{"text_format":"3","workbook":"xlsx","n_sheets":5,"sheets":["Cover","2025 APR Forecast","IFI Assessments","Assessment of Forecast","Compliance with EU Fiscal Rules"],"not_rendered":{"images":1},"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":17,"n_cols":2,"rows_kept":17,"merged":[[9,1,10,9]]}
{"$rows_empty":8}
[null,"Reference"]
[null,"Network of EU IFIs (2025), European Fiscal Monitor July 2025."]
[]
[]
[]
[null,"Contact"]
[null,"Harry Crichton-Miller"]
[null,"Secretariat of The Network of EU Independent Fiscal Institutions"]
[null,"euifi@ceps.eu"]

{"sheet":"2025 APR Forecast","index":1,"n_rows":28,"n_cols":7,"rows_kept":28}
["Country","Real GDP growth (% change)","General government balance (% of GDP)","Gross Public Debt (% of GDP)","Inflation (GDP deflator growth, %)","Interest Expenditure (% of GDP)","Net Expenditure Growth (% change)"]
["Austria",-0.3,-4.5,84.7,2.4,1.7,1.6]
["Belgium",1.2,-5.5,107.2,2.5,2.3,4.1]
["Bulgaria",3,-2.9,28.9,4.5,0.8,8.6]
["Croatia",3.3,-2.9,56.9,3.2,1.4,7.6]
["Cyprus",3.1,3.5,57.4,2,1.3,6.8]
["Czech Republic",2,-2.2,44.5,2.7,1.4,3.3]
["Denmark",2.3,0.8,30,1.9,-0.7,8.2]
["Estonia",1.7,-1.5,22.5,3.9,0.5,1]
["Finland",1.3,-3.8,85.3,1.9,"n/a",1.6]
["France",0.7,-5.4,116.2,1.4,2.2,0.9]
["Germany",0.3,-2.5,62.75,2.1,1,2.5]
["Greece",2.3,0.1,145.7,2.3,3.1,4.5]
["Hungary",2.5,-4.1,73.1,5.2,3.9,7.4]
["Ireland",4.1,2.5,65.3,2.6,1,5.3]
["Italy",0.6,-3.3,136.6,2.3,3.9,1.3]
["Latvia",1.2,-3.1,49,3.1,1.3,5.7]
["Lithuania",2.8,-2.8,42.4,3.4,1,9.9]
["Luxembourg",2.5,-0.6,26.4,2,0.4,7.1]
["Malta",4,3.3,48.4,2.6,1.3,-0.1]
["Netherlands",1.9,-2.3,45,3.6,0.7,7.9]
["Portugal",2.4,0.3,91.5,2.7,2.2,3.4]
["România",2.7,-7,55.7,5,2,5.1]
["Slovakia",1.9,-4.5,61.1,3.1,1.6,3.6]
["Slovenia",2.1,-1.9,66,2.8,1.3,5.3]
["Spain",2.6,-2.8,101.7,2.6,2.7,4.1]
["Sweden",2.1,-1.3,34.3,1.8,0.6,4.1]
["United Kingdom",1,5.5,101.3,3.2,3.6,"n/a"]

{"sheet":"IFI Assessments","index":2,"n_rows":39,"n_cols":8,"rows_kept":39}
["Country","Institution","GDP","General government balance","Gross Public Debt","Inflation","Interest Expenditure","Net Expenditure Growth"]
["Austria","Fiskalrat","Very plausible","Plausible","Very plausible","Very plausible","Very plausible","Implausible"]
["Belgium","Federal Planning Bureau","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Bulgaria","Bulgarian Fiscal Council","Implausible","Implausible","Neither plausible nor implausible","Neither plausible nor implausible","Plausible","Neither plausible nor implausible"]
["Croatia","Fiscal Policy Commission","Implausible","Implausible","Plausible","Plausible","Plausible","Neither plausible nor implausible"]
["Cyprus","Fiscal Council","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Czech Republic","the Czech Fiscal Council","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Denmark","Danish Economic Councils","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Estonia","Fiscal Council of Estonia","Plausible","Implausible","Implausible","Plausible","Implausible","Implausible"]
["Finland","Finnish Economic Policy Council"]
["Finland","National Audit Office of Finland / Fiscal Policy Monitoring","Plausible","Plausible","Plausible","Neither plausible nor implausible","Plausible","Plausible"]
["France","Haut Conseil des finances publiques","Neither plausible nor implausible","Neither plausible nor implausible","Neither plausible nor implausible","Neither plausible nor implausible","Neither plausible nor implausible","Neither plausible nor implausible"]
["Germany","Independent Advisory Board of the Stability Council","Plausible",null,null,"Plausible"]
["Greece","HFISC","Plausible","Very plausible","Very plausible","Plausible","Very plausible","Very plausible"]
["Hungary","Fiscal Council of Hungary","Neither plausible nor implausible","Plausible","Plausible","Plausible","Very plausible","Very plausible"]
["Ireland","Irish Fiscal Advisory Council","Plausible","Plausible","Plausible","Plausible","Plausible","Implausible"]
["Italy","Parliamentary Budget Office, Italy","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Latvia","Fiscal discipline council","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Lithuania","National Audit Office of Lithuania","Plausible","Plausible","Plausible","Plausible","Plausible","Don't know / Unsure"]
["Luxembourg","Conseil national des finances publiques","Implausible","Implausible","Neither plausible nor implausible","Plausible","Plausible","Implausible"]
["Malta","Malta Fiscal Advisory Council","Plausible","Very plausible","Plausible","Plausible","Plausible","Neither plausible nor implausible"]
["Netherlands","CPB Netherlands","Very plausible","Very plausible","Very plausible","Very plausible","Very plausible","Very plausible"]
["Netherlands","Councel of State","Plausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Portugal","CFP","Implausible","Neither plausible nor implausible","Neither plausible nor implausible","Plausible","Plausible","Implausible"]
["România","Fiscal Council of Romania"]
["Slovakia","Council for Budget Responsibility","Very plausible","Neither plausible nor implausible","Plausible","Plausible","Plausible","Plausible"]
["Slovenia","Fiscal Council of Slovenia","Plausible","Implausible","Plausible","Plausible","Plausible","Neither plausible nor implausible"]
["Slovenia","Institute of Macroeconomic Analysis and Development","Neither plausible nor implausible","Plausible","Plausible","Plausible","Plausible","Plausible"]
["Spain","AIReF","Plausible","Very plausible","Very plausible","Plausible","Very plausible","Plausible"]
["Sweden","Swedish Fiscal Policy Council","Plausible","Plausible","Very plausible","Plausible","Very plausible","Very plausible"]
["United Kingdom","OBR","Plausible","Neither plausible nor implausible","Neither plausible nor implausible","Plausible","Plausible","Neither plausible nor implausible"]
[]
[null,"Summary Numbers"]
[null,"very plausible",{"$f":"COUNTIF(C$2:C$31, $B$34)","v":3},{"$f":"COUNTIF(D$2:D$31, $B$34)","v":4},5,2,6,4]
[null,"plausible",{"$f":"COUNTIF(C$2:C$31, $B$35)","v":18},{"$f":"COUNTIF(D$2:D$31, $B$35)","v":14},16,23,19,11]
[null,"neither plausible nor implausible",{"$f":"COUNTIF(C$2:C$31, $B$36)","v":3},{"$f":"COUNTIF(D$2:D$31, $B$36)","v":4},5,3,1,6]
[null,"implausible",{"$f":"COUNTIF(C$2:C$31, $B$37)","v":4},{"$f":"COUNTIF(D$2:D$31, $B$37)","v":5},1,0,1,5]
[null,"very implausible",{"$f":"COUNTIF(C$2:C$31, $B$38)","v":0},{"$f":"COUNTIF(D$2:D$31, $B$38)","v":0},{"$f":"COUNTIF(E$2:E$31, $B$38)","v":0},0,0,0]
[null,"Sum",{"$f":"SUM(C34:C38)","v":28},{"$f":"SUM(D34:D38)","v":27},27,28,27,26]

{"sheet":"Assessment of Forecast","index":3,"n_rows":31,"n_cols":13,"rows_kept":31}
["Country","Real GDP growth (% change)","Assessment 1","General government balance (% of GDP)","Assessment 2","Gross Public Debt (% of GDP)","Assessment 3","Inflation (GDP deflator growth, %)","Assessment 4","Interest Expenditure (% of GDP)","Assessment 5","Net Expenditure Growth (% change)","Assessment 6"]
["Austria",-0.3,"Very plausible",-4.5,"Plausible",84.7,"Very plausible",2.4,"Very plausible",1.7,"Very plausible",1.6,"Implausible"]
["Belgium",1.2,"Plausible",-5.5,"Plausible",107.2,"Plausible",2.5,"Plausible",2.3,"Plausible",4.1,"Plausible"]
["Bulgaria",3,"Implausible",-2.9,"Implausible",28.9,"Neither plausible nor implausible",4.5,"Neither plausible nor implausible",0.8,"Plausible",8.6,"Neither plausible nor implausible"]
["Croatia",3.3,"Implausible",-2.9,"Implausible",56.9,"Plausible",3.2,"Plausible",1.4,"Plausible",7.6,"Neither plausible nor implausible"]
["Cyprus",3.1,"Plausible",3.5,"Plausible",57.4,"Plausible",2,"Plausible",1.3,"Plausible",6.8,"Plausible"]
["Czech Republic",2,"Plausible",-2.2,"Plausible",44.5,"Plausible",2.7,"Plausible",1.4,"Plausible",3.3,"Plausible"]
["Denmark",2.3,"Plausible",0.8,"Plausible",30,"Plausible",1.9,"Plausible",-0.7,"Plausible",8.2,"Plausible"]
["Estonia",1.7,"Plausible",-1.5,"Implausible",22.5,"Implausible",3.9,"Plausible",0.5,"Implausible",1,"Implausible"]
["Finland",1.3,null,-3.8,null,85.3,null,1.9,null,"n/a",null,1.6]
["Finland",1.3,"Plausible",-3.8,"Plausible",85.3,"Plausible",1.9,"Neither plausible nor implausible","n/a","Plausible",1.6,"Plausible"]
["France",0.7,"Neither plausible nor implausible",-5.4,"Neither plausible nor implausible",116.2,"Neither plausible nor implausible",1.4,"Neither plausible nor implausible",2.2,"Neither plausible nor implausible",0.9,"Neither plausible nor implausible"]
["Germany",0.3,"Plausible",-2.5,null,62.75,null,2.1,"Plausible",1,null,2.5]
["Greece",2.3,"Plausible",0.1,"Very plausible",145.7,"Very plausible",2.3,"Plausible",3.1,"Very plausible",4.5,"Very plausible"]
["Hungary",2.5,"Neither plausible nor implausible",-4.1,"Plausible",73.1,"Plausible",5.2,"Plausible",3.9,"Very plausible",7.4,"Very plausible"]
["Ireland",4.1,"Plausible",2.5,"Plausible",65.3,"Plausible",2.6,"Plausible",1,"Plausible",5.3,"Implausible"]
["Italy",0.6,"Plausible",-3.3,"Plausible",136.6,"Plausible",2.3,"Plausible",3.9,"Plausible",1.3,"Plausible"]
["Latvia",1.2,"Plausible",-3.1,"Plausible",49,"Plausible",3.1,"Plausible",1.3,"Plausible",5.7,"Plausible"]
["Lithuania",2.8,"Plausible",-2.8,"Plausible",42.4,"Plausible",3.4,"Plausible",1,"Plausible",9.9,"Don't know / Unsure"]
["Luxembourg",2.5,"Implausible",-0.6,"Implausible",26.4,"Neither plausible nor implausible",2,"Plausible",0.4,"Plausible",7.1,"Implausible"]
["Malta",4,"Plausible",3.3,"Very plausible",48.4,"Plausible",2.6,"Plausible",1.3,"Plausible",-0.1,"Neither plausible nor implausible"]
["Netherlands",1.9," Very plausible",-2.3,"Very plausible",45,"Very plausible",3.6,"Very plausible",0.7,"Very plausible",7.9,"Very plausible"]
["Netherlands",1.9,"Plausible",-2.3,"Plausible",45,"Plausible",3.6,"Plausible",0.7,"Plausible",7.9,"Plausible"]
["Portugal",2.4,"Implausible",0.3,"Neither plausible nor implausible",91.5,"Neither plausible nor implausible",2.7,"Plausible",2.2,"Plausible",3.4,"Implausible"]
["România",2.7,null,-7,null,55.7,null,5,null,2,null,5.1]
["Slovakia",1.9,"Very plausible",-4.5,"Neither plausible nor implausible",61.1,"Plausible",3.1,"Plausible",1.6,"Plausible",3.6,"Plausible"]
["Slovenia",2.1,"Plausible",-1.9,"Implausible",66,"Plausible",2.8,"Plausible",1.3,"Plausible",5.3,"Neither plausible nor implausible"]
["Slovenia",2.1,"Neither plausible nor implausible",-1.9,"Plausible",66,"Plausible",2.8,"Plausible",1.3,"Plausible",5.3,"Plausible"]
["Spain",2.6,"Plausible",-2.8,"Very plausible",101.7,"Very plausible",2.6,"Plausible",2.7,"Very plausible",4.1,"Plausible"]
["Sweden",2.1,"Plausible",-1.3,"Plausible",34.3,"Very plausible",1.8,"Plausible",0.6,"Very plausible",4.1,"Very plausible"]
["United Kingdom",1,"Plausible",5.5,"Neither plausible nor implausible",101.3,"Neither plausible nor implausible",3.2,"Plausible",3.6,"Plausible","n/a","Neither plausible nor implausible"]

{"sheet":"Compliance with EU Fiscal Rules","index":4,"n_rows":50,"n_cols":4,"rows_kept":50}
["Deficit below 3% of GDP (as per Maastricht Treaty)","Debt below 60% of GDP (as per Maastricht Treaty)","Net primary expenditure path"]
[" Very likely to be noncompliant"," Very likely to be noncompliant","Likely to be complaint"]
[" Likely to be noncompliant"," Likely to be noncompliant"," Likely to be noncompliant"]
["Neither likely nor unlikely to be compliant","Likely to be complaint","Neither likely nor unlikely to be compliant"]
["Very likely to be compliant"," Very likely to be noncompliant","Very likely to be compliant"]
["Very likely to be compliant","Very likely to be compliant","Very likely to be compliant"]
["Likely to be complaint"," Very likely to be noncompliant","Likely to be complaint"]
["Very likely to be compliant","Very likely to be compliant"," Likely to be noncompliant"]
[" Very likely to be noncompliant","Very likely to be compliant","Don't know / Unsure"]
[" Likely to be noncompliant"," Very likely to be noncompliant","Neither likely nor unlikely to be compliant"]
[" Likely to be noncompliant"," Very likely to be noncompliant","Neither likely nor unlikely to be compliant"]
["Neither likely nor unlikely to be compliant","Very likely to be compliant"," Likely to be noncompliant"]
["Very likely to be compliant"," Very likely to be noncompliant","Don't know / Unsure"]
["Neither likely nor unlikely to be compliant","Likely to be complaint"," Likely to be noncompliant"]
[" Likely to be noncompliant"," Very likely to be noncompliant","Likely to be complaint"]
["Very likely to be compliant","Very likely to be compliant"," Likely to be noncompliant"]
["Neither likely nor unlikely to be compliant","Very likely to be compliant"," Likely to be noncompliant"]
["Likely to be complaint","Very likely to be compliant","Very likely to be compliant"]
["Likely to be complaint","Very likely to be compliant","Neither likely nor unlikely to be compliant"]
["Likely to be complaint","Very likely to be compliant","Likely to be complaint"]
["Very likely to be compliant","Very likely to be compliant"," Likely to be noncompliant"]
["Very likely to be noncompliant"," Very likely to be noncompliant","Likely to be complaint"]
["Likely to be complaint","Very likely to be compliant","Likely to be complaint"]
["Very likely to be compliant"," Very likely to be noncompliant"," Likely to be noncompliant"]
[" Very likely to be noncompliant"," Likely to be noncompliant","Very likely to be compliant"]
["Very likely to be compliant"," Likely to be noncompliant","Likely to be complaint"]
["Likely to be complaint","Very likely to be compliant"," Likely to be noncompliant"]
[" Likely to be noncompliant"," Very likely to be noncompliant","Don't know / Unsure"]
["Likely to be complaint"," Very likely to be noncompliant"," Very likely to be noncompliant"]
[]
[]
["Assessment","Deficit below 3% of GDP ","Debt below 60% of GDP","Net primary expenditure path"]
["Very plausible",8,12,4]
["Plausible",7,2,7]
["Neither plausible nor implausible",4,0,4]
["Implausible",5,3,9]
["Very implausible",4,11,1]
["Don't Know / Unsure",0,0,3]
["SUM",28,28,28]
["Blanks",2,2,2]
[]
[]
[]
["Assessment","Deficit below 3% of GDP ","Debt below 60% of GDP","Net primary expenditure path"]
["Very plausible",{"v":0.29,"d":"29%"},{"v":0.43,"d":"43%"},{"v":0.14,"d":"14%"}]
["Plausible",{"v":0.25,"d":"25%"},{"v":0.07,"d":"7%"},{"v":0.25,"d":"25%"}]
["Neither plausible nor implausible",{"v":0.14,"d":"14%"},{"v":0,"d":"0%"},{"v":0.14,"d":"14%"}]
["Implausible",{"v":0.18,"d":"18%"},{"v":0.11,"d":"11%"},{"v":0.32,"d":"32%"}]
["Very implausible",{"v":0.14,"d":"14%"},{"v":0.39,"d":"39%"},{"v":0.04,"d":"4%"}]
["Don't Know / Unsure",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0.11,"d":"11%"}]