It’s just the news the government needs as it celebrates its first two years in power. Portugal’s whopping deficit is down by more than half, and ‘all signs are positive’.
As of October this year, the deficit was 1.838 billion euros, say reports. But taking the same period last year, this represents “an improvement of 2.664 billion euros”.
The success has come through increased income from taxation (up 4.2%) and what the finance ministry is calling “the stabilisation of expenses”.
Says Dinheiro Vivo “with this result the government says it can guarantee the fulfillment of objectives established in the State Budget”, which is a global deficit falling to 1.4% of GDP.