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Lusa - Business News - Portugal: H1 deficit 0.8% of GDP after Novo Banco injection - watchdog estimate




Lisbon, Sept.18,2019 (Lusa) – Portugal’s first-half public sector budget deficit is estimated to have swelled to 0.8% of gross domestic product, due to a capital injection into Novo Banco, but this does not endanger the government’s 0.2% target for the full year, according to a parliamentary budget watchdog.
"The estimate for the budget balance of the 1st semester of 2019, calculated by the UTAO [Technical Budget Support Unit] in national accounting terms, points to a central value of -0.8% of GDP", reads the unit’s report on the period from January to July, which Lusa has seen.
The absolute amount of the deficit in the half is short of the government's deficit goal for the whole year, which is 0.2% of GDP, the UTAO notes, stressing that this is "without, however, bringing into question its fulfillment".
The UTAO estimate "is largely influenced by the capital injection of Novo Banco, given the high weight of this operation, particularly when expressed as a percentage of semester GDP,” the report states.
Excluding the impact of that operation, the UTAO estimates a surplus of "about 0.3% of GDP", which it says "is in line with the government's objective for the year excluding the impact of temporary and/or non-recurring measures, as revised in SP/2019-23 [Stability Plan] to 0.4% of GDP compared to the 0.1% of GDP initially considered in the 2019 state budget."

DF/ARO // ARO.
Lusa

Agency : LUSA

Date : 2019-09-19 08:58:00







 

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