Portugal: Nine-month budget deficit barely half full-year target – ministry

Page created: Tuesday, 25 October 2016 8:44 GMT

Budget Deficit  Ministry of Finance

Lisbon, Oct. 24 (Lusa) – Portugal’s public sector budget deficit for the first nine months of the year was 11% smaller than in the same period of last year, as growth in revenue outstripped growth in spending, and is equivalent to just over half the total deficit foreseen for the year as a whole, said the Ministry of Finance on Monday.

In a statement released before the publication by the budget office (DGO) of the full budget figures for the first three quarters of the year, the ministry said that “the cumulative public sector deficit to the third quarter fell 292 million euros from the same period a year earlier” to “2,924 million euros”.

That, it said, represents “53.2% of the [total] foreseen for the year, while in 2015 [the nine-month figure] represented 67.7% of the annual deficit”.

According to the ministry “this continued improvement over the year results from a 2.6% increase in revenue, [which is] 0.6 percentage points higher than growth in spending”.