Portugal-Exporter Guide

An Expert's View about Sales in Portugal

Posted on: 18 Feb 2013

In 2011, Portugal’s agriculture, fish and forest product imports from the United States were valued at $401 million, a substantial increase from previous years.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 1/9/2013 GAIN Report Number: PT1207 Portugal Exporter Guide 2012 Annual Approved By: Robert Hanson, Agricultural Counselor Prepared By: Diogo Machado Mendes, Agricultural Specialist Report Highlights: In 2011, Portugal’s agriculture, fish and forest product imports from the United States were valued at $401 million, a substantial increase from previous years. Fish and seafood, tree nuts and other consumer-oriented products continue to offer U.S. exporters the best opportunities in Portugal. This report provides guidance to U.S. companies interested in exporting consumer-oriented food products to Portugal and includes an overview of the country's economic situation, market structure, and export requirements. 1 Post: Madrid Author Defined: INDEX SECTION I MARKET OVERVIEW SECTION II EXPORTER BUSINESS TIPS SECTION III MARKET SECTOR STRUCTURE AND TRENDS SECTION IV BEST HIGH-VALUE PRODUCT PROSPECTS SECTION V. KEY CONTACTS AND FURTHER INFORMATION APPENDIX – STATISTICS A. KEY TRADE AND DEMOGRAPHIC INFORMATION B. CONSUMER FOOD AND EDIBLE FISHERY PRODUCT IMPORTS C. TOP 15 SUPPLIERS OF CONSUMER FOODS AND EDIBLE FISHERY PRODUCTS D. MAIN FEATURES OF THE EU AUTUMN PROJECTIONS 2012 FOR PORTUGAL 2 SECTION I. MARKET OVERVIEW Portugal Economic Trends Portugal’s population is approximately 10.6 million. Due to a deficit in the trade balance of agricultural and food goods Portugal relies heavily on imports to supply its population. Recently published economic data, such as that on the EU Autumn Forecasts, show that Portugal’s process of budgetary consolidation continues to hit domestic demand. Private consumption in particular is expected to continue at low levels as consumers feel a squeeze in disposable income, a consequence of the high unemployment rate and the recent tax increases. A recovery in private consumption is projected for 2014 when stronger employment gains are expected. In spite of the gloomy macroeconomic environment there continue to be good opportunities for U.S. exporters of consumer oriented and edible fish products. Trade data show that American companies have increased exports and gained market share in 2011 in segments such as cod, food preparations, confectionary, processed fruit and vegetables, and breakfast cereals among others (see table 1). Portugal is a very good gateway into third markets as it keeps close business ties with countries and territories including Brazil, Macau, Angola, Mozambique, and other African countries, where Portuguese is spoken by over 250 million people. Portugal is also an excellent entry point into the EU market. English is widely spoken, the population is friendly toward Americans, and the country has one of the lower commercial cost business environments in Western Europe. 3 Table 1: Advantages and Challenges of U.S. Agricultural Products in Portugal Advantages Challenges Portugal is a net importer of food and agricultural products. U.S. food and Competition from neighboring EU countries is fierce. agricultural products have a good reputation for quality. Good gateway to the Iberian Peninsula, Europe, U.S. exports face higher transportation costs and and Portuguese speaking countries. difficulties in shipping mixed or smaller container loads. Domestic distribution systems are efficient. Supermarkets and hypermarkets shelf space is expensive. Access the Portuguese market through High marketing costs (advertising, discounts, etc.) are multinational chains like SONAE, Jeronimo necessary. U.S. suppliers, determined to maintain market Martins, Auchan and El Corte Ingles. share, may need to conduct annual promotion activities. Consumers are getting more health conscious Importers prefer to take delivery on short notice to avoid and interested in functional foods. storage charges. Favorable dollar exchange rate – U.S. exports Household disposable income is getting lower as the are competitive. economic crisis continues unfolds in the country. The following chart shows Portuguese imports of Agricultural, Fish and Forestry Products in the last 5 years. The high prices seen in 2008 and 2011 are reflected in the significantly higher value of imports in those years. The market share of the different export country groups has been relatively stable with the EU-27 accounting for around 75%, Latin America for 10% and the U.S. for 3% of the country’s imports. 4 Chart 1: Portugal's Agricultural, Fish and Forestry Product Imports Source: Global Trade Atlas (GTA) In 2011 there was an overall 52 percent increase in the value of Portuguese imports of agricultural, fish and forest products from the United States (see chart below). The group of Bulk products continues to be the most important with sales worth 255 million USD (63% of the total), followed by fish products worth 50 million USD (12%), intermediate products worth 45 million USD (11%), forest products worth 37 million USD (9%) and consumer oriented products worth 16 million USD (4%). 5 Chart 2: Portugal’s Imports of Ag, Fish and Forest Products from the United States Source: GTA 6 Chart 3: U.S. Exports of Consumer Oriented Products to Portugal Notes: 1. Data Source: Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics 2. Product Group : BICO-HS10 7 Chart4: U.S. Exports of Fish Products to Portugal Notes: 1. Data Source: Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics 2. Product Group : BICO-HS10 SECTION II. EXPORTER BUSINESS TIPS 8 Local Business Practices Success in introducing your product in the Portuguese market depends on acquiring local representation and making personal contact. The advantages of local representation include market knowledge, up-to- date information and guidance on business practices and trade laws, sales contacts, and market development expertise. Good contacts are important for the exporter to be aware of future contracts and participate in tenders. Having a distributor that is appointed on an exclusive basis is ideal. While modern sales techniques are becoming more prevalent, many business people still prefer personal contact as a way of doing business rather than just via email, fax or phone. English is a widely spoken second language in Portugal, and U.S. exporters can expect to conduct their meetings with contacts in English. Large importers and wholesalers have branch sales offices and/or sub-agents or dealers in the principal cities and towns, with main offices concentrated in Porto and Lisbon. Typically, food products are imported by an importer, broker and/or a distributor. General Consumer Tastes and Preferences The traditional diet in Portugal - based on seafood, meat, vegetables, salads, fresh fruits, olive oil and wine - is changing slowly. As consumers have less time for food preparation, the Portuguese market is increasingly characterized by a trend towards more novelties and specialties, less basic foodstuffs, more “natural” and delicatessen foods, more prepared and ready to eat products favoring convenience. Consumers are also increasingly responding to high quality and attractive packaging although this trend is being challenged by the worsening economic situation in the country. Influenced by constant advertising in the daily and weekly press and TV, consumers tend to follow fashionable trends, use new products and adopt new consumption habits. Increasing travel abroad by Portuguese, as well as a growing influx of foreign tourists into Portugal is also increasing demand for new products and an interest in ethnic foods, in particular. In addition, Portugal consumers are health conscious about food. Problems or potential problems concerning food safety are widely publicized and usually receive immediate attention from government agencies. Food Standards and Regulations For more information on food standards and regulations, please consult the Food and Agricultural Import Regulations and Standards Report (FAIRS) and the FAIRS Export Certificate Report for the EU 9 at the FAS website. Also, please check the U.S. Mission to the European Union web page for helpful information on exporting U.S. food and agricultural products into the EU. Import and Inspection Procedures Portugal uses the Harmonized Nomenclature and Classification System (HS) and applies import duties according to a maximum and minimum rate schedule. The minimum tariff rate is applied to goods originating in countries entitled to the benefits of most-favored nation treatment (that is, members of the World Trade Organization (WTO) and countries with which the EU has signed trade agreements) including the United States. However, the EU has negotiated free-trade agreements, providing in many cases tariff-free access to the European market, which can leave the U.S. exporter at a disadvantage. The local importer is the first responsible to the Portuguese Government of imported food products when they enter Portuguese territories. Therefore, the Portuguese agent/importer should guide you through the whole process to market your product in Portugal. The following documents are required for ocean or air cargo shipments of food products to Portugal: Bill of Lading and/or Airway Bill Commercial Invoice Phytosanitary Certificate and/or Health Certificate when applicable Import Certificate Most food products require an Import Certificate issued by the competent Portuguese authority. However, the Import Certificate is obtained by the Portuguese importer and/or the agent involved in the business and is intended for tariff classification purposes. Please keep in mind that if the product you are exporting into Portugal does not comply with EU harmonized regulations, Portuguese customs or health authorities may not allow entry of the product. SECTION III. MARKET SECTOR STRUCTURE AND TRENDS Food Retail Sector 10 The Portugal retail food market is diversified. Hypermarkets/supermarkets, convenience stores, major discount stores and specialized stores coexist with the traditional corner grocery stores and open-air markets, even though the total number of retail outlets has decreased significantly in the last decade: In Portugal, hyper and supermarkets account for 60 percent of total food sales. The sector has been consolidating with the five larger distribution companies having now an aggregated market share of 64%, which is about the EU average. There is increasing competition in the scope and range of product offerings, including ready-to- eat and/or ready-to-cook foods, take away meals, and home delivery and the prices and services retailers offer consumers. An increasing supply of imported products has intensified competition among suppliers and retailers. EU Member States are the first suppliers of imported consumer-ready products, including seafood. For more information on the Portugal Retail Food Sector, please consult the FAS Website for the latest retail sector reports for Portugal. HRI Sector The HRI sector expanded significantly during the mid 80’s and 90’s and into the 2000’s, as a result of the profound social and economic changes unleashed upon Portugal’s accession to the European Union (EU) in 1986. The expansion is not yet complete, nor has it slowed much over the years, so we expect that the sector will be of growing interest to some U.S. exporters. Synopsis of the HRI sector: Portugal is becoming one of the top tourism destinations in Europe with the number of tourists increasing every year, boosting demand for meals in the HRI sector; Restaurant chains, including ethnic and fast food, are gaining market share and are expected to continue growing; and, Consumption of ready-to-eat/take away food continues to grow as consumers substitute home- cooked for convenience and timesaving. Most hyper and supermarket chains now offer ready-to- eat/take away food, and there is an increasing number of food outlets specializing in take-away food, ranging from barbecue to more traditional meals. For more information on the Portugal HRI Sector, please consult the HRI sector report for Portugal at 11 the FAS Website. Food Processing Sector The Portuguese food-processing sector has modernized and expanded significantly during the last couple of decades. With integration into the European Union in 1986, the Portugal food-processing sector began a profound modernization in order to adapt to new EU requirements. Portugal now has some of the most competitive food processing industries in Europe, which makes this sector an important target for U.S. food-ingredient exporters. The Portugal food-processing sector in summary: Modern, with special attention to the quality, safety, and traceability of the food products it produces. Generates about 16 percent of Portugal’s total industrial production, accounting for about 7.6 percent of the national gross domestic product. Comprises around 11,000 companies that employ an estimated 111,000 people; Is dominated by medium and small companies—only 2.8 percent of the companies employ more than 50 people and 80 percent employ less than 10 people. For more information on the Portugal food processing sector, please consult the food processing sector report for Portugal at the FAS Website. SECTION IV. BEST CONSUMER ORIENTED PRODUCT PROSPECTS The U.S. exports of “Other Consumer Oriented Products” to Portugal have continued to grow in the last 12 years. The most demanded products in this category are food preparations (with or without sugar), peanut butter, soft drinks and other non-alcoholic drinks, and pasta. Good opportunities continue to exist for exports of for fish and seafood like groundfish and flatfish, salmon, and mollusks. However the greatest commercial opportunity in this category is for exports of Pacific cod (classified under “other fishery products”). Besides supplying the important domestic market, Portuguese companies have also been processing Pacific cod for re-export to the emerging Brazilian market. This is a good trade opportunity as can be seen by the growing imports from the United States in recent years. Tree nuts are a sector where the United States keeps an important market share of Portugal’s imports. Although total imports have receded in 2011, the U.S. both gained market share and increased the absolute volume of tree nut exports to Portugal in 2011 (see Annex B.). Attention needs to be paid that all EU import requirements are met - namely on what concerns Aflatoxin laboratory tests and certificates - to make sure there are no delays or rejection of containers at the ports. Table 1. Some of the best consumer oriented product prospects in Portugal* 13 5 Year Pr 2011 Market 2011 Portuguese oduct Average C Size (US$ Imports (US$ Key Constraints Attraction for U.S. Exporters ategory Million) M Import illion) Growth (%) Other C Falling purchasing power. onsumer- O 3,166 1,210 21% C g imports of U.S. food ompetition from o Growinther EU riented memb preparations and peanut butter. er states. Products Competition from Atlantic Other Fishery Reliable domestic market and 1,033 969 8% cod supplied by European Products re-export opportunities. countries. Falling purchasing power. Snack Foods Confectionary, Popcorn, 655 391 1% Competition from other EU (Excl. Nuts) memb chewing-gums. er states. Falling purchasing power. Growing imports of U.S. Processed Fruit & 527 369 -1% Competition from other EU tomato paste, sauces, Vegetables member states. preparations, and soups. Falling purchasing power. Fruit & V 203 126 5% Competition from other EU Growing market. egetable Juices member states. Breakfast Falling purchasing power. Good reputation of U.S. Cereals & 171 86 -3% Competition from other EU products. Growing U.S. market Pancake Mix member states. share in mixes and dough. C Reliable domestic market for omplying with all import Tree Nuts 90 56 0% almonds, pistachios and requirements. walnuts from the U.S. Falling purchasing power. Good reputation of U.S. fish Salmon 61 61 7% Competition from Eu and seafood products. ropean countries. * Please see 2013 EU Common Customs Tariff for the conventional rate of duties (%) and the WTO tariff quotas to be opened by the competent Community authorities (Annex 7). SECTION V. KEY CONTACTS AND FURTHER INFORMATION If you have any questions or comments regarding this report or need assistance exporting to Portugal, please contact the Office of Agricultural Affairs in Madrid at the following address: Foreign Agricultural Service 14 American Embassy, Madrid American Embassy, Madrid PSC 61, Box 20 C/ Serrano, 75 APO AE 09642 28006 Madrid Tel. 34-91 587 2555 Spain Fax: 34-91 587 2556 Email: AgMadrid@usda.gov http://spanish.madrid.usembassy.gov/ Please consult our home page for more information on exporting U.S. food products to Portugal. Importer lists are also available from our office to exporters of U.S. food products. A list of trade associations and useful government agencies is provided below: PORTUGAL Trade Associations APED-Associação Portuguesa de Empresas de Distribuição (Portuguese Association of Distribution Companies) Campo Grande, 285-5º 1700-096 Lisboa Tel: 351-21-751-0920 Fax: 351-21-757-1952 www.aped.pt ARESP-Associação da Restauração e Similares de Portugal (Portuguese Associations for HRIs Sector) Av. Duque d’Avila, 75 1000 Lisboa Tel. 351-21-352-7060 Fax: 351-21-354-9428 15 Email: aresp@aresp.pt www.aresp.pt FIPA-Federação das Indústrias Portuguesas Agro-Alimentares (Federation of the Agro-Food Portuguese Industries) Av. António José de Almeida, 7-2º 1000-042 Lisboa Tel: 351-21-793-8679 Fax: 351-21-793-8537 Email: info@fipa.pt www.fipa.pt Government Agencies ASAE - Autoridade da Segurança Alimentar e Económica (Food Safety and Economic Authority) Av. Conde de Valbom, 98 1069-185 Lisboa Tel. 217 983 600 Fax: 217 983 654 Email: correio.asae@asae.pt www.asae.pt Direcção Geral da Alfandega e Dos Impostos Especiais sobre o Consumo (General Directorate for Customs and Special Taxation on Consumption) Rua da Alfandega, No. 5 r/c 1149-006 Lisboa Tel. 351-218813700 Fax: 351-218813990 16 Email: dgaiec@dgaiec.min-financas.pt www.dgaiec.min-financas.pt Direcção Geral da Alfandega e Dos Impostos Especiais sobre o Consumo (General Directorate for Customs and Special Taxation on Consumption) Direcção de Serviços do Licenciamentos (Import Certificates) R. Terreiro do Trigo Edif. Alfândega 1149-060 Lisboa Tel. 351-218814262 Fax 351-218814261 Email: dsl@dgaiec.min-financas.pt www.dgaiec.min-financas.pt For more information on exporting U.S. agricultural products to other countries, please visit the Foreign Agricultural Service home page at www.fas.usda.gov APPENDIX - STATISTICS A. KEY TRADE & DEMOGRAPHIC INFORMATION 17 Ag 1)ricultural Imports From All Countries ($Mil) / U.S. Market Share (% () - 2011 $10,207/3.01% Con )sumer Food Imports From All Countries($Mil)/U.S. Market Share (% (1) 2011 $5,521/0.28% Edible Fishery Imports From All Countries ($Mil) / U.S. Market Sha 1)re (% () - 2011 $1,990/2.49% Total Population (Millions) / Annual Growth Rate (%) - 2011 10.5/-0.29% Urban Population (Millions) / Annual Growth Rate (%) – 2011 4.1/0.23% Number of Major Metropolitan A (2)reas 2 Per Capita Gross Domestic Product (PPP) - 2011 $21,611 Unemployment Rate (%) - 2012 (III Q) 15.80% Per Capita Food Expenditures (Euros) - 2011 1,967 Percent of Female Population Employed - 2012 (III Q) 44% Exchange Rate (US$1 = 1 Euro) - 2011 0.748 (1)Source: Global Trade Atlas (GTA) (2) Population in excess of 1,000,000 B. CONSUMER FOOD & EDIBLE FISHERY PRODUCT IMPORTS Portugal Imports Imports from the World Imports from the U.S. U.S Market Share % (In Millions of Dollars) 2009 2010 2011 2009 2010 2011 2009 2010 2011 18 CONSUMER-ORIENTED AGRICULTURAL TOTAL 5,498 5,213 5,521 14.5 12.8 15.7 0.3% 0.2% 0.3% Snack Foods (Excl. Nuts) 405 378 391 0.6 0.6 0.5 0.2% 0.2% 0.1% Breakfast Cereals & Pancake Mix 93 82 86 0.0 0.0 0.1 0.0% 0.0% 0.1% Red Meats Fresh/Chilled/Frozen 945 866 906 0.0 0.0 0.0 0.0% 0.0% 0.0% Red Meats Prepared/Preserved 197 185 203 0.0 0.0 0.0 0.0% 0.0% 0.0% Poultry Meat 107 112 136 0.0 0.0 0.0 0.0% 0.0% 0.0% Dairy Products (Excl. Cheese) 589 520 562 0.1 0.0 0.0 0.0% 0.0% 0.0% Cheese 199 190 194 0.0 0.0 0.0 0.0% 0.0% 0.0% Eggs & Products 48 33 35 0.1 0.0 0.0 0.2% 0.0% 0.0% Fresh Fruit 568 599 567 0.0 0.0 0.0 0.0% 0.0% 0.0% Fresh Vegetables 241 263 271 0.0 0.0 0.0 0.0% 0.0% 0.0% Processed Fruit & Vegetables 357 350 369 0.8 0.7 1.0 0.2% 0.2% 0.3% Fruit & Vegetable Juices 106 91 126 0.1 0.2 0.1 0.1% 0.2% 0.1% Tree Nuts 47 48 56 4.7 4.9 8.1 10.1% 10.3% 14.5% Wine & Beer 196 159 164 0.4 0.0 0.4 0.2% 0.0% 0.2% Nursery Products & Cut Flowers 128 113 101 0.1 0.0 0.1 0.1% 0.0% 0.1% Pet Foods (Dog & Cat Food) 153 141 144 0.6 0.5 0.5 0.4% 0.4% 0.4% Other Consumer-Oriented Products 1,121 1,082 1,210 7.0 5.7 4.8 0.6% 0.5% 0.4% FISH & SEAFOOD PRODUCTS 1,739 1,756 1,990 29.5 51.5 49.6 1.7% 2.9% 2.5% Salmon 45 61 61 1.5 1.7 1.6 3.3% 2.8% 2.6% Surimi 0 0 0 0.0 0.0 0.0 - - - Crustaceans 251 244 248 0.2 0.0 0.0 0.1% 0.0% 0.0% Groundfish & Flatfish 369 368 425 3.0 2.5 2.1 0.8% 0.7% 0.5% Molluscs 224 239 286 0.1 0.5 0.8 0.1% 0.2% 0.3% Other Fishery Products 850 843 969 24.7 46.8 45.1 2.9% 5.6% 4.7% AGRICULTURAL PRODUCTS TOTAL 8,895 8,689 10,207 104.4 169.7 315.0 1.2% 2.0% 3.1% AGRICULTURAL, FISH & FORESTRY TOTAL 11,331 11,217 13,015 172.9 264.2 401.6 1.5% 2.4% 3.1% Source: GTA C. TOP 15 SUPPLIERS OF CONSUMER FOODS & EDIBLE FISHERY PRODUCTS 19 Portugal - Top 15 Suppliers CONSUMER-ORIENTED AGRICULTURAL PRODUCTS FISH & SEAFOOD PRODUCTS $1,000 2009 2010 2011 $1,000 2009 2010 2011 Spain 2,849,674 2,685,643 2,886,311 Spain 836,071 772,113 831,677 France 652,500 614,333 632,862 Sweden 130,840 218,223 288,839 Germany 482,541 441,709 426,317 Netherlands 130,811 103,912 156,462 Netherlands 361,775 353,622 379,825 China 55,980 79,219 91,274 Italy 214,915 204,544 224,169 United States 29,518 51,525 49,600 Belgium 178,427 173,371 175,354 India 41,383 35,728 45,258 Ireland 134,305 83,858 101,566 Vietnam 35,761 39,343 40,331 Switzerland 58,827 66,251 79,980 Germany 33,856 29,206 39,411 United Kingdom 71,667 62,163 72,787 Greece 30,123 35,523 38,336 Costa Rica 64,960 67,222 67,748 Russia 45,889 28,474 37,314 Denmark 59,065 59,152 64,815 Denmark 30,850 42,251 31,814 Brazil 62,139 67,475 58,392 France 37,393 36,759 27,804 Poland 36,100 47,619 57,174 South Africa 18,126 20,073 24,653 South Africa 20,451 44,996 39,036 United Kingdom 26,036 31,436 24,528 New Zealand 15,501 15,500 23,334 Iceland 22,264 15,290 20,765 World 5,498,204 5,213,206 5,520,739 World 1,738,619 1,755,651 1,989,783 Source: GTA D. MAIN FEATURES OF THE EU AUTUMN PROJECTIONS 2012 FOR PORTUGAL 2011 Annual Percentage Change 20 bn Curr. 92- EUR Prices %GDP 08 2009 2010 2011 2012 2013 1014 GDP 170.9 100.0 2.1 -2.9 1.4 -1.7 -3.0 -1.0 0.8 Private Consumption 113.3 66.3 2.4 -2.2 2.1 -3.8 -5.9 -1.7 0.2 Public Consumption 34.3 20.1 2.3 4.7 0.9 -3.7 -3.5 -3.2 -1.5 Gross fixed capital formation 30.9 18.1 1.9 -8.6 -4.1 -12.1 -14.1 -4.6 2.1 - of which: equipment 8.8 5.2 3.9 13.2 -4.3 -14.1 -10.3 0.0 3.7 - Exports (goods and services) 60.7 35.5 5.7 10.9 8.8 7.7 4.3 2.7 4.8 - Imports (goods and services) 67.2 39.3 5.8 10.0 5.4 -5.2 -6.6 -1.1 3.3 GNI (GDP deflator) 164.6 96.3 1.9 -3.4 2.2 -2.1 -3.4 -1.5 0.4 Contribution to GDP growth: Domestic demand 2.5 -2.5 0.7 -5.7 -7.1 -2.5 0.2 Inventories 0.2 -1.1 0.1 -0.3 0.1 0.0 0.0 Net exports -0.6 0.7 0.6 4.4 4.1 1.5 0.7 Employment 0.4 -2.6 -1.5 -1.5 -4.0 -1.6 0.3 Unemployment rate (a) 6.6 10.6 12.0 12.9 15.5 16.4 15.9 Compensation of employees/head 5.6 2.8 1.4 -0.8 -2.9 1.5 0.4 Unit labor costs whole economy 3.9 3.1 -1.6 -0.7 -4.0 0.9 -0.1 Real unit labor costs 0.1 2.2 -2.6 -1.3 -4.3 -0.6 -1.3 Saving rate of households (b) - 10.9 10.2 10.0 9.9 9.7 9.9 GDP deflator 3.9 0.9 1.1 0.7 0.3 1.5 1.2 Harmonized index of consumer prices 3.5 -0.9 1.4 3.6 2.9 0.9 1.3 Terms of trade of goods 0.2 5.1 0.1 -2.1 -0.3 0.6 0.4 - - Merchandise trade balance (c ) -10.4 10.0 10.0 -7.2 -3.5 -2.3 -1.6 - Current-account balance (c ) -8.2 10.8 -9.7 -6.6 -3.0 -1.8 -1.5 Net lending (+) or borrowing vis-à-vis ROW (c ) -6.1 -9.6 -8.4 -5.1 -1.4 -0.1 0.3 - General government balance (c ) -4.2 10.2 -9.8 -4.4 -5.0 -4.5 -2.5 Cyclically-adjusted budget balance (c ) -4.4 -8.8 -9.1 -3.2 -3.1 -2.5 -0.9 Structural budget balance (c ) - -8.5 -8.4 -6.2 -4.1 -2.5 -0.9 General government gross debt (c ) 58.7 83.2 93.5 108.1 119.1 123.5 123.5 (a) Eurostat definition. (b) gross saving divided by gross disposable income. (c) as a percentage of GDP. Source: European Commission – European Economic Forecast, Autumn 2012 21
Posted: 18 February 2013

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