June 24, 2020 / 10:13 AM / 19 days ago

Portugal swings to first-quarter budget deficit of 1.1%

LISBON, June 24 (Reuters) - Portugal’s finances swung to a budget deficit of 1.1% of gross domestic product in the first quarter from a surplus of 0.1% a year earlier due to the impact of the coronavirus pandemic and subsequent lockdown, official data showed on Wednesday.

The National Statistics Institute also said that the gap in the 12 months to end-March totalled 0.1%, after the country’s first full-year budget surplus in 45 years under democracy, of 0.2%, in 2019.

The government expects a deficit of 6.3% of GDP this year because of the coronavirus outbreak.

Spending rose 4.3% from a year earlier in the quarter, while revenues edged 1.1% higher. (Reporting by Andrei Khalip, Editing by Victoria Waldersee)

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