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This report presents the macro-fiscal projections prepared by the Portuguese Public Finance Council (CFP) for the period from 2018 to 2022. The baseline scenario for the five-year period is based on the invariant policies hypothesis, which is described in detail in the report.


In order to prepare this scenario and in addition to its own models, CFP has used the projections available at the macroeconomic level, namely those published by international institutions, the Ministry of Finance and the Bank of Portugal for the Portuguese economy.


Besides, the CFP has considered the effects of the measures considered specified for the period in question in the Stability Program 2017-2021 and for 2018 in the Draft State Budget as well as the expected impacts in 2019 and following years due to measures implemented in the past years.

Date of last update: 15/03/2018

Economic and fiscal outlook . Report nº 2/2018 . 15 March 2018