Edition 1446
21 October 2017
Edition: 1446

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Public service deficit almost half compared with 2016

by TPN/ Lusa, in Business · 28-09-2017 14:57:00 · 0 Comments

The public service deficit was € 2.03 billion up until August, a €1.9 billion improvement compared with the same period last year, the government said this week, justifying the numbers with a 4 percent increase in revenues.

“The continued improvement trend gives us confidence we will be able to reach the budget objectives for 2017 and will allow us to accommodate factors that will slow down the rhythm of the deficit reduction in the fourth quarter of the year”, the finance ministry said.
One of the biggest public sector expenses is the Christmas subsidy (with 50 percent to be paid in November), while on the revenue side there is the temporary effect of a special State Borrowing Reduction Programme.
The primary balance, which excludes debt service has a surplus of €3.73 billion, a € 2.09 billion increase compared with last year.

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Edition 1446
21 October 2017
Edition: 1446

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

Twitter