Core inflation is calculated net of energy and fresh food products and refers to the average for OECD countries. Source: OECD. Figure 4: Simulation of the trend in the debt-to-GDP ratio  Baseline scenario: potential growth (g) of 1.5%; average real interest rate on the public debt (r) converging to 2.5% in about 20 years; primary surplus (D) increasing to 3.0% (in 2020).
Real GDP growth fell sharply in the April-June quarter of 2020, registering minus 7.9 percent on a quarter-on-quarter basis, due to the economic contraction induced by the further spread of COVID-19 (Chart 2).