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This country page contains, or links to, DG ECFIN’s recent analytical work on the economy of Portugal.

Economic situation

The Commission publishes macroeconomic forecasts for the EU and the Member States three times a year, in the spring (May), in the autumn (November) and in the winter (February). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN).

EU Financial assistance

The Economic Adjustment Programme for Portugal was agreed in May 2011. It includes a joint financing package of €78 billion (EU/EFSM, Euro area/EFSF and IMF) and covers the period 2011 to mid-2014. More information:

Fiscal surveillance

Assessments of Portugal's stability programme

In spring Portugal submitted a stability programme that presented an update of the medium-term fiscal strategy. The programme was assessed by the Commission.

The EU Excessive Deficit Procedure and Portugal

Macroeconomic surveillance

National reform programme

As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, Portugal submitted a national reform programme (NRP) in spring, which was assessed by the Commissionpdf Choose translations of the previous link .

Macroeconomic Imbalance Procedure

The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place. The annual starting point of the MIP is the Alert Mechanism Report: Based on a scoreboard of indicators and economic judgment, it is a filter to identify countries and issues for which a closer analysis (in-depth review) is deemed necessary. The outcome of these in-depth reviews forms the basis for further steps under the MIP.

As Portugal is subject to surveillance under an economic adjustment programme, the country is currently not covered by the Macroeconomic Imbalance Procedure.