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The Portuguese Public Finance Council (CFP) publishes the report “Public Finance: Position and Constraints 2017-2021” that aim at characterising the state of Portuguese public finances and the constraints they face at the start of the annual cycle of updating the fiscal strategy, which begins with the presentation of the National Reform Programme and the Stability Programme.


This Report presents the macro-fiscal projections prepared by the CFP for the period 2017 to 2021. The baseline scenario for the five-year period is based on a no-policy change assumption, that is, taking only into account the effects of measures already implemented or sufficiently specified, and setting the constraints which the strategy and the measures to be defined must face.


In order to prepare this scenario, in addition to its own models, the CFP has used the available macroeconomic projections for the Portuguese economy, namely those published by international institutions, the Portuguese Ministry of Finance and the Bank of Portugal. The CFP considered the effects of the measures sufficiently specified for the period 2017 to 2021 in the Stability Program 2016-2020 and for 2017 in the State Budget Proposal Report, as well as the expected impacts in 2017 and in subsequent years as a result of measures implemented in the previous years.

Position and Constraints . Report nº 2/2017 . 31 March 2017