In March, the Combined Report on the Economy and Public Finances projected net borrowing on a current legislation basis at 2.3 per cent of GDP. At the end of June, the Economic and Financial Planning Document lowered the projection to 2.1 per cent, mainly as a result of a further upward revision of revenue.
At the same time measures were adopted entailing additional expenditure amounting to 0.4 percentage points of GDP; net borrowing for 2007 was therefore estimated at 2.5 per cent.