{
  "title": "Portugal: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal",
  "publication": "IMF Staff Country Reports, September 12, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224",
  "overlayPath": "/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/index.md",
  "summary": "This 2018 Article IV Consultation highlights that following robust growth in 2017, driven by investment and exports, activity in Portugal is expected to moderate in 2018. Unemployment continues to fall on the back of sustained employment growth.",
  "sections": [
    {
      "heading": "Summary findings and outlook",
      "content": "- Following robust growth in 2017, driven by investment and exports, activity in Portugal is expected to moderate in 2018.\n- Unemployment continues to fall on the back of sustained employment growth.\n- Credit growth continues to lag the recovery in economic activity, as banks repair their balance sheets.\n- Rising capital ratios, falling rates of non-performing loans and lower impairments meant that the resilience of banks improved significantly in 2017.\n- Further improvement in the banking sector is expected in 2018.\n- Nevertheless, no significant acceleration in credit growth is expected, and the economy should continue deleveraging its external balance sheet."
    },
    {
      "heading": "Banking, credit, and financial sector",
      "content": "- Banks repaired balance sheets in 2017, evidenced by:\n  - Rising capital ratios.\n  - Falling rates of non-performing loans.\n  - Lower impairments.\n- These developments materially improved bank resilience in 2017, with further improvement expected in 2018.\n- Despite improved bank health, credit growth remained subdued and is not expected to accelerate significantly in 2018."
    },
    {
      "heading": "Labor market",
      "content": "- Employment growth has been sustained, contributing to a continued decline in unemployment."
    },
    {
      "heading": "External sector and deleveraging",
      "content": "- The economy is expected to continue deleveraging its external balance sheet."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication title: Portugal: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal\n- Date: September 12, 2018\n- Series: Country Report No. 2018/273\n- Issue: 273\n- Volume: 2018\n- Pages: 65\n- DOI: https://doi.org/10.5089/9781484375921.002\n- Stock No: 1PRTEA2018002\n- ISBN: 9781484375921\n- ISSN: 1934-7685\n- Subjects: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Nonperforming loans, Public debt\n- Keywords: company recovery, core inflation, CR, Credit, Europe, firm, firm path, Fiscal stance, Global, headline deficit, holding, ISCR, Loans, Nonperforming loans, recovery code, SME, support SME\n\nInternational Monetary Fund. Portugal: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal. Country Report No. 2018/273 (2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/bundle-manifest.json)",
    "Published: September 12, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484375921.002",
    "Following robust growth in 2017, driven by investment and exports, activity in Portugal is expected to moderate in 2018.",
    "Unemployment continues to fall on the back of sustained employment growth.",
    "Rising capital ratios, falling rates of non-performing loans and lower impairments meant that the resilience of banks improved significantly in 2017.",
    "Further improvement in the banking sector is expected in 2018.",
    "Nevertheless, no significant acceleration in credit growth is expected, and the economy should continue deleveraging its external balance sheet.",
    "Banks repaired balance sheets in 2017, evidenced by:",
    "These developments materially improved bank resilience in 2017, with further improvement expected in 2018.",
    "Despite improved bank health, credit growth remained subdued and is not expected to accelerate significantly in 2018.",
    "Employment growth has been sustained, contributing to a continued decline in unemployment.",
    "The economy is expected to continue deleveraging its external balance sheet.",
    "Publication title: Portugal: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Portugal",
    "Date: September 12, 2018",
    "Series: Country Report No. 2018/273",
    "Issue: 273",
    "Volume: 2018",
    "Pages: 65",
    "DOI: https://doi.org/10.5089/9781484375921.002",
    "Stock No: 1PRTEA2018002",
    "ISBN: 9781484375921",
    "ISSN: 1934-7685",
    "Subjects: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Nonperforming loans, Public debt",
    "Keywords: company recovery, core inflation, CR, Credit, Europe, firm, firm path, Fiscal stance, Global, headline deficit, holding, ISCR, Loans, Nonperforming loans, recovery code, SME, support SME",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2018/cr18273.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2018/cr18273.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2018/cr18273.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/index.md",
    "json": "/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/index.json",
    "bundleManifest": "/en/publications/cr/issues/2018/09/12/portugal-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46224/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T22:46:21.158Z"
}