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Portugal beats macro and budget expectations


The essential

Having long lagged behind the eurozone recovery, Portugal has been showing many more signs of economic improvement since the end of 2016. The arrival of a government supported by the extreme left in late 2015 raised doubts, yet the country nonetheless managed to significantly improve its public accounts and has just exited the European Union’s Excessive Deficit Procedure.

The risk of another financial accident is fading and the Portuguese recovery, which is being strengthened by the recovery in the eurozone and in particular its closest neighbour, Spain, still has potential. However, the country needs further reforms to improve its competitiveness longer term, and very high public and private debt will continue to leave the country vulnerable for a long time to come.


July/August 2017


Juillet/Août 2017


The Article


DRUT Bastien , Senior Strategist at CPR AM
PERRIER Tristan , Global Views Analyst
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Portugal beats macro and budget expectations
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