In more detail: • The high fiscal deficit has been reduced and almost 80% of the fiscal adjustment path towards the ultimate fiscal target for a primary surplus of 3.5% of GDP in 2018, compared with a deficit of 10.1% of GDP in 2009, has been covered.
• The external deficit, the loss of competitiveness (in terms of unit labour costs) and labour market rigidities and constraints have been addressed. • There has been relative sectoral reallocation towards tradable goods and services.