Portugal has agreed to lower its 2016 budget deficit and growth forecasts following pressure from the European Commission, a government official told AFP on Wednesday.
The new Socialist-led minority government, allied with the radical left, cut its projected budget deficit to 2.4% of gross domestic product (GDP), from 2.6% announced two weeks before, the source said on condition of anonymity.
It also lowered its growth forecast to 1.9%, from 2.1%, after Brussels said the draft budget was too optimistic.
The European Commission on Tuesday demanded Lisbon rework its draft budget - which was delayed by Portugal’s inconclusive October elections - because it fell short of commitments to reduce public spending.
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The new Socialist-led minority government, allied with the radical left, cut its projected budget deficit to 2.4% of gross domestic product (GDP), from 2.6% announced two weeks before, the source said on condition of anonymity.
It also lowered its growth forecast to 1.9%, from 2.1%, after Brussels said the draft budget was too optimistic.
The European Commission on Tuesday demanded Lisbon rework its draft budget - which was delayed by Portugal’s inconclusive October elections - because it fell short of commitments to reduce public spending.
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