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""Table of contents""; ""Basic Statistics of Portugal""; ""Assessment and recommendations""; ""I. Macroeconomic developments and prospects""; ""Overview""; ""Figure 1. Macroeconomic performance at a glance""; ""Portugal�s cycle in the European context""; ""Table 1. Portugal and the euro area: k...

""Labour market slack is increasing�""""Table 3. Labour-market indicators""; ""Table 4. Wages and labour costs""; ""� but inflation remained high""; ""Figure 4. Inflation developments""; ""A very high external debtor position""; ""Export performance improved, despite the erosion of competit...

""Financial inflows reflected mainly banks� external borrowing""""Figure 7. Financial account breakdown""; ""Direct investment inflows remained strong, but their nature has changed""; ""Figure 8. Direct investment flows""; ""Forces at work and the short-term outlook""; ""Monetary conditions are...

""Figure 11. Economic confidence indicators""""Table 6. Short-term projections""; ""II. Fiscal policy issues""; ""Introduction""; ""Figure 12. Contributions to fiscal consolidation 1995-2003""; ""Figure 13. The fiscal policy stance""; ""Disappointing results in 2001""; ""Table 7. Budget balance...

""Table 9. General government financial accounts""""Medium-term budget strategy""; ""The Stability Programme""; ""Figure 14. Fiscal targets""; ""Public debt trends and management""; ""Figure 15. Public debt scenario""; ""Figure 16. Trends in the debt structure, 1998-2002""; ""Progress with tax r...

""Figure 18. General government outlays by economic category""