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Portugal sees strong revenue boost

Published on 24/10/2013

Portugal said Thursday revenues rose 7.5 percent over the first nine months of the year, boosting the bailed out eurozone country's chances of meeting its deficit reduction target this year.

September revenues were up 15.1 percent over the same month last year, the finance ministry said, calling it “the strongest monthly gain in 2013”.

Portugal, which broke free from more than two years of recession in the second quarter, is supposed to bring its public deficit down to 5.5 percent of gross domestic product this year.

Last week Finance Minister Maria Luis Albuquerque said it aimed to meet the 5.5 percent target.

The European Union’s statistics office Eurostat believes Portugal will come in at 5.9 percent due to 700 million euros ($966 million) of public funds injected into Banif bank, but Lisbon says this should not be included in the calculation.

Portugal received a 78-billion-euro EU-IMF bailout in May 2011 and is due to complete the programme next year.