Edition 1484
21 July 2018
Edition: 1484

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Budget deficit down to just over €2bn

by TPN/Lusa, in News · 28-12-2017 16:21:00 · 0 Comments

Portugal’s public sector budget deficit in the first 11 months of this year was €2.084 billion, or €2.326 billion less than in the same period of 2016, the Ministry of Finance said on Wednesday.

Budget deficit down to just over €2bn

 

In a statement that precedes the release by the Budget Directorate of a full summary of budgetary execution for the period, the ministry said that the reduction was due to growth in revenues of 4.3% and “spending restraint”, with that side of the accounts growing by just 0.8%.

 

The ministry said that "the development of the deficit over the year guarantees, for the second consecutive year, the observance of the budgetary objectives established in the State Budget."

 

It hailed what it called “rigorous budgetary execution” and the “positive development of revenue” as making it possible to reduce public indebtedness as a percentage of gross domestic product.

 

The primary budget deficit, which excludes debt servicing costs, was €5.800 billion, or €2.281 billion less than a year earlier.

 

The improvement in Portugal's public finances in the course of 2017 saw it exit European Union excessive deficit procedures, which had entailed extra scrutiny from EU officials. The government has said it expects the deficit this year to be well under the 1.4% of GDP foreeen in the 2017 state budget.

 

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Edition 1484
21 July 2018
Edition: 1484

Read this week's issue online exactly as it appears in print.

Twitter

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