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imageLISBON: Portugal's central government posted a surplus of 400 million euros ($549 million) in January, helping to sharply improve the country's budget performance ahead of a planned exit from its international bailout.

The finance ministry said on Tuesday the surplus compared with a deficit of 167.5 million euros in January 2013. The overall state sector budget surplus was 639 million euros last month, compared with a surplus of 130 million euros in January last year.

Portugal, which hopes to smoothly exit its bailout in May, needs to cut its budget deficit to 4 percent of gross domestic product this year from 5.5 percent in 2013.

The data showed that tax revenues jumped 10 percent in January from a year earlier, to 2.95 billion euros, indicating rising economic activity.

The rise in revenues in January represented the second largest increase for that month in 10 years, the ministry said. Spending by the central government fell 3.8 percent in January from the same month a year earlier.

Copyright Reuters, 2014


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln