The primary surplus (i.e., the general government balance net of interest payments) showed a surplus of 3.8 percent of GDP in 2016 (programme definition), from a deficit of 10.0 percent of GDP in 2009.
• The current account deficit has fallen by 15 percentage points of GDP since the beginning of the crisis, with the current account effectively being in balance over the last three years. • Labour cost competitiveness has been fully restored and price competitiveness has recorded substantial gains since 2009.