The National Statistics Institute (INE) has reviewed this low on Thursday the value of the public deficit recorded by Portugal in 2014.
At the end of March, in the notification sent to Brussels under the Excessive Deficit Procedure (EDP), the NSA had recorded a negative budget balance of 7.8223 billion euros, corresponding to 4.5% of GDP.
But now, after receiving additional information, especially with regard to the net contribution of Portugal to the EU budget, reduced by 105.4 million euros the value of the deficit recorded in 2014, placing it in 7.7169 billion euros. As a percentage of GDP, the deficit stood at 4.5%.
A significant part of the review will take place this year because, contrary to what has been customary, the European statistical authorities determined that the registration of the net contribution to the EU budget must be fully recorded in the year to which it relates, regardless of transfers (either deliveries or returns) can be made in 2014 or in 2015. The INE now received the data for one of these discards for the 2014, amounting to 120.8 million euros.
In addition, we proceeded further to the reclassification of capital increases carried out in 2014 in international financial institutions in the amount of EUR 15.4 million , which had a negative impact on the balance. Joining these two operations, the INE has reviewed the global data for the public accounts this year with a deficit reduction of 105.4 million.
The value of the deficit and debt presented by INE to Brussels still will, like all other countries, be subject to an analysis by Eurostat, which can make further revisions. Also in September, a second notification by the national authorities shall be made where it is possible to conduct further reviews. In the case of Portugal, is not yet established which accounting model to be adopted in the capital injection made in the New Bank.
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