In this report, the Portuguese Public Finance Council (CFP) examines the fiscal developments in the general government sector in the first quarter of 2018. The analysis is based on the statistics on the quarterly accounts of general government (non-financial and financial), published on June 22 and July 2, 2018 by the National Statistical Institute (INE) and the Bank of Portugal (BdP), respectively.
The general government budget aggregates are presented in national accounts and have not been adjusted for the impact of temporary or one-off measures and special factors. However, for the purpose of analysing the evolution of the fiscal developments for 2018, the impact of the recapitalization operation of Caixa Geral de Depósitos (CGD), as explained in the report, was excluded. The remaining adjustments are presented and justified in the text where such treatment is relevant to allow a better evaluation of the fiscal consolidation effort.