In the Planning Document net borrowing on a current legislation basis is estimated at 2.6 per cent of GDP in 2009, 2.1 per cent in 2010 and 2 per cent in 2011.
The progressive reduction in the deficit is ascribable to the underestimation of expenditure inherent in the current legislation criterion, which does not take into account disbursements which, even if foreseeable or necessary, require the formal passage of legislation (outlays for the renewal of public employment contracts, for service contracts and for the execution of public works).