Analysis of the Stability Programme 2015-2019

This report analyses the Stability Programme for 2015-2019, in compliance with article 7 of the Portuguese Public Finance Council (CFP) Statutes, regarding the preparation of reports on the Stability Programme and other procedures within the European regulatory framework of the Stability and Growth Pact, as well as on the Multiyear Budgetary Planning Framework. The CFP has already analysed the macroeconomic projections underlying the 2015-2019 Stability Programme (see Opinion no. 1/2015) and so this report does not include a section on that topic.

This Report is divided into five chapters. The first is an introduction and sets out the aims of the analysis and the report structure. The second chapter provides an assessment of the fiscal adjustment and compliance with the rules applying to Portugal over the 2015-2019 period.  The third and fourth chapters look at the fiscal policy measures and the risks underlying the projections for that period. The fifth and final chapter examines the Multiyear Budgetary Planning Framework published in the 2015-2019 Stability Programme (SP/2015).