Note
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From now on we will refer to three different geographical areas of the Mediterranean which comprise: 1) Euro Med countries: Cyprus, France, Greece, Italy, Malta, Portugal, Slovenia, Spain; 2) East Med countries: Albania, Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, Serbia; 3) South Med countries: Algeria, Egypt, Israel, Jordan, Libya, Lebanon, Morocco, Syria, Turkey, Tunisia, West Bank and Gaza.
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The structural budget balance refers to the general government cyclically adjusted balance adjusted for non-structural elements beyond the economic cycle. These include temporary financial sector and asset price movements as well as one-off, or temporary, revenue or expenditure items. It is measured as a per cent of potential GDP.