The impact of the business cycle on the accounts was curbed in 2008 by the relatively favourable performance of employment and earnings. The effects of the crisis are expected to be more pronounced this year and in 2010.
BIS Review 27/2009  1  A further sharp deterioration in the public finances is expected in 2009 According to the estimates in the Economic and Financial Planning Document for 2010-13, this year net borrowing will rise by 2.6 percentage points, to 5.3 per cent of GDP. The public debt is projected to grow by nearly 10 percentage points, to 115.3 per cent.