Portugal: Second Review Under the Extended Arrangement
IMF Staff Country Reports, December 20, 2011
Source details
- Canonical URL
- Portugal: Second Review Under the Extended Arrangement
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Bibliographic details
- Published: December 20, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463928612.002
Overview
- Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected.
- The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts.
- Substantially higher capital requirements across Europe, coupled with cuts in exposure to the periphery, are placing further pressure on banks and the flow of credit.
- The authorities have made significant progress in revenue administration reform and public administration restructuring.
- Publication date: December 20, 2011
Economic Findings
- Output contraction in Portugal: continued but milder than expected.
- Europe 2012 growth outlook: revised down by 1¼ percentage points relative to spring forecasts.
- Banking sector pressures:
- Substantially higher capital requirements across Europe.
- Cuts in exposure to the periphery placing further pressure on banks and the flow of credit.
Policy Actions and Reforms
- Revenue administration reform: significant progress by the authorities.
- Public administration restructuring: significant progress by the authorities.
Thematic Subjects and Keywords
- Subjects: Banking, Competition, Credit, Expenditure, External debt, Fiscal stance, Money, Public debt, Revenue administration
- Keywords: CR, Credit, current account, Europe, executive board's discussion, fast-track Emergency Financing Mechanism procedure, Global, government, ISCR, Portugal's IMF quota, private sector, reform agenda, support
International Monetary Fund — Portugal: Second Review Under the Extended Arrangement (December 20, 2011).