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1. For the purposes of the Protocol on the excessive deficit procedure and of this Regulation, the terms in paragraphs 2 to 6 are defined according to Regulation (EU) No 549/2013 of the European Parliament and the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (hereinafter referred to as ESA 2010). The codes in brackets refer to ESA 2010. ◄ 2. ‘Government’ means the sector of ‘general government’ (S.13), that is ‘central government’ (S.1311), ‘state government’ (S.1312), ‘local government’ (S.1313) and ‘social security funds’ (S.1314), to the exclusion of commercial operations, as defined in ESA 2010 ◄ . The exclusion of commercial operations means that the sector of ‘general government’ (S.13) comprises only institutional units producing non-market services as their main activity.

3. ‘Government deficit (surplus)’ means the net borrowing (net lending) ( B.9 ◄ ) of the sector of ‘general government’ (S.13), as defined in ESA 2010 ◄ . The interest comprised in the government deficit is the interest ( D.41 ◄ ), as defined in ESA 2010 ◄ .

Liabilities denominated in a foreign currency, or exchanged from one foreign currency through contractual agreements to one or more other foreign currencies shall be converted into the other foreign currencies at the rate agreed on in those contracts and shall be converted into the national currency on the basis of the representative market exchange rate prevailing on the last working day of each year. Liabilities denominated in the national currency and exchanged through contractual agreements to a foreign currency shall be converted into the foreign currency at the rate agreed on in those contracts and shall be converted into the national currency on the basis of the representative market exchange rate prevailing on the last working day of each year. Liabilities denominated in a foreign currency and exchanged through contractual agreements to the national currency shall be converted into the national currency at the rate agreed on in those contracts.

6. ‘Gross domestic product’ means gross domestic product at current market prices (GDP mp) (B.1*g), as defined in ESA 2010 ◄ .

4. ‘Government investment’ means the gross fixed capital formation (P.51) of the sector of ‘general government’ (S.13), as defined in ESA 2010 ◄ .

5. ‘Government debt’ means the total gross debt at nominal value outstanding at the end of the year of the sector of ‘general government’ (S.13), with the exception of those liabilities the corresponding financial assets of which are held by the sector of ‘general government’ (S.13). Government debt is constituted by the liabilities of general government in the following categories: currency and deposits (AF.2); debt securities (AF.3) and loans (AF. 4), as defined in ESA 2010. The nominal value of a liability outstanding at the end of the year is the face value. The nominal value of an index-linked liability corresponds to its face value adjusted by the index-related change in the value of the principal accrued to the end of the year.