C O N T E N T S 

• Introduction 
• Review of Macroeconomic Developments 
• Real Sector Developments 
• Monetary Developments 
• Financial Markets 
• Fiscal Developments 
• Public Debt 
• The Balance of Payments 
• International Economic Developments in 2003 
• Important Events in 2003 
• Annex: 
  • Annex A 
  • Annex B 
  • Annex C 
  • Annex D