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“We expect the budget balance to continue to remain in surplus, which will allow us to reduce the public debt to around 95% of GDP this year,” Miranda Sarmento said.
The finance minister promised that Portugal will achieve a budget surplus of 0.2% to 0.3% of gross domestic product (GDP) in the next two years. “RTP”already in Brussels Eco-Finance Conferenceand can also “CNBC”.
“The measures that the government has taken and intends to take by the end of this year and next allow us to say today, based on the forecasts for the Portuguese economy, that we will present a budget surplus for this year and a budget for 2025, which also has a budget surplus forecast, probably around 0.2%/0.3% of GDP”, Joaquim Miranda Sarmento told the Portuguese publication.
Miranda Sarmento recalled to CNBC that last year the surplus was 1.2% of GDP. “We expect the budget balance to continue to be in surplus, which will allow us to reduce the public debt to around 95% of GDP this year and, hopefully, to 80% of GDP in 2028”.
Even so, while a surplus is a goal, government officials recall that the objective is to “balance the public accounts” and ensure that “government programs are consistent with a balanced budget.”
The finance chief added that the surplus would allow “the public debt to continue to decline by five percentage points per year”.
In an interview with North American media, the official also predicted that due to structural reforms, Portugal’s economy will grow by “at least 2.3% in 2025, and GDP will increase by up to 3% in the next few years.”
The Ecofin meeting was held at the European Commission to “Strong budget performance” Portugal, which no longer suffers from the macroeconomic imbalances it experienced a decade ago.
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