Portugal: Staff Report for the 2001 Article IV Consultation
IMF Staff Country Reports, April 26, 2002
Source details
- Canonical URL
- Portugal: Staff Report for the 2001 Article IV Consultation
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Bibliographic details
- Published: April 26, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832143.002
Overview
- After an extended period of real convergence in living standards toward the euro area average, the Portuguese economy weakened markedly in 2001.
- GDP growth in 2001 is estimated at about 1.6 percent, about half the rate recorded over the previous two years.
- Inflation has continued to exceed the euro area average, reflecting to an important extent relatively strong cost pressures in Portugal.
Economic performance and growth drivers
- GDP growth in 2001: about 1.6 percent.
- Growth in 2001 was about half the rate recorded over the previous two years.
- Factors contributing to the slowdown:
- Waning effect of euro-entry-related declines in interest rates.
- Private sector responses to rising indebtedness levels.
Inflation and cost pressures
- Inflation remained above the euro area average in 2001.
- The report attributes higher inflation in large part to relatively strong domestic cost pressures.
Thematic coverage (as listed in the report)
- Balance of payments
- Banking
- Budget planning and preparation
- Current account deficits
- Economic sectors
- Expenditure
- Financial sector
- Fiscal policy
- Fiscal stance
- Public financial management (PFM)
Keywords highlighted
- authority
- Budget planning and preparation
- CR
- credit growth
- Current account deficits
- deficit
- economic growth
- euro
- Financial sector
- fiscal policy
- Fiscal stance
- Global
- growth slowdown
- growth well
- ISCR
- participation rate
Source: Portugal: Staff Report for the 2001 Article IV Consultation (IMF Staff Country Reports 2002, 090).