Portugal’s public deficit falls

Lisbon, Aug 26 (IANS) Portugal’s public deficit has decreased significantly in July compared to the same period last year, authorities said.

The deficit stood at around 537.4 million euros ($546.1 million) in July, falling by 473.6 million euros ($546.1 million) over that registered a year ago, Xinhua news agency quoted Portuguese’s finance ministry as saying on Tuesday.

The ministry also revealed that the country saw tax revenue amount to over 20.9 billion euros ($24.1 billion) in July, almost 4.9 percent higher than the same period in 2014.

The Socialist Party, the main opposition, said the state budget data was a “propaganda stunt”, adding that budgetary consolidation was being undertaken at the cost of families and companies.

The Portuguese economy is gradually improving since the country signed a 78-billion-euro ($89.9 billion) bailout with international creditors in 2011 when it was on the verge of bankruptcy.

Portuguese Prime Minister Pedro Passos Coelho faces general elections on October 4.

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