Economic and fiscal developments until the end of the 3rd quarter and outlook for 2015

This report looks at the developments in the Portuguese and international economic situation, as well as the fiscal developments in the general government sector up to the end of the 3^rd quarter of 2015. The Portuguese Public Finance Council’s (CFP) analysis is based upon the macroeconomic statistics published by the Portuguese Statistical Authority (INE) on 30 November 2015 and the quarterly figures (non-financial and financial) for the general government in the national accounts published on 23 December 2015 by the INE and on 4 January 2016 by the Bank of Portugal. This document also contains the CFP’s forecasts for the main economic and budget indicators for 2015.

For a better understanding of the fiscal developments, the general government revenue and expenditure have been adjusted by removing transactions that do not have a permanent impact on this sector’s borrowing requirements. The analysis of the budget aggregates adjusted in this manner provides a better assessment of consolidation efforts, and makes it easier to monitor structural changes in aggregates, and assess the fiscal policy stance.

The Executive Summary of this Report is available in English

Date of last update: 15/01/2016