Por­tu­gal has third big­gest EU deficit

China Daily (USA) - - BUSINESS -

Por­tu­gal had the third big­gest deficit in the Euro­pean Union at 4.4 per­cent of GDP, and the sec­ond big­gest pub­lic debt at 129 per­cent last year, Euro­stat fig­ures re­vealed. Por­tu­gal’s deficit last year was only smaller than Greece (7.5 per­cent) and Spain (5.1 per­cent). Por­tu­gal re­cently avoided a fine for hav­ing missed its deficit tar­get last year, and is cur­rently un­der­go­ing an ex­ces­sive deficit pro­ce­dure. The cen­ter-left so­cial­ist govern­ment, which came to power in Novem­ber, vowed to raise pen­sions and per­sonal in­come while in­creas­ing in­di­rect taxes to meet fis­cal tar­gets.

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