Portugal: Staff Report for the 2005 Article IV Consultation
IMF Staff Country Reports, October 20, 2005
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- Portugal: Staff Report for the 2005 Article IV Consultation
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Bibliographic details
- Published: October 20, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832198.002
Executive summary and outlook
- Private consumption has proven resilient, reflecting low interest rates and lengthening tenors on bank lending.
- Investment growth remained weak.
- Export growth remained weak.
- Executive Directors concurred that in an unfavorable context marked by large fiscal and external imbalances, slow growth, and a weak competitive position, the challenge confronting the Portuguese government is to create the conditions to restart Portugal’s per capita income convergence toward the euro area average as soon as possible.
Key findings
- Macroeconomic stance and vulnerabilities:
- Large fiscal imbalances.
- Large external imbalances.
- Slow economic growth.
- Weak competitive position relative to the euro area average.
- Domestic demand:
- Private consumption resilient due to low interest rates and lengthening tenors on bank lending.
- Investment weak.
- External sector:
- Exports weak, contributing to external imbalances.
Policy implications and recommendations
- Primary challenge: create conditions to restart per capita income convergence toward the euro area average as soon as possible.
- Implied policy priorities (as reflected in staff conclusions):
- Strengthen fiscal consolidation to address large fiscal imbalances.
- Address external competitiveness to boost export growth.
- Implement measures to raise growth and investment.
Publication metadata and key statistics
- Publication title: Portugal: Staff Report for the 2005 Article IV Consultation
- Date: October 20, 2005
- Pages: 52
- Volume: 2005
- Issue: 375
- Series: Country Report No. 2005/375
- DOI: https://doi.org/10.5089/9781451832198.002
- Stock No: 1PRTEA2005001
- ISBN: 9781451832198
- ISSN: 1934-7685
- Subjects: Banking, Expenditure, External debt, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Revenue administration
- Keywords: consumer confidence, CR, Fiscal stance, GDP, Global, IMF staff representative, Industial production, ISCR, short-term indicator, Socialist party, staff appraisal, unprocessed food product
International Monetary Fund. Portugal: Staff Report for the 2005 Article IV Consultation, Country Report No. 2005/375 (2005).