Portugal-2019-economic-survey-overview
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Portugal-2019-economic-survey-overview
www.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview gal. The Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.This document and any map included herein are without prejudice to the status of or sovereignty Portugal-2019-economic-survey-overview over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.OECD Economic SurveysPortugal-2019-economic-survey-overview
: Portugal© OECD 2019You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases andwww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview urce and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to rights@oecd.org. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) Portugal-2019-economic-survey-overview at info@copyright.com or the Centre frangais d’exploitation du droit de copie (CFC) at contact@cfcopies.com.EXECUTIVE SUMMARY I 9Executive summaryOECDPortugal-2019-economic-survey-overview
ECONOMIC SURVEYS: PORTUGAL 2019 c OECD 20J!>10 I EXECUTIVE SUMMARYThe economy has recoveredEconomic conditions in Portugal have Improved markedly ovewww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview of the largest reductions in any OECD country over the past decade. Nevertheless, legacies of the crisis remain, with rhe poverty rare of the working age population still elevated and perceptions of subjective wellbeing below pre-crisis levels.The recovery has now broadened Io domestic demand. Stro Portugal-2019-economic-survey-overview ng exports sustained economic activity in the years immediately following the crisis. This was underpinned by rapid growth in the tourism sector, as wPortugal-2019-economic-survey-overview
ell as exports across a variety of manufacturing sectors that reflected improvements in product quality and a decline in relative export prices. Machiwww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview a sohd contribution to GDP growth over the past few years, buoyed by rising private earnings.Figure A. I hr recovery is well entrenched\>-o-Y%ch£n3€<5Percentageà ------------------------------------- 202007 2CG9 2011 2013 2015 2017 2019Source: OECD Economic Outlook Statistics and Projections (datab Portugal-2019-economic-survey-overview ase), November.SlaCLinR https: doj.org .0..7S7 8889339.2675The economy is projected to continue expanding at a stable pace. GDP is projected Io rise bPortugal-2019-economic-survey-overview
y around 2% a year between 2018 and 2020 (Table A). Further employment gains and rising real wages will underpin consumption growth and inflation willwww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview .Table A. The solid expansion will continue% change201820192020Gross domestic product (GDP)2.12.11.9Private consumption2.21.82.0Government consumption0.7-0.1■0.1Gross fixed capital formation4.55.64.7Experts of goods and services6.04.53.7Imports of goods and services6.24.74.2(Inemplovmenirate7.16.45. Portugal-2019-economic-survey-overview 7Consumer price index1.31.31.4Source: OECD Economic Outlook Database.Risks to the outlook exist. These include an increase in interest rales, potentiaPortugal-2019-economic-survey-overview
lly stemming from the normalisation of monetary policy by the European Central Bank, which could negatively impact business and household spending.Thewww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portug Portugal-2019-economic-survey-overview s the government’s ability to respond Io future economic shocks. Improvements in fiscal balances have contributed to a decline in the ratio of public debt to GDP from 130.6% in 2014 to around 121% in 2018. Nevertheless, this ratio remains one of the highest across OECD countries. Further improving p Portugal-2019-economic-survey-overview ublic finances will require reducing the fiscal deficit and maintaining a primary surplus. I aced with a rapidly’ ageing population, the government haPortugal-2019-economic-survey-overview
s pursued reforms to the health system and pensions. Nevertheless, fiscal sustainability’ will benefit from further moving health treatment to primarywww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of Portugwww.oecd.org/eco/surveys/portugal-economic-snapshot®»OECDBETTER POLICIES FOR BETTER LIVESThis Overview is extracted from the Economic Survey of PortugGọi ngay
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