OECD economic surveys : Portugal

Table of contents
 Basic statistics of Israel, 2012
 Executive summary
 Assessment and recommendations
 Growth remains relatively strong
 Figure 1. Output performance has weakened but remains better than in many other economies
 Table 1. Macroeconomic indicators and projections
 Box 1. A substantial upward revision in the level of GDP
 Figure 2. Inflation, interest rates and currency developments
 Figure 3. Housing market developments
 Challenges in long-run productivity performance, poverty and the environment
 Figure 4. Core economic challenges for the longer term. Figure 5. Environmental indicatorsFigure 6. The OECD Better Life Index for Israel
 Balancing inflation targeting and financial stability objectives is a challenge
 Foreign-currency purchases have resumed
 Figure 7. Currency developments and foreign exchange reserves
 Reasonable progress in strengthening risk provisions and oversight in the financial sector
 Box 2. Recommendations on monetary policy and financial-market regulation
 Fiscal balances are set to come back on track
 Figure 8. Government revenues, expenditure and debt
 Figure 9. Deficit outcomes and targets. Figure 10. Fiscal scenarios beyond 2014If further revenue-raising measures are needed, what form should they take?
 Spending discipline need to be reinforced
 Box 3. Recommendations on fiscal policy
 Social policy, education and health care still face difficulties
 In education a tougher line on enforcing the core curriculum is planned
 Figure 11. Poverty, labour-market and education indicators
 Employment and social policies are advancing only slowly, as spending remains small-scale
 Some pension settings need reform
 A good health-care system, but not without challenges. Figure 12. Healthcare indicatorsBox 4. Recommendations on social policy, education and health care
 There has been reasonable progress in improving the business environment
 Maintaining an attractive profile of business taxation and effective business support remains crucial
 Figure 13. Indicators of business policy
 Good progress in strengthening competition
 Box 5. Recommendations on the business environment
 Environmental concerns need greater attention
 Energy and transport policies could be greener
 Issues in water and waste management, and biodiversity. Box 6. Recommendations on environmental policiesBibliography
 Annex. Progress with structural reforms
 Chapter 1. How to improve taxes and transfers
 Notable features of the system
 Figure 1.1. Tax revenue and social spending indicators
 Key challenges
 Background: The recent history of tax and transfer measures
 Table 1.1. Key tax and benefit measures since the tent-protests of 2011
 Indirect tax
 Figure 1.2. Tax on goods and services
 Table 1.2. Key features of Israeli indirect tax, 2011
 A good system of VAT
 Figure 1.3. Value added tax.