Portugal's public deficit soars due to pandemic

in News · 27-08-2020 10:20:00 · 0 Comments

Portugal’s government reported on Wednesday a public deficit of 8.3 billion euros between January and July this year, over 17 times higher compared to the same period last year.

Total revenues fell more than 10 percent and tax revenues dropped almost 15 percent due to the impact of the coronavirus pandemic. Expenditures meanwhile grew by just under seven percent due to subsidies for the unemployed and ill people. The outbreak is set to leave long-lasting scars on Portugal’s tourism-dependent economy, with the central bank expecting it to contract 9.5% this year.


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