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Portuguese National Institute of Statistics revises deficit downwards

Xinhua, April 18, 2015 Adjust font size:

Portugal had a deficit of 4.5 per cent in 2014, the Portuguese National Institute of Statistics said on Friday.

The figures show that Portugal was 105.4 million euros (113.8 million U.S. dollars) better off, though the figures are provisional because the National Institute of Statistics has yet to include the capitalization of Novo Banco, which emerged from the collapse of Portuguese bank Banco Espirito Santo (BES) last year.

The downward revision was due to information obtained regarding Portugal's contribution to the European Union budget, according to the statistics institute.

The Portuguese center-right government, which faces elections later this year, insists the economy is growing and on Thursday raised its growth forecast to 1.6 per cent for 2015 after approving the country's stability program.

Finance Minister Maria Luis Albuquerque said the growth prevision did not take into account future "beneficial" reforms the government will implement. Endit