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Portugal's public deficit drops by 497 million euros in 2016

Xinhua, January 27, 2017 Adjust font size:

Portugal's public deficit dropped by 497 million euros (531 million U.S. dollars) last year compared to 2015, the Portuguese Ministry of Finance said in a statement on Thursday.

The country's public deficit amounted to 4.256 billion euros and the results were down to a 2.7 percent increase in revenue, higher than the country's 1.9 percent growth of government expenditure, according to the statement.

"In 2016, the significant improvement of the economic situation along the year and the rigor placed in budgetary implementation led to an improvement of fiscal indicators," the statement said.

The Socialist government, backed by the Left Bloc and Communist Party in parliament, has forecast a budget deficit of 1.6 percent of GDP this year, from 2.4 percent in 2016. Endit