Portugal meets budget deficit target in 1st half

25 July 2013

Portugal met its budget deficit target, outlined in the financial aid programme, in the first six months of the year according to budgetary execution figures published by the Directorate–General for the Budget.

In the first half the public administration deficit totalled 3.846 billion euros, or over 2 billion euros below the limit agreed with the three-way mission accompanying Portugal’s financial bailout programme, which is one of the quantitative criteria that Portugal is required to meet in order to receive the next tranche of its international loan.

Tax revenues grew by 9 percent in the period, exceeding the projected figure for the whole of 2013 and in line with the emended budget for 2013.

Despite the positive news, central administration expenditure rose in the first half of the year. (macauhub)