Portugal : Second Review Under the Extended Arrangement

Journal Issue

Volume/Issue:: 2011/363
Series:: IMF Staff Country Reports
Author(s):: International Monetary Fund
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: December 2011
DOI:: http://dx.doi.org/10.5089/9781463928612.002
ISBN:: 9781463928612
ISSN:: 1934-7685
Page:: 129

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 11/4 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.

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Portugal: Second Review Under the Extended Arrangement