Portugal : staff report, public information notice on the Executive Board discussion, and statement by the executive director for Portugal / prepared by staff representatives for the 2009 consultation with Portugal
1. The global economic crisis is severely buffeting the Portuguese economy. Output will likely contract by almost 3 percent in 2009, driven by sharp falls in exports and investment. Signs of adjustment are emerging, as prices have fallen faster than in the euro area, households are saving more, and the large current account deficit has narrowed. The policy response has been rapid and supportive
Notes
Title from PDF title page (IMF Web site, viewed February 18, 2010)