## Portugal: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal

_IMF Staff Country Reports, September 15, 2017_

## Source details

**Canonical URL:** [Portugal: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal](https://www.imf.org/en/publications/cr/issues/2017/09/15/portugal-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45254)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/09/15/portugal-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45254/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/09/15/portugal-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45254/index.json)
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## Bibliographic details
- Published: September 15, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484319338.002

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### 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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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17278.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17278.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/09/15/portugal-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45254_