cavaco silva 2014 State Budget

Portuguese President approves 2014 State Budget

Portugal’s President Cavaco Silva has promulgated the 2014 State Budget, one that contemplates more cuts and more austerity – the news was published in the government’s official gazette Diário da República on Tuesday this week.

Although the President did not send the State Budget to the Constitutional Court for “preventative checking”, he may still decide to submit it for “successive checking” to ensure the “constitutionality” of some of the rulings, which was the case in 2013.

The budget was approved in Parliament by a PSD/CDS-PP majority on November 26, with all members of the opposition voting against it.

The document predicts economic growth of 0.8% in 2014, a deficit decrease to 4% and the public debt to fall to 126.6%, while the unemployment rate will continue to rise to 17.7%.

Public servant wages will also suffer cuts ranging between 2.5% and 12% for salaries above €675.