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Portuguese president says budgetary implementation results "good news"

Xinhua, July 25, 2015 Adjust font size:

Portuguese President Anibal Cavaco Silva said Friday the state budget data released from the first quarter of the year was "good news," but said it was necessary to wait till the end of the year.

"It's good news, but we have to wait till the end of the year," Cavaco Silva told journalists following the summary of budgetary implementation released on Friday by the budget director general, according to Portuguese Lusa News Agency.

The Portuguese state made almost 17,800 million euros (19,580 million U.S. dollars) from tax, 4 percent more than in 2014, the budget department revealed on Friday.

Cavaco Silva said the results were in line with the estimate which had been made by his department, which expects the country's deficit to be below 3 percent at the end of 2015.

The Portuguese government has been cutting spending and raising tax to meet the targets set under the 78-billion-euro bailout program the country signed in 2011 with its international lenders.

That program ended in May last year but the country is still striving to lower its debt which stands at over 130 percent of Gross Domestic Product (GDP). Enditem