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Portugal's proposed state budget for 2017 approved in parliament

Xinhua, November 5, 2016 Adjust font size:

Portugal's proposed state budget for 2017 was approved in parliament on Friday, with votes in favor by parties including the Socialist Party, the Left Bloc and the Green Party.

The Social Democrats and the Conservative Popular Party (CDS-PP) voted against the budget proposal.

"The priority of this budget is to improve the lives of the Portuguese," Prime Minister Antonio Costa said during the debate.

The final vote is expected to take place on Nov. 29 following plenary debates on Nov. 24, 25 and 28.

Portugal's state budget for 2017 forecast an economic growth of 1.5 percent and a budget deficit of 1.6 percent. It also forecast an inflation of 1.5 percent and unemployment to decrease to 10.3 percent.

Costa has vowed to reverse austerity while maintaining fiscal discipline.

The government's budget for next year focuses on recovering personal income and raising pensions, while raising indirect taxes to compensate and meet fiscal agreements with Brussels.

The country underwent several years of harsh austerity after it signed a 78-billion-euro (87 billion U.S. dollar) bailout program with international lenders in 2011 when it was on the verge of bankruptcy. Endit