Adjusting for the effect of the business cycle, the improvement in the primary balance comes in at more than 17 percentage points of potential GDP. This represents one of the largest fiscal adjustments ever undertaken.
2 / 23  BIS central bankers' speeches  3 / 23  BIS central bankers' speeches  The current account deficit as a percentage of GDP has fallen by 15 percentage points. For the last two years the current account has effectively been in balance.