Portugal’s public deficit above target at 8.6 percent of GDP
Portugal's public deficit stood at 8.6 percent of output last year, well above the 7.3 percent government objective, the official statistics institute reported Thursday.
The latest figures, which increase the presure on the country’s ailing economy, include three billion euros ($4.3 billion) linked to some one-off public transport costs and losses incurred by the nationalised BPN bank.
Without those hits the 2010 public deficit ratio would have been 6.8 percent of gross national product (GDP), the national statistics office said.
In January Prime Minister Jose Socrates announced a budget deficit target of 7.3 percent of GDP.
Socrates resigned last week after his austerity plans were rejected by parliament, saying he could not govern without support.