{
  "title": "Portugal: Second Review Under the Extended Arrangement",
  "publication": "IMF Staff Country Reports, December 20, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/portugal-second-review-under-the-extended-arrangement-25448",
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  "summary": "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.",
  "publishDate": "2011-12-20",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected.\n- The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts.\n- 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.\n- The authorities have made significant progress in revenue administration reform and public administration restructuring.\n- Publication date: December 20, 2011"
    },
    {
      "heading": "Economic Findings",
      "content": "- Output contraction in Portugal: continued but milder than expected.\n- Europe 2012 growth outlook: revised down by 1¼ percentage points relative to spring forecasts.\n- Banking sector pressures:\n  - Substantially higher capital requirements across Europe.\n  - Cuts in exposure to the periphery placing further pressure on banks and the flow of credit."
    },
    {
      "heading": "Policy Actions and Reforms",
      "content": "- Revenue administration reform: significant progress by the authorities.\n- Public administration restructuring: significant progress by the authorities."
    },
    {
      "heading": "Thematic Subjects and Keywords",
      "content": "- Subjects: Banking, Competition, Credit, Expenditure, External debt, Fiscal stance, Money, Public debt, Revenue administration\n- 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\n\nInternational Monetary Fund — Portugal: Second Review Under the Extended Arrangement (December 20, 2011).\n\n---\n\n Content in this bundle\n\n- Cr11363 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/portugal-second-review-under-the-extended-arrangement-25448"
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    "Published: December 20, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463928612.002",
    "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",
    "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:",
    "Revenue administration reform: significant progress by the authorities.",
    "Public administration restructuring: significant progress by the authorities.",
    "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",
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