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The Portuguese Public Finance Council (CFP) will release 15 regular publications throughout 2018.


Twice a year, a report entitled “Public Finance: Position and Constraints” is produced, which in 2018 will respect the five-year period of 2018-22. In this document, the CFP – like other institutions that independently make projections on economic variables – projects the position of public finances, based on the information available at the time and considering, in addition to the observed evolution, the policy measures already adopted or specified in sufficient detail to be incorporated in the projection exercises. It is therefore a basis for the quantification of any gaps to be filled by measures to be taken and differs from a forecast exercise, which should include the impact of these measures. The first report was published on 15 March and the second, which updates the first, is expected to be released on 20 September.

The CFP is responsible for issuing opinions on the macroeconomic scenarios underlying the Stability Program and the Draft State Budget prepared by the Government. In 2018, the first opinion addresses the forecasts included in the Stability Program 2018-2022 and was on 13 April. The second one refers to the macroeconomic scenario underlying the Draft State Budget for 2019 and is expected to be published on 15 October. Subsequently to each opinion, reports are published regarding the Stability Program 2018-2022 (on 10 May) and on the Draft Budget Proposal for 2019 (on 13 November). These dates may vary according to the course of the legislative process.


Fiscal developments in public administrations are monitored throughout the year, following the publication of national accounts by institutional sector by the Statistics Portugal (INE), that occurs up to 90 days after the quarter in reference. In this matter, CFP produces reports for each quarter: the report on implementation by the end of the third quarter 2017 was published on 16 January; the analysis of the account for the whole of 2017 was published on 17 April; the analysis of the execution until March this year was announced on 12 July and the analysis of the budget execution by the end of the first half of 2018 should be known on 11 October.


The CFP also evaluates the budget execution of Social Security and Caixa Geral de Aposentações (CGA) every six months: the report on the execution of 2017 was published on 23 May and the report on the execution of the first six months of 2018 will be published on 6 September.


Other publications of occasional nature should be added to this list and the publication dates are not presented in this calendar. In addition, the CFP has launched two new series of publications this year: one regarding the local government budget implementation (published on 4 April and 13 September) and another on fiscal risks and sustainability of public finances that was published on 25 July and will be produced every two years.


All dates are indicative. Please see here the calendar of CFP regular publications for 2018.


This calendar was updated on 30 October.

News . 30 October 2018