Exact(10)
Overall R&D spending should rise from the current level of 1.7% of GDP – below the EU average – to around 3%.
Time was when the bolder spirits in Mr Kohl's coalition, a heavily outnumbered band, talked of driving the state share of GDP below 40%.
In the first half of the year, the federal budget deficit was only 3.2% of gross domestic product (GDP), below the target agreed with the International Monetary Fund when it made available a $6.5 billion standby loan to Russia.
In the latest cycle it peaked at 5.5% in 2006 and by the second quarter had fallen to 3.1% of GDP, below the troughs of 1975, 1982 and 1991.
But it amounts to just 2.3% of GDP, below the world average and far behind America, which devotes 4% of national output to its armed forces.The result is delays and uncertainty over new gear (the future of the navy's surface fleet is uncertain, and the new armoured vehicles are years behind schedule) and the sweating of existing assets.
He does plan to cut the top rate of income tax to 40%; to reduce the total cost of social security and other insurance contributions made by employers to below 40% of total wage costs; and to bring down the public sector share of GDP below 40%.
Similar(50)
"So what if year-over-year GDP declines below 2%," they'll say.
Ed Hyman notes that every time GDP slips below 2% year over year, it's a recession signal.
But the 25 poorest countries in the world have per capita GDPs below $1,700 while our country's is over $48,000.
Though overall credit growth had increased it remained below that of nominal GDP and below pre-crisis averages.
Euro-area GDP remains below its pre-crisis level.
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