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Portugal beats budget goal in Jan-April
May 22, 2014 / 5:02 PM / 4 years ago

Portugal beats budget goal in Jan-April

LISBON (Reuters) - Portugal’s public sector deficit fell 11.3 percent in the first four months of the year to below the level forecast in the government’s budget, boosted by a 5 percent increase in tax revenues, the Finance Ministry said on Thursday.

The budget deficit stood at 2.258 billion euros in the January to April period, 287 million euros below last year’s figure, the ministry said in a statement.

Portugal exited a bailout by the European Union and IMF this month but is still obliged gradually to reduce its budget deficit under European Union rules.

This year it must cut the deficit to 4 percent of gross domestic product from 4.9 percent last year.

Reporting By Axel Bugge; Editing by Kevin Liffey

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