The Portuguese Public Finance Council (CFP) analyses the fiscal developments in the general government sector up to the end of the second quarter of this year. This assessment is based on macroeconomic statistics published by INE on 31 August and on the quarterly accounts (non financial and financial) of the general government, in national accounts, published on 21 September and on 1 October by INE and Bank of Portugal, respectively.
The general government fiscal aggregates are presented in national accounts and have not been adjusted for the impact of temporary or one-off measures and special factors. However, as it was already the case before and 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) 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.