council opinion march updat stabil programm portug council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion march council examin updat stabil programm portug cover period updat programm project gener govern financ improv steadili deficit gdp deficit gdp govern gross debt expect decreas gdp council note updat programm broadli compli requir revis quot code conduct content format stabil converg programm quot updat programm adopt govern decemb present parliament discuss adopt earli januari declar approv larg major includ support main opposit parti updat programm formal submit commiss portugues author effect commit made council novemb framework recommend articl present end year updat stabil programm council consid econom polici reflect plan measur programm updat broadli compli broad econom polici guidelin updat macroeconom scenario show small acceler gdp growth estim growth rate light recent inform point deceler econom activ half optimist period macroeconom scenario present programm updat appear plausibl pace econom growth concern averag growth rate close year plan measur structur reform gener benefici suppli side effect allow economi reli greater export strength council consid regain level extern competit paramount import portug light level inflat real wage develop year end secur wage moder sustain increas product kei requir secur declin inflat context council welcom govern guidelin onward averag inflat forecast euro area benchmark wage negoti freez wage govern sector measur favour spill effect privat sector economi novemb light govern deficit gdp council decid excess deficit exist portug issu recommend portug articl treati term recommend portugues author urg implement resolv budgetari plan aim reduc deficit gdp year council establish deadlin decemb portugues govern measur bring excess deficit end ii adopt implement budgetari measur ensur govern deficit reduc gdp govern debt ratio gdp refer council note satisfact preliminari figur gener govern deficit reduc gdp spite weaker anticip growth council acknowledg firm resolv portugues govern pursu budgetari consolid budgetari develop turn favour expect rectifi budget adopt june due weaken econom activ lower expect proce sale govern properti consequ view reduc deficit recommend council portugues author adopt number measur end year total estim rais addit revenu gdp council note substanti challeng remain achiev deficit target gdp put deficit downward trajectori factor critic regard light recent econom data confirm mark slowdown econom activ half programm assumpt gdp growth appear optimist budgetari tighten addit measur benefici impact measur implement wear council urg portugues author ensur deficit remain gdp sustain correct budgetari imbal reviv econom confid council consid earli determin implement comprehens ambiti programm structur reform envisag stabil programm updat conduc greater confid enabl faster recoveri econom growth council acknowledg project improv underli balanc gdp year take underli deficit gdp situat close balanc line commit portug recommend adopt council novemb improv underli deficit amount approxim percentag point gdp adjust effort consider higher due replac measur adopt consolid strategi envisag front load complianc object stabil growth pact council note satisfact consolid strategi adopt rest restraint govern expenditur achiev partli tighter control public sector wage bill partli effect comprehens programm structur reform strategi line gener recommend broad econom polici guidelin council urg portugues author ensur implement strategi offset revenu loss caus announc gradual phase substanti lower corpor tax lead underli budgetari posit close balanc end period context council draw attent potenti budgetari risk signific tax reduct match firm control govern expenditur facilit implement expenditur ceil sensit analysi suggest event low growth scenario consid programm updat materialis actual balanc deterior significantli absenc offset discretionari measur addit council reaffirm commit made portugues author continu improv collect govern data kei ensur effect budgetari surveil council note remain gdp refer govern debt ratio increas recent year council welcom portugues author intent bring debt level gdp unwind sharp deterior regist reduct debt ratio programm period achiev gradual improv primari surplu assumpt major net financi oper take place come year basi current polici risk unsustain public financ light ag popul exclud debt reduct make notic contribut meet budgetari cost ag popul reach balanc posit essenti part ambiti prong strategi meet long term budgetari consequ ag includ run surplus run sound public financ long run achiev signific reduct debt ratio prior budgetari impact ag popul take hold determin implement structur reform order curb growth ag relat expenditur broaden tax base increas growth potenti economi essenti achiev long term stabil oj