Portuguese Budget Deficit Revised Up Second Time to 9.1%

"Courtesy of Google Translate, please consider Portugal again revised upwards the deficit in 2010

Portugal's public deficit stood at year-end 2010 to 9.1 percent of Gross Domestic Product (GDP), five tenths above the 8.6 percent reported three weeks ago.

Early estimates on the Portuguese executive deficit in 2010, which received clearance from Brussels, they set a decline in the deficit to 7.3 percent, which Portugal is ranked as one of the countries of the European Union ( EU) with a greater reduction.

But last March 31, the caretaker government rose to 8.6 percent deficit for the loss of large public transport and a nationalized bank, which had not been included in the accounts submitted to Brussels.

The new upward revision is that the harsh adjustment measures implemented in the country Luso during the past year to reduce the public deficit-increasing tax burden, reducing public spending, cuts in salaries of civil servants, etc .- are having a more limited effect than expected.

These changes also had an impact on the level of public debt, which rose from 92.4 per cent of GDP to account for 93 percent, equivalent to 160,470.1 million..."

at http://globaleconomicanalysis.blogspot.com/2011/04/portuguese-budget-deficit-revised-up.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29