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Portugal's budgetary deficit revised downwards to 2 pct of GDP

Xinhua, April 12, 2017 Adjust font size:

Portugal's budgetary deficit was revised downwards to 2 percent of GDP in 2016, the Portuguese national statistics institute INE revealed on Wednesday.

The figures are in line with the government's last forecast in February, of below 2.1 percent of GDP.

INE said the downwards revision was due to an "error in the appropriation of information relative to the local administration, with a significant impact in the need of financing of public administrations."

INE said in March that the deficit had fallen to 2.1 percent of GDP in 2016, down from 4.4 percent the previous year.

The Socialist government led by Prime Minister Antonio Costa has surprised analysts despite rolling back austerity implemented by the previous government in 2011. However, the country's level of public debt is still very high, standing at around 130 percent of GDP. Enditem