LISBON, March 25 (Xinhua) -- Portugal's general government deficit was 2.8 percent of gross domestic product (GDP) in 2021, Statistics Portugal (INE) said on Friday, confirming previous forecasts by Banco de Portugal and the Public Finance Council (CFP).
According to the INE, the public administration had a negative balance (net borrowing) of 5.977 billion euros (6.566 billion U.S. dollars).
In the fiscal year 2020, the country's government ran a deficit of 5.8 percent of GDP.
Accordingly, Portugal's economy appears to have emerged from the "excessive deficit" in the second year of the pandemic, despite European budgetary rules being currently suspended due to the crisis caused by measures to combat COVID-19.
According to the INE, Portugal's GDP increased by 4.9 percent in 2021.
This year, the government expects the deficit to shrink to 1.9 percent of GDP.
