Deutsche Bank
MO-11. Fiscal balances remain under control, yet for how long?
-Fiscal balance: Outturn
4 °/0 of GDP Primary balance: Outturn 42
% of GDP
Fiscal balance: Target
3 — Primary balance: Target
—Cent Govt Debt (RHS)
2 40
1
0 38
-1
-2 36
-3 -1
-4 34
11 12 13 14 15F 16F
SOU.): Have. Analytics. MineAry of Finance. and Deutsche Bank
Deutsche Bank
Deutsch., Bank 13
CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0070016
CONFIDENTIAL SDNY_GM_00216200
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