With the improvement in overall macroeconomic conditions, the State has resumed the process of fiscal correction. While revenue account turned surplus during 2011–12 (RE), GFD-GSDP ratio has increased due to higher capital outlay (Table 3).
And the performance of euro area firms at the frontier has been broadly comparable with that of other advanced economies in manufacturing in recent years. Where the euro area is lagging behind is in services, where frontier firms are less than half as productive as their global peers.