In the last two years and in the first nine months of 2018, privatisation receipts have been negligible. The evolution of the debt-to-GDP ratio depends on the size of the primary surplus and the gap between the average cost of the debt and the rate of growth of the economy. Movements in interest rates have a considerable effect.
Unlike the previous year, this year’s Update includes neither an analysis of the sensitivity of the evolution of the debt-to-GDP ratio to growth and interest rate shocks, nor alternative scenarios for the medium term.