Portugal: Staff Report for the 2015 Article IV Consultation

May 18, 2015

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Portugal: Staff Report for the 2015 Article IV Consultation, (USA: International Monetary Fund, 2015) accessed November 21, 2024

Summary

This 2015 Article IV Consultation highlights that Portugal’s significant flow imbalances have largely been corrected in the wake of the sovereign debt crisis, with employment increasing, output expanding, and the current account balance posting surpluses for the first time in decades. The economy has expanded at close to 1 percent per year on average since early 2013, with growth driven largely by consumption. The near-term outlook is benefiting from the trifecta of record-low interest rates, a weakening euro, and low oil prices. Output is expected to increase by 1.6 percent in 2015 and by 1.5 percent in 2016, with outlook for inflation improving as well.

Subject: Banking, Expenditure, Fiscal consolidation, Fiscal policy, Labor, Labor markets, Macrostructural analysis, Public debt, Structural reforms

Keywords: Balance, CR, Current account, Debt, Deficit, Deficit target, Europe, Fiscal consolidation, General government deficit, Global, Holding, Holdings of SDR, IMF staff estimate, Infraestruturas de Portugal, ISCR, Labor markets, Near-term outlook, Profitability recovery, Structural reforms

Publication Details

Pages:

77
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/126
Stock No:

1PRTEA2015002
ISBN:

9781484389874
ISSN:

1934-7685

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