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Portugal's state budget for next year to bring renewed confidence:PM

Xinhua, November 30, 2016 Adjust font size:

Portugal will see a confidence boost next year following a "budget year of excellence," Portugal's Prime Minister Antonio Costa said on Tuesday, after the country's state budget plan for 2017 was approved.

Portugal's state budget for 2017 was approved at parliament on Tuesday.

"There has been a confidence boost thanks to the efforts we made through this year, to a majority voting this state budget at parliament, and to the serene way in which this debate ended," Costa said.

"All this will enable us all to face 2017 with more confidence, including all families, companies and economic agencies."

He added that the country was nearly ending a "budget year of excellence" and that the government had managed to take on the promises it made to the Portuguese, including recovering personal income and creating conditions for investment.

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

"This budget will enable us to achieve what is essential: to turn the page of austerity, maintaining all the conditions of active participation in the framework of the European Union," Costa pointed out.

Costa's Socialist government took power in November, and vowed to roll back austerity while maintaining fiscal discipline.

While the OECD said earlier this week it was less optimistic than the Portuguese government regarding the country's budget deficit target, and called for the country to implement further public reforms, the European Commission has said Portugal will continue to receive European funds despite the country missing the EU budget target last year. Endit