6  Notwithstanding this revision, current legislation net borrowing is expected to continue to decrease, also thanks to the safeguard clauses (whose effect is equal to 0.7 per cent of GDP in 2019 and to 1.0 per cent from 2020 onwards): as a percentage of GDP, net borrowing is estimated to fall to 1.2 per cent in 2019, 0.7 per cent in 2020 and 0.5 in 2021.
The nominal budget balance, which according to April’s DEF would have been attained in 2020, would now not be achieved in 2021 either. The primary surplus, while rising gradually to 3.3 per cent of GDP in 2021, would be lower than last April’s estimates by 0.4 percentage points on average each year.