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Portugal's public debt rises in February: Bank of Portugal

Xinhua, April 3, 2017 Adjust font size:

Portugal's public debt rose in February to 243,490 million euros, 643 million euros more over January and 11,956 million euros more over the same month last year, the Bank of Portugal revealed on Monday.

Portugal last year posted the lowest deficit since its return to democracy in 1974, which dropped to 2.1 percent of GDP in 2016.

However the country's high level of public debt remains a concern. The country's public debt rose to around 130 percent of GDP last year compared with 129 percent in 2015.

The minority Socialist government which is backed by the Left Bloc and Communist Party in parliament came to power in November last year.

Despite the country's debt level worsening following two bank rescues in 2014 and 2015, the current government has managed to maintain economic recovery and achieve political stability.

Prime Minister Antonio Costa has insisted on reversing austerity which was imposed by the previous administration after the country had to sign a 78 billion-euro international bailout in 2011. Enditem