IMF Staff Country Reports

Portugal: Staff Report for the 2001 Article IV Consultation

Publication Date:

April 26, 2002

Electronic Access:

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Summary:

This 2001 Article IV Consultation highlights that after an extended period of real convergence in living standards toward the euro area average, the Portuguese economy weakened markedly in 2001. GDP growth in 2001 is estimated at about 1.6 percent, about half the rate recorded over the previous two years. The growth slowdown reflected to some extent the waning effect of euro-entry-related declines in interest rates and private sector responses to rising indebtedness levels. Inflation has continued to exceed the euro area average, reflecting to an important extent relatively strong cost pressures in Portugal.

Series:

Country Report No. 2002/090

Subject:

Balance of payments Banking Budget planning and preparation Current account deficits Economic sectors Expenditure Financial sector Fiscal policy Fiscal stance Public financial management (PFM)