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Portugal public debt up again last year after 2015 drop
February 21, 2017 / 3:41 PM / 9 months ago

Portugal public debt up again last year after 2015 drop

LISBON, Feb 20 (Reuters) - Portugal’s public debt rose to 130.5 percent of gross domestic product last year from 129 percent in 2015, Bank of Portugal data showed on Tuesday, putting the debt just shy of a record 130.6 percent registered in 2014.

The year-end debt ratio, which overshot the government’s projection of 127.7 percent, still showed a retreat from an intra-year high of 133.4 percent at the end of the third quarter.

The central bank said earlier that the nominal gross public debt rose over 4 percent to 241.1 billion euros in 2016.

Portugal, which exited an international bailout in 2014 after a severe debt crisis, remains, along with Italy, among the most indebted euro zone economies after Greece, which is on its third international lifeline.

The Socialist government says it managed to cut the budget deficit to no more than 2.1 percent of GDP last year from 4.4 percent in 2015, and expects more growth and further reductions in the deficit and debt this year. (Reporting By Andrei Khalip; Editing by Angus MacSwan)

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