Sources: Cabinet Office; IMF, etc.
13  14  Net government debt (right scale)  -5  Real GDP (right scale) 09  90  190  15  16  180 CY 08  80 09  10  11  12  13  14  15  16  11  Chart 12  Fiscal Conditions in the Euro Area Amount Outstanding of Government Debt  Fiscal Balance, Primary Balance, and Structural Balance 4  y/y % chg.  ratio to nominal GDP, % points  Acceleration in the pace of fiscal austerity (decline in fiscal deficit)  3  4  2  1  1  0  0  -1  -1  -2  -2  -3  Fiscal balance (y/y chg., left scale)  -3  -4  Primary balance (y/y chg., left scale)  -4  -5  10  11  12  13  14  15  16  80  85  75  80  70  75  65  70  60 Gross government debt (left scale)  60 CY 08  Note: The structural balance is the year-on-year rate of change in the structural balance-to-potential GDP ratio.