The tax reliefs for private household incomes (family bonus and measures to support low-income earners in 2020 and 2021) will
continue to support consumer demand. The average growth of private consumption over the forecast period is predicted at 1.5
percent p.a. (2015-2019 +1.2 percent p.a.). The moderate but stable expansion will allow a steady increase in employment of
1.0 percent p.a. (2015-2019 +1.7 percent p.a.) and the unemployment rate will remain at around 7½ percent. In the medium term,
price increases according to the consumer price index will be moderate at 1¾ percent p.a., and the inflation differential
to the euro area is expected to remain at around ¼ percentage point. Based on the forecast of nominal economic growth at +3.2
percent p.a. and the assumed economic policy measures, the fiscal balance of public households will remain positive over the
forecast period at around ½ percent of nominal GDP. As a result, the government debt ratio (general government debt as a percentage
of nominal GDP) is predicted fall to around 56 percent by 2024.