Portugal: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal
IMF Staff Country Reports, September 15, 2017
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- Portugal: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal
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Bibliographic details
- Published: September 15, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484319338.002
Key findings
- Portugal has made notable progress over the past year in reducing uncertainty over near-term risks.
- The exit from the Excessive Deficit Procedure in 2017 contributed to bolstering investor confidence.
- A marked improvement in stability and confidence in the banking system has helped bolster investor confidence.
- Sovereign debt spreads have sharply narrowed since mid-March.
- Tourism remains a key driver of growth.
- A broad-based pickup in exports of goods has accompanied tourism-led growth in recent quarters.
Near-term growth outlook and demand composition
- The near-term growth outlook has improved considerably as the ongoing recovery continues to gain momentum.
- Growth drivers include a pickup in exports and investment alongside continued growth in private consumption.
- Exports and investment have contributed materially to the improved near-term outlook.
Financial sector and investor confidence
- Banking system stability and confidence improved markedly, supporting a sharp narrowing in sovereign debt spreads since mid-March.
- The exit from the Excessive Deficit Procedure in 2017 and banking improvements together helped bolster investor confidence.
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- Country Report