Portugal is set to exit the EU excessive deficit procedure if the European Commission confirms its latest forecasts for this year and next in a new assessment in the spring, EC Vice President Valdis Dombrovskis said on Friday, Reuters reported. Lisbon says it cut the budget deficit last year to 2.1% of GDP or less—the lowest level in the country’s democratic history and below the 2.5% target set by Brussels—after 4.4% in 2015. The gap is also below the 3% EU threshold for excessive deficits for the first time.
