Note: The fiscal stance is approximated by a change in the ratio to GDP of the cyclically adjusted government balance. Chart 16 Contributions to euro area real GDP growth (annual GDP growth in percentages; contributions in percentage points)  Source: ECB staff calculations based on Eurostat data. Notes: Real GDP growth and demand components in 2019 are from December 2019 Eurosystem staff macroeconomic projections.
Chart 17 Government balances (percentages of GDP)  Sources: December 2019 broad macroeconomic projections for the euro area, IMF World Economic Outlook October 2019 for other countries, and ECB staff calculations. Notes: The projection for Japan is adjusted to include the recently announced fiscal stimulus.