LISBON: Portugal, which has just emerged from a bailout programme, nearly halved its budget deficit in the first quarter of the year relative to national output, official data showed yesterday.
The ratio of the public deficit to gross domestic product fell from 10 percent at this time in 2013 to six percent, the national statistics institute Ine said, marking a big step in a still uncertain climate over the outlook for public finances.
This big improvement in the eurozone country, which emerged from a bailout programme in May, was driven by a 5.4 percent cut in public spending and 3.2-percent rise in revenues.
In absolute terms, the public deficit, covering central and local government and welfare budgets, fell from ¤3.9bn to ¤2.4bn.
AFP
