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The National Statistics Institute also said the country expected a budget deficit of 7% of GDP in 2020 as a whole compared with a surplus of 0.1% last year, which was the first in more than four decades of Portuguese democracy.
Portugal second-quarter budget deficit spikes to 10.5% due to pandemic
Portugal’s budget deficit soared to 10.5% of gross domestic product in the second quarter of 2020 from 2.2% a year earlier because of the coronavirus pandemic.
in News · 24 Sep 2020, 08:46 · 2 Comments
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That was to be expected. Portugal should have immediately cut back on its spending to only finish the year with a small deficit. However, that cannot be done with a socialist government. There will be a price to pay for this.
By John Dough from Lisbon on 24 Sep 2020, 08:55
BTW, same thing is happening all over the world....no matter what type of government a country has.
By William from Other on 24 Sep 2020, 10:49