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This report looks at the fiscal developments in the general government sector until the end of the 3rd quarter 2016.


The Portuguese Public Finance Council’s (CFP) analysis is based upon the macroeconomic statistics published by the Portuguese Statistical Authority (INE) on 30 November 2016 and the quarterly figures (non-financial and financial) for the general government in the national accounts published on 23 December by INE and on 2 October by the Bank of Portugal.


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.

Budget Outturn . Report nº 1/2017 . 17 January 2017