LISBON: Portugal's budget deficit in the 12 months to the end of September edged up to 6.3 per cent of gross domestic product from 6.1 per cent at the end of June as spending rose more than revenues, official data showed on Friday.
Still, the National Statistics Institute said the deficit in the first nine months of 2013 fell to 5.9 per cent of GDP from 6.1 per cent of GDP in the same period of last year, which is in line with the country's end-2013 target.
The finance ministry said earlier this week that more recent data for public deficit for November showed that the gap in the first 11 months of the year, of 7.76 billion euros, was within the limit set under Lisbon's EU/IMF bailout..
The government has said the gap this year should total up to 5.9 percent, including the cost of a bank recapitalisation worth 700 million euros, but expects the creditors to exclude that cost from their calculations.
Discounting the recapitalisation, their 5.5 percent target should be reached. Portugal needs to reduce the gap to 4 percent next year, when it hopes to follow Ireland in making a smooth exit from the bailout it took in 2011 from the European Union and International Monetary Fund.
indiatimes.com
Still, the National Statistics Institute said the deficit in the first nine months of 2013 fell to 5.9 per cent of GDP from 6.1 per cent of GDP in the same period of last year, which is in line with the country's end-2013 target.
The finance ministry said earlier this week that more recent data for public deficit for November showed that the gap in the first 11 months of the year, of 7.76 billion euros, was within the limit set under Lisbon's EU/IMF bailout..
The government has said the gap this year should total up to 5.9 percent, including the cost of a bank recapitalisation worth 700 million euros, but expects the creditors to exclude that cost from their calculations.
Discounting the recapitalisation, their 5.5 percent target should be reached. Portugal needs to reduce the gap to 4 percent next year, when it hopes to follow Ireland in making a smooth exit from the bailout it took in 2011 from the European Union and International Monetary Fund.
indiatimes.com
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