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Portugal reports third largest deficit in EU in 2015

Xinhua, October 22, 2016 Adjust font size:

Portugal had the third largest deficit in the European Union (EU) at 4.4 percent of GDP, and the second biggest public debt at 129 percent last year, Eurostat figures revealed Friday.

Portugal's deficit last year was only smaller than Greece (7.5 percent) and Spain (5.1 percent).

Portugal recently avoided a fine for having missed its deficit target last year, and is currently undergoing an excessive deficit procedure.

The centre-left socialist government, which came into power in November, has vowed to raise pensions and personal income while increasing indirect taxes to meet fiscal targets.

Portugal's Socialist Prime Minister Antonio Costa says the country will manage to cut down its deficit while rolling back austerity, despite EU warnings that the country's deficit is persistently too high.

The country's state budget for 2017 revealed last week aims at an ambitious deficit target of 1.6 percent next year from this year's estimated 2.4 percent.

The country is undergoing a ratings test on this Friday by Canadian ratings firm DBRS, the last of major raters to keep Portugal at investment grade.

Portugal signed a 78 billion euros (about 85 billion U.S. dollars) bailout program in 2011 when it was on the verge of bankruptcy which led to a series of belt-tightening measures. Endit