€109 million a day in taxes helps bring Portugal’s deficit down

A bumper flow of cash into State coffers has helped bring Portugal’s deficit down by more than €1.9 billion.

Explain financial reports, taxes have seen €26.6 billion raised by the State in the first eight months of this year – representing an increase of €1.5 billion on the same period last year, and a daily intake of €109 million.

Tax income is growing at “twice the predicted rate” and likely to see the government close the year with an overall deficit of below 1.5%.

For anyone tracking Portugal’s financial progress, this is even less than the latest revised forecasts – and eons away from the years when the country staggered under its ‘excessive deficit programme’, with a deficit over 3% of GDP.