22,28],[26,26,26,28],[30,26,30,28],[34,26,34,28],[35,26,35,28]]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,"ACTIVE SCENARIO",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BASELINE"]
[null,{"$f":"Country_Name&\" - Public Sector Debt Dynamics\"","v":"Macrofoundland - Public Sector Debt Dynamics"}]
[null,"(in percent of GDP unless otherwise indicated)"]
[]
["Debt and Economic Indicators 1/"]
[]
[null,null,null,null,null,null,null,"Actual",null,null,null,"Est.",null,"Projections"]
[null,null,null,null,null,null,null,{"$f":"CONCATENATE('DDT Debt Dynamics'!C8,\"-\",'DDT Debt Dynamics'!I8)","v":"2015-2021"},null,"2/",{"$f":"'DDT Debt Dynamics'!J8","v":2022},{"$f":"'DDT Debt Dynamics'!K8","v":2023},null,{"$f":"'DDT Debt Dynamics'!L8","v":2024},{"$f":"'DDT Debt Dynamics'!M8","v":2025},{"$f":"'DDT Debt Dynamics'!N8","v":2026},{"$f":"'DDT Debt Dynamics'!O8","v":2027},{"$f":"'DDT Debt Dynamics'!P8","v":2028}]
[null,"Nominal gross public debt",null,null,null,null,null,null,{"$f":"(AVERAGE('DDT Debt Dynamics'!C9:I9))","v":54.147089044706306},null,{"$f":"'DDT Debt Dynamics'!J9","v":59.547117496047605},{"$f":"'DDT Debt Dynamics'!K9","v":60.799336401706171},null,{"$f":"'DDT Debt Dynamics'!L9","v":60.469660576787433},{"$f":"'DDT Debt Dynamics'!M9","v":58.138120648902628},{"$f":"'DDT Debt Dynamics'!N9","v":58.275023191859859},{"$f":"'DDT Debt Dynamics'!O9","v":56.460253425719102},{"$f":"'DDT Debt Dynamics'!P9","v":56.878414341103102}]
[null,"      Of which: guarantees (uncalled) 3/",null,null,null,null,null,null,{"$f":"IFERROR(AVERAGE('DDT Debt Dynamics'!C10:I10)+AVERAGE('DDT Debt Dynamics'!C11:I11),\"0.0\")","v":0},null,{"$f":"IFERROR(SUM('DDT Debt Dynamics'!J10,'DDT Debt Dynamics'!J11),\"…\")","v":0},{"$f":"IFERROR(SUM('DDT Debt Dynamics'!K10,'DDT Debt Dynamics'!K11),\"…\")","v":0},null,{"$f":"IFERROR(SUM('DDT Debt Dynamics'!L10,'DDT Debt Dynamics'!L11),\"…\")","v":0},{"$f":"IFERROR(SUM('DDT Debt Dynamics'!M10,'DDT Debt Dynamics'!M11),\"…\")","v":0},{"$f":"IFERROR(SUM('DDT Debt Dynamics'!N10,'DDT Debt Dynamics'!N11),\"…\")","v":0},{"$f":"IFERROR(SUM('DDT Debt Dynamics'!O10,'DDT Debt Dynamics'!O11),\"…\")","v":0},{"$f":"IFERROR(SUM('DDT Debt Dynamics'!P10,'DDT Debt Dynamics'!P11),\"…\")","v":0}]
[null,"Real GDP growth (in percent)",null,null,null,null,null,null,{"$f":"(AVERAGE('DDT Debt Dynamics'!C22:I22)/100)*100","v":4.9662740647104835},null,{"$f":"'DDT Debt Dynamics'!J22","v":5.405733079913011},{"$f":"'DDT Debt Dynamics'!K22","v":2.9038356380300057},null,{"$f":"'DDT Debt Dynamics'!L22","v":3.6551901366708162},{"$f":"'DDT Debt Dynamics'!M22","v":5.7197229237134106},{"$f":"'DDT Debt Dynamics'!N22","v":5.2201636441410182},{"$f":"'DDT Debt Dynamics'!O22","v":5.1743704175321037},{"$f":"'DDT Debt Dynamics'!P22","v":5.1061930278920808}]
[null,"Inflation (GDP deflator, in percent)",null,null,null,null,null,null,{"$f":"(AVERAGE('DDT Debt Dynamics'!C19:I19)/100)*100","v":3.9503313118449741},null,{"$f":"'DDT Debt Dynamics'!J19","v":10.725820525475505},{"$f":"'DDT Debt Dynamics'!K19","v":4.5033299857353271},null,{"$f":"'DDT Debt Dynamics'!L19","v":7.6908704278239037},{"$f":"'DDT Debt Dynamics'!M19","v":4.3452935065554366},{"$f":"'DDT Debt Dynamics'!N19","v":4.1418944531057322},{"$f":"'DDT Debt Dynamics'!O19","v":4.0269275297348139},{"$f":"'DDT Debt Dynamics'!P19","v":4.003003943829242}]
[null,"Nominal GDP growth (in percent)",null,null,null,null,null,null,{"$f":"((1+I13/100)*(1+I14/100)-1)*100","v":9.1127896559657362},null,{"$f":"((1+K13/100)*(1+K14/100)-1)*100","v":16.711362833626243},{"$f":"((1+L13/100)*(1+L14/100)-1)*100","v":7.5379349247892025},null,{"$f":"((1+N13/100)*(1+N14/100)-1)*100","v":11.627176501796676},10.313555179065936,9.5782717656664786,9.4096660941009667,9.3135980800073792]
[null,"Effective interest rate (in percent) 4/",null,null,null,null,null,null,{"$f":"(AVERAGE('DDT Debt Dynamics'!C29:I29)/100)*100","v":9.406913487648227},null,{"$f":"'DDT Debt Dynamics'!J29","v":8.6054804588871967},{"$f":"'DDT Debt Dynamics'!K29","v":8.6941888309051834},null,{"$f":"'DDT Debt Dynamics'!L29","v":7.6034371247850885},{"$f":"'DDT Debt Dynamics'!M29","v":6.6598602474156703},{"$f":"'DDT Debt Dynamics'!N29","v":6.1888769611038397},{"$f":"'DDT Debt Dynamics'!O29","v":6.0018351403444097},{"$f":"'DDT Debt Dynamics'!P29","v":5.9223710673220769}]
[]
[]
[null,"Contribution to Changes in Public Debt"]
[]
[null,null,null,null,null,null,null,"Actual",null,null,null,"Est.",null,"Projections"]
[null,null,null,null,null,null,null,{"$f":"CONCATENATE('DDT Debt Dynamics'!C8,\"-\",'DDT Debt Dynamics'!I8)","v":"2015-2021"},null,null,{"$f":"'DDT Debt Dynamics'!J8","v":2022},{"$f":"'DDT Debt Dynamics'!K8","v":2023},null,{"$f":"'DDT Debt Dynamics'!L8","v":2024},{"$f":"'DDT Debt Dynamics'!M8","v":2025},{"$f":"'DDT Debt Dynamics'!N8","v":2026},{"$f":"'DDT Debt Dynamics'!O8","v":2027},{"$f":"'DDT Debt Dynamics'!P8","v":2028},null,"cumulative"]
[null,"Change in gross public sector debt",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C63:I63)","v":2.6957080674174838},null,{"$f":"'DDT Debt Dynamics'!J63","v":-4.0156717547038028},{"$f":"'DDT Debt Dynamics'!K63","v":1.252218905658566},null,{"$f":"'DDT Debt Dynamics'!L63","v":-0.3296758249187377},{"$f":"'DDT Debt Dynamics'!M63","v":-2.3315399278848048},{"$f":"'DDT Debt Dynamics'!N63","v":0.13690254295723037},{"$f":"'DDT Debt Dynamics'!O63","v":-1.8147697661407562},{"$f":"'DDT Debt Dynamics'!P63","v":0.41816091538400002},null,{"$f":"SUM(N23:R23)","v":-3.9209220606030684}]
[]
[null,"Identified debt-creating flows",null,null,null,null,null,null,{"$f":"I27+I31+I40+I41+I42","v":1.8221751989428749},null,{"$f":"K27+K31+K40+K41+K42","v":-4.3918498579064815},{"$f":"L27+L31+L40+L41+L42","v":0.72624443616366474},null,{"$f":"N27+N31+N40+N41+N42","v":-0.32967582491874137},-2.3315399278847995,0.13690254295723625,-1.8147697661407582,0.41816091538401295,null,{"$f":"SUM(N25:R25)","v":-3.9209220606030502}]
[]
[null,"Primary deficit",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C65:I65)","v":-1.1260825458111492},null,{"$f":"'DDT Debt Dynamics'!J65","v":-1.3607465198353719},{"$f":"'DDT Debt Dynamics'!K65","v":-1.4554393672929624},null,{"$f":"'DDT Debt Dynamics'!L65","v":-1.3739091108104962},{"$f":"'DDT Debt Dynamics'!M65","v":-1.3491760492474718},{"$f":"'DDT Debt Dynamics'!N65","v":-1.2288283833317273},{"$f":"'DDT Debt Dynamics'!O65","v":-1.0851853756620358},{"$f":"'DDT Debt Dynamics'!P65","v":-0.92725613036546051},null,{"$f":"SUM(N27:R27)","v":-5.9643550494171915}]
[null,"Primary (noninterest) revenue and grants",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N28:S28)","v":0}]
[null,"Primary (noninterest) expenditure",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N29:S29)","v":0}]
[]
[null,"Automatic debt dynamics",null,null,null,null,null,null,{"$f":"I33+I38","v":0.98319256051819348},null,{"$f":"K33+K38","v":-5.1523868654502891},{"$f":"L33+L38","v":1.2042634206901268},null,{"$f":"N33+N38","v":9.8274952976811214E-3},{"$f":"O33+O38","v":-1.9278937710951667},0.35989417258700618,-1.6684540076415244,0.35493191962838111,null,{"$f":"SUM(N31:R31)","v":-2.8716941912236225}]
[]
[null,"Interest rate/growth differential",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C67:I67)","v":3.0274890097829195E-2},null,{"$f":"'DDT Debt Dynamics'!J67","v":-4.3501072342348683},{"$f":"'DDT Debt Dynamics'!K67","v":0.61294705707695862},null,{"$f":"'DDT Debt Dynamics'!L67","v":-2.2546272087624675},{"$f":"'DDT Debt Dynamics'!M67","v":-2.0046130769123538},{"$f":"'DDT Debt Dynamics'!N67","v":-1.8409815257732665},{"$f":"'DDT Debt Dynamics'!O67","v":-1.8178530163056124},{"$f":"'DDT Debt Dynamics'!P67","v":-1.7873289471591938},null,{"$f":"SUM(N33:R33)","v":-9.7054037749128934}]
[]
[null,"Of which: real interest rate ",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C68:I68)","v":2.3243130834954742},null,{"$f":"'DDT Debt Dynamics'!J68","v":-1.4060625057525371},{"$f":"'DDT Debt Dynamics'!K68","v":2.2208916586533038},null,{"$f":"'DDT Debt Dynamics'!L68","v":-0.26377568231478032},{"$f":"'DDT Debt Dynamics'!M68","v":1.1307196863984552},{"$f":"'DDT Debt Dynamics'!N68","v":0.92864149218326097},{"$f":"'DDT Debt Dynamics'!O68","v":0.93817912280732163},{"$f":"'DDT Debt Dynamics'!P68","v":0.85000947604795662},null,{"$f":"SUM(N35:R35)","v":3.5837740951222141}]
[null,"Of which: real GDP growth",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C69:I69)","v":-2.2940381933976446},null,{"$f":"'DDT Debt Dynamics'!J69","v":-2.9440447284823312},{"$f":"'DDT Debt Dynamics'!K69","v":-1.6079446015763452},null,{"$f":"'DDT Debt Dynamics'!L69","v":-1.9908515264476871},{"$f":"'DDT Debt Dynamics'!M69","v":-3.1353327633108088},{"$f":"'DDT Debt Dynamics'!N69","v":-2.7696230179565275},{"$f":"'DDT Debt Dynamics'!O69","v":-2.7560321391129339},{"$f":"'DDT Debt Dynamics'!P69","v":-2.6373384232071504},null,{"$f":"SUM(N36:R36)","v":-13.289177870035108}]
[]
[null,"Exchange rate depreciation",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C70:I70)","v":0.95291767042036424},null,{"$f":"'DDT Debt Dynamics'!J70","v":-0.80227963121542112},{"$f":"'DDT Debt Dynamics'!K70","v":0.59131636361316819},null,{"$f":"'DDT Debt Dynamics'!L70","v":2.2644547040601486},{"$f":"'DDT Debt Dynamics'!M70","v":7.6719305817187028E-2},{"$f":"'DDT Debt Dynamics'!N70","v":2.2008756983602726},{"$f":"'DDT Debt Dynamics'!O70","v":0.14939900866408806},{"$f":"'DDT Debt Dynamics'!P70","v":2.1422608667875749},null,{"$f":"SUM(N38:R38)","v":6.8337095836892701}]
[]
[null,"Other identified debt-creating flows ",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C72:I72)","v":1.8991813311022627},null,{"$f":"'DDT Debt Dynamics'!J72","v":2.0640443960835166},{"$f":"'DDT Debt Dynamics'!K72","v":0.97742038276650034},null,{"$f":"'DDT Debt Dynamics'!L72","v":0.95441646720805262},{"$f":"'DDT Debt Dynamics'!M72","v":0.94305183270937831},{"$f":"'DDT Debt Dynamics'!N72","v":0.93807510853327192},{"$f":"'DDT Debt Dynamics'!O72","v":0.9345626453988225},{"$f":"'DDT Debt Dynamics'!P72","v":0.9318815890894715},null,{"$f":"SUM(N40:R40)","v":4.7019876429389971},null,null,"The baseline results was"]
[null,"SFA due to intra-year exchange rate changes 5/",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C74:I74)","v":6.5883853133567843E-2},null,{"$f":"'DDT Debt Dynamics'!J74","v":5.7239131295662583E-2},{"$f":"'DDT Debt Dynamics'!K74","v":0},null,{"$f":"'DDT Debt Dynamics'!L74","v":7.998932338602105E-2},{"$f":"'DDT Debt Dynamics'!M74","v":2.4780597484603132E-3},{"$f":"'DDT Debt Dynamics'!N74","v":6.776164516868545E-2},{"$f":"'DDT Debt Dynamics'!O74","v":4.3069717639793448E-3},{"$f":"'DDT Debt Dynamics'!P74","v":5.8603537031620863E-2},null,{"$f":"SUM(N41:R41)","v":0.21313953709876701}]
[null,"Change in guarantees (uncalled)",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C73:I73)","v":0},null,{"$f":"'DDT Debt Dynamics'!J73","v":0},{"$f":"'DDT Debt Dynamics'!K73","v":0},null,{"$f":"'DDT Debt Dynamics'!L73","v":0},{"$f":"'DDT Debt Dynamics'!M73","v":0},{"$f":"'DDT Debt Dynamics'!N73","v":0},{"$f":"'DDT Debt Dynamics'!O73","v":0},{"$f":"'DDT Debt Dynamics'!P73","v":0},null,{"$f":"SUM(N42:R42)","v":0},null,null,"copied and pasted -->"]
[]
[null,"Residual 6/",null,null,null,null,null,null,{"$f":"AVERAGE('DDT Debt Dynamics'!C75:I75)","v":0.87353286847461098},null,{"$f":"'DDT Debt Dynamics'!J75","v":0.37617810320267719},{"$f":"'DDT Debt Dynamics'!K75","v":0.52597446949489546},null,{"$f":"'DDT Debt Dynamics'!L75","v":-4.3541817329464237E-15},{"$f":"'DDT Debt Dynamics'!M75","v":1.4422984412562415E-15},{"$f":"'DDT Debt Dynamics'!N75","v":-1.5237233924378285E-15},{"$f":"'DDT Debt Dynamics'!O75","v":-1.5521748900136643E-15},{"$f":"'DDT Debt Dynamics'!P75","v":-4.0275260585898537E-15},null,{"$f":"SUM(N44:R44)","v":-1.0015307632731527E-14}]
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[null,"Source: Ministry of Finance"]
[null,"1/ Public sector is defined as central government and includes public guarantees, defined as outstanding amount of loans guaranteed by the central government ."]
[null,"2/ Based on available data."]
[null,"3/ Only includes uncalled guarantees (contingent liabilities) that might be included in the total stock of debt but do not generate interest payments, and have an exogenously-driven evolution. "]
[null,"4/ Defined as interest payments divided by debt stock (excluding guarantees) at the end of previous year."]
[null,"5/ Calculated as the effect of intra-year exchange rate fluctuations on total debt."]
[null,"6/ For the history it could include residual changes in gross debt due to accounting issues and cross-exchange rate variations. "]
[null,"7/ Measures the constant annual primary balance and the yearly change in the primary balance (in ppts of GDP) necessary to reach the pre-determined debt target. "]