Portugal to Reduce Budget Deficit
World Economy

Portugal to Reduce Budget Deficit

Portugal’s Socialist government aims to sharply reduce the country’s budget deficit in the coming years in a bid to comply with European Union rules and convince markets it remains committed to fiscal discipline, Bloomberg reported. The government forecasts the budget deficit will fall from 4.4% of gross domestic product last year to 2.2% this year and 1.4% in 2017, according to the country’s stability program, which was approved at a cabinet meeting on Thursday. In the report, Portugal is targeting economic growth of 1.8% this year and the next, and as much as 2.1% in 2020.


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