This was mainly due to the increase in output prices, which was a result of the decline in energy prices and reduced financing costs – also a result of the low interest rate set by the Monetary Committee. This is a positive result for the economy from all standpoints.
Budgetary policy in 2015, which was mainly based on a transition budget, was reflected in a decline in the cyclically-adjusted deficit – the deficit adjusted for the effect of a deviation of growth from the long-term rate – to 2.7 percent of GDP. Policy thus minimized the fiscal impulse (the anti-cyclical effect).