Portugal: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal
July 12, 2019
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After a strong performance in 2017, economic activity has moderated. The second half of 2018 was marked by a deceleration, coinciding with weaker economic activity in Europe. The headline fiscal balance improved, with a small increase in the structural primary balance reflecting a strict budget execution. The current account turned negative in 2018 in conjunction with a deterioration of the balance of trade in goods and services. Total credit to the nonfinancial private sector continued to decline in 2018. Nevertheless, over the last 4 years the Portuguese banking system has been strengthening its balance sheet and its performance.
Subject: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Labor, Loans, Money, Public debt
Keywords: asset quality, balance sheet risk, consumer price inflation, core FSIs, CR, Credit, deficit, Europe, Fiscal stance, GDP, Global, ISCR, legacy asset, Loans, output gap, Portugal, potential GDP, private sector, Q4, supervision framework bill
Pages:
75
Volume:
2019
DOI:
Issue:
221
Series:
Country Report No. 2019/221
Stock No:
1PRTEA2019001
ISBN:
9781498325172
ISSN:
1934-7685
