council opinion juli 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 juli council examin updat stabil programm portug cover period programm compli data requir quot code conduct content format stabil converg programm quot programm provid project long term sustain public financ portug invit achiev full complianc data requir code conduct updat stabil programm built correct govern deficit gdp plan excess gdp figur deficit gdp year recent report portugues author reflect discuss eurostat consider wors compar target gdp previou programm updat deterior explain weaker expect growth reassess expenditur growth run compar budget introduct measur plan previou programm correct packag gdp adopt govern june reduct deficit updat outlin strategi envisag implement structur measur extens relianc temporari measur chang respect budgetari strategi outlin previou updat govern deficit expect continu improv come year exce gdp refer macroeconom scenario underli programm envisag real gdp growth progress pick growth rate success intermedi year basi current inform growth project part programm period plausibl risk programm outer year structur measur address product competit restor confid essenti project growth path realis programm aim reach govern deficit gdp refer govern deficit ratio expect declin gdp calcul commiss servic appli commonli agre methodolog inform programm show cyclic adjust deficit widen gdp declin progress consolid effort extend entir programm period front load substanti consolid place earli part programm period consolid reli increas revenu higher tax rate notabl increas standard vat rate lower tax credit improv tax collect partli offset revenu foregon outer year increas contribut expenditur restraint foreseen measur perman natur reform public administr contain wage bill social secur retir scheme budgetari effect signific medium term share invest total govern expenditur declin slightli programm period budgetari outcom project programm subject risk acceler econom activ slower expect depend effect impact fiscal consolid measur expect increas intern competit portugues export market revenu rais expenditur restrain measur effect project longer produc desir result higher tax rate heighten risk tax evas notwithstand signific measur increas tax complianc includ closer administr cooper focus cross border vat fraud announc restraint expenditur legal implement view assess govern call fulfil commit addit measur order avoid deficit exceed gdp longer plan project path adher budgetari stanc programm provid suffici safeti margin breach deficit ceil normal macroeconom fluctuat insuffici ensur stabil growth pact medium term object budgetari posit close balanc achiev programm horizon spite reduct underli deficit percentag point gdp sensit analysi show deficit close event unfavour macroeconom develop debt gdp ratio breach gdp refer treati move updat reach gdp peak gdp declin reach evolut gross debt ratio turn favour project risk econom activ budgetari target occurr past debt increas stock flow adjust accumul financi asset regard long term sustain public financ portug appear risk ground project budgetari cost ag popul structur reform measur enact date area pension health care eas budgetari impact ag reform suffici ensur sustain reform outlin updat notabl retir provis civil servic contribut end implement govern commiss report assess long term sustain social secur system econom polici outlin updat partli consist countri specif broad econom polici guidelin area public financ recommend programm project consolid public financ place larg extent expenditur side reli temporari measur project adher impli improv cyclic adjust primari balanc net temporari measur gdp year plan reduc deficit gdp plan expenditur restraint insuffici achiev medium term object stabil growth pact budgetari posit close balanc end programm period light deficit debt figur year present updat stabil programm commiss initi excess deficit procedur portug june council decid exist excess deficit portug issu recommend correct excess deficit recommend includ inter alia deadlin correct excess deficit view assess council opinion portug limit deterior fiscal posit ensur rigor implement announc correct measur ii achiev sustain correct excess deficit take substanti step signific decreas year enact decis plan measur reduc govern expenditur seiz opportun acceler reduct budget deficit creat margin deal budgetari impact lower project growth iii bring gross debt ratio firm downward path ensur debt develop reflect progress reduct deficit avoid debt increas financi transact iv control evolut expenditur possibl announc bind ceil specif expenditur categori comprehens reform programm improv qualiti ensur long term sustain public financ improv process gener govern data comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic spring econom forecast commiss servic calcul real gdp chang sp jun april sp jan hicp inflat sp jun april sp jan gener govern balanc gdp sp jun april sp jan primari balanc gdp sp jun april sp jan cyclic adjust balanc gdp sp jun april sp jan measur gdp sp jun april cyclic adjust balanc net measur gdp sp jun april govern gross debt gdp sp jun april sp jan oj portugues author submit updat programm decemb compli formal requir date submiss view upcom gener elect portug time decid assess programm wait updat present govern deficit gdp exclud major temporari measur commiss servic calcul basi inform programm includ temporari measur