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Portugal's public investment rises by 25 pct in Q1

Xinhua, May 8, 2017 Adjust font size:

The Portuguese government revealed on Monday that public investment rose by 25 percent year on year in the first quarter of 2017, Lusa news agency reported on Monday.

"We have double public contracts," Pedro Marques, Portugal's minister for planning and infrastructure said at a conference in Coimbra, around 200km north of Lisbon. "We were able to place over 3 billion euros from community funds into public investment," he added.

Marques said at least 1,700 million euros in projects had been approved and that private investment had seen a growth rate of almost 100 percent compared to January 2016.

According to Eurostat, Portugal registered the second lowest public investment rate of 1.5 percent of GDP, after Spain, in 2016.

Economic adjustments in the wake of the crisis affected public investment. The country last year cut public investment by 28.9 percent. Endit