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Portugal Revises 2010 Budget Deficit To 9.1% Of GDP From 8.6%
Date 23/04/2011 23:16  Author webmaster  Hits 1034  Language Global
23 APR 2011

LISBON (Dow Jones)--Portugal's government has revised the budget deficit for last year again, to 9.1% of gross domestic product from 8.6%, due to another recast in services delivered by the private sector to the government.

The budget deficit for 2009 was also revised slightly to 10.1% of GDP from the 10% announced late last month, the agency said in a statement late Saturday.

In the middle of a four-day holiday in the country, the statistics agency said a second revision had to be done as part of bailout negotiations between Portugal and European Union authorities and the International Monetary Fund.

An EU-IMF delegation has been working in Lisbon for two weeks on negotiations for an estimated EUR80 billion in aid.

The revision of the accounts showed certain services with third parties, including for the transport industry, had to be fully accounted for in the government's balance sheet.

European policy makers have given Portugal and other highly indebted countries until 2013 to lower their budget deficits to the 3%-of-GDP limit set for euro-zone members.

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