Bloomberg News

Portugal’s First-Quarter Deficit Narrows From Fourth Quarter

June 29, 2011

(Updates with statistics institute’s clarifications on time period in second paragraph.)

June 29 (Bloomberg) -- Portugal’s budget deficit narrowed in the first quarter from the previous three months, the country’s statistics institute said.

The deficit narrowed to 7.7 percent of gross domestic product from 9.3 percent, the National Statistics Institute said today in an e-mailed statement. The deficit narrowed to 8.7 percent in the year through the first quarter from 9.2 percent for the year through the fourth quarter, the institute said.

Portugal last month obtained a three-year aid plan from the European Union and the International Monetary Fund that set goals for a budget deficit of 5.9 percent of GDP this year, 4.5 percent in 2012 and 3 percent in 2013.

--With assistance from Anabela Reis in Lisbon. Editors: Jim Silver, Eddie Buckle

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net


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