Analysis of the General Government budget outturn in the 1st semester of 2013

Following the publication by Statistics Portugal (INE) and by the Bank of Portugal (BoP), of the quarterly national accounts by institutional sector for the 1st half of 2013, that occurred on 30 September 2013, this report analyses the fiscal developments in the general government sector over that period and their consistency with the annual targets set for the deficit and for public debt. Reference is also made to the main revisions included in the 2nd notification of the Excessive Deficit Procedure (EDP) and their impact on the general government balance and debt, over the period from 2009 to 2013.

As in previous reports, the general government aggregate figures were adjusted for temporary, one-off measures and other special factors, to provide a more accurate assessment of the consolidation efforts. As for public debt, factors other than the deficit which explain the change in this indicator are analysed in detail.

This report is based on preliminary data and hence subject to further revisions. The 1st quarter was updated with the publication of the 2nd quarter data.

Date of last update: 10/10/2013