council opinion march updat converg programm cypru council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion march council examin updat converg programm cypru cover period support robust product employ growth cypru real gdp growth highest eu decad net borrow vi vi rest world extern deficit expand gdp due number factor includ robust domest demand competit loss relat increas competit cypru main export sector appreci cypru pound higher reinvest earn larg match borrow public sector post deficit gdp hicp inflat remain decad juli council decid cypru excess deficit council recommend articl date excess deficit correct opinion march previou updat converg programm cover period council invit cypru implement vigour measur envisag bring deficit gdp ensur debt ratio start declin pursu pension health reform current updat estim deficit outcom gdp compar gdp commiss servic autumn forecast previou updat differ updat reflect gdp expect interest expenditur programm broadli model structur data provis requir stabil converg programm code conduct updat submit week decemb deadlin set code conduct reflect author incorpor budgetari measur announc week decemb macroeconom scenario underli programm envisag real gdp growth period assess inform scenario appear base plausibl growth assumpt slightli favour result cyclic condit measur output gap favour impli programm project programm project inflat realist build deficit reduct gdp updat aim consolid public financ deficit approach gdp reach gdp primari surplu project rise gradual gdp narrow deficit reflect cut expenditur ratio gdp fulli compens declin revenu ratio adjust base structur cut current primari expenditur save interest expenditur combin structur measur revenu side gradual adjust compar previou programm reflect slightli lower gdp growth programm period structur balanc cyclic adjust balanc net temporari measur calcul commonli agre methodolog plan improv averag gdp year deficit gdp lack improv structur balanc reflect anticip deterior cypru net posit vi vi eu budget temporari compens grant access eu termin programm set medium term object mto budgetari posit structur deficit gdp aim achiev posit mto demand minimum benchmark estim deficit close gdp achiev fulfil aim provid safeti margin occurr excess deficit programm mto level li rang euro area erm ii member state stabil growth pact code conduct adequ reflect debt ratio averag potenti output growth long term risk budgetari project programm broadli balanc cypru strong specialis tourism risk macroeconom scenario geopolit develop region macro outlook slightli optimist tax project favour cypriot govern achiev budgetari target updat reiter commit adopt addit measur need achiev project adjust base estim outturn take account balanc risk budgetari target budgetari stanc programm consist correct excess deficit recommend council addit provid suffici safeti margin breach gdp deficit threshold normal macroeconom fluctuat suffici ensur programm mto reach envisag programm year correct excess deficit pace adjust programm mto impli programm broadli line stabil growth pact specifi euro area erm ii member state annual improv structur balanc gdp benchmark adjust higher good econom time lower bad time debt ratio estim reach gdp gdp treati refer programm project debt ratio declin risk project evolut debt ratio broadli balanc view risk assess debt ratio suffici diminish refer regard sustain public financ cypru appear high risk ground project budgetari cost ag popul implement rigor plan consolid public financ medium term allevi risk long term sustain recogn programm substanti pension health care reform measur project high increas ag relat expenditur period reduc risk long term sustain envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period cypru track correct excess deficit deadlin set council achiev mto debt ratio declin path onward nation reform programm cypru submit novemb context renew lisbon strategi growth job identifi challeng signific implic public financ promot amp innov facilit ict diffus ii upgrad basic infrastructur iii enhanc human capit develop iv social cohes budgetari implic action outlin nation reform programm reflect budgetari project updat converg programm envisag measur area public financ consist prioriti foreseen nation reform programm updat outlin measur monitor control public spend view assess council welcom structur adjust plan programm period bring deficit gdp light recommend articl council invit cypru line updat converg programm ensur measur perman natur budgetari consolid programm medium term object sustain excess deficit correct ii control public pension expenditur implement reform area pension health care order improv long term sustain public financ comparison kei macroeconom budgetari project note sourc converg programm cp commiss servic autumn econom forecast commiss servic calcul real gdp chang cp decemb nov cp decemb hicp inflat cp decemb nov cp decemb output gap potenti gdp cp decemb nov cp decemb gener govern balanc gdp cp decemb nov cp decemb primari balanc gdp cp decemb nov cp decemb cyclic adjust balanc gdp cp decemb nov cp decemb structur balanc gdp cp decemb nov cp decemb govern gross debt gdp cp decemb nov cp decemb oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm programm compulsori option data prescrib code conduct option data labour market develop employ hour work labour product hour work contribut potenti gdp growth miss commiss servic calcul basi inform programm cyclic adjust balanc previou row exclud temporari measur temporari measur programm revenu gdp gdp gdp temporari measur commiss servic autumn forecast gdp gdp base estim potenti growth period deficit project made polici chang scenario draft budget cut date commiss servic autumn forecast partial explain higher deficit project