Portugal’s deficit lowest in Eurozone in Q1

Portugal was the Eurozone country with the lowest deficit in the first quarter, with only five states registering a budget surplus, according to data published this Monday by Eurostat.

Data from the European statistical body shows that, from an unadjusted perspective, the Eurozone average recorded a deficit of 4.1% of Gross Domestic Product (GDP) and the European Union a negative balance of 3.8% of GDP.

Portugal ( 0.2%) recorded the sixth worst result among all balances of the single currency countries, but was the best among those that had a budget deficit.

Only Ireland, Cyprus, Latvia, Luxembourg and the Netherlands achieved a positive budget balance. Among the countries with the highest deficit, Belgium ( 9.6%) and France ( 6.9%) stand out.

Looking at seasonally adjusted data, in the first three months of the year the average Eurozone deficits were 3.2% and that of the European Union 3%, with Portugal having the third largest surplus (0.6%).