Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Portugal deficit at 6.4 pct, exceeding target

Send a link to a friend

[March 29, 2013]  LISBON, Portugal (AP) -- Portugal's budget deficit last year was 6.4 percent, higher than the target of 5 percent after European authorities refused to include proceeds from a privatization in the deficit calculation.

The National Statistics Institute said Thursday the deficit jumped from 4.4 percent in 2011 because that year the government transferred private banks' pension funds to the Treasury, temporarily improving public finances.

The government has said the 2012 deficit would have been 4.9 percent of GDP if the European Union's statistical office had accepted the inclusion of 3.1 billion euros ($4 billion) from the privatization of airport management company ANA and other one-off financial operations.

Portugal needed a 78-billion-euro bailout two years ago and is struggling to restore its financial health amid a steep recession.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Top Stories index

Back to top


 

News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor