Analysis of the General Government Account 2014

This report describes the fiscal developments in the General Government sector over 2014 and the consistency of the budget outturn and the deficit and public debt objectives, and assesses the extent to which the spending limits set for Central Government were met. It also analyses the fiscal adjustment over the 2010-2014 period, based on the following statistics published on 31 March 2015: the first notification under the Excessive Deficit Procedure, published by the Portuguese Statistical Authority in 2015; the quarterly national accounts by institutional sector relating to the 4th quarter of 2014, published by the INE and by the Bank of Portugal. The data underlying this report have a provisional nature and are subject to possible revisions, as it was the case with figures relating to previous quarters.

The GG budget aggregates have been adjusted for the impact of temporary measures, one-off measures and special factors, so as to allow for a better assessment of the consolidation effort. In regard to public debt, a detailed examination is presented of the factors which explain the change in this indicator, besides the deficit.

Date of last update: 21/04/2015