Looking ahead, it appears that it would take a combination of factors, working together, to see NFL-GDP diverge materially from its current level of about 60 percent. That said, we have seen big changes in NFL-GDP in the past, and these appear to have been driven by large swings in the saving and investment behaviour of the various sectors.
The day before the conclusion of the Adjustment Programme  Taking into account the currently available economic projections, and using traffic lights as reference, we reach the time of transition with our external account indicators exhibiting a “green” light, economic activity indicators and a number of fiscal indicators a “yellow” one and unemployment and public debt a “red” one (Table 1).