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Brussels believes that Portugal will more than meet its deficit target for 2017

The European Commission foresees that Portugal's deficit will be reduced to 1.4% of gross domestic product (GDP) this year, a level that will remain in 2018, and that it will fall two tenths more in 2019, up to 1.2%.

Brussels, 9 Nov (EFE). - The European Commission foresees that the deficit of Portugal will be reduced to 1.4% of the gross domestic product (GDP) this year, a level in which it will remain in 2018, and that it will fall two tenths more in 2019, up to 1.2%.

The forecast of Brussels, published today in the Commission's macroeconomic fall forecasts, greatly improves its latest forecast, issued in May, when it calculated that the deficit would be reduced to 2% this year and to 1.8% next year.

The European Commission, with the approval of the Council -the countries- closed the procedure for excessive deficit opened against Portugal, after the country managed to take its deviation below 3% considered excessive.

Brussels attributes the improvement of the deficit to the acceleration of the lusa economic recovery and to a public investment lower than budgeted, among other reasons.

Nevertheless, it points out that this improvement is " mostly cyclical nature "and is not accompanied by fiscal consolidation measures.

On the other hand, Brussels raises the growth perspective of Portugal to 2.6% in 2017, although it foresees a slowdown in its economy starting next year, at which time the growth will be 2.1%, and at least until 2019, when it is expected to be 1.8%.

" It expects that the economic performance (of Portugal) will remain strong in 2018 and 2019 in the midst of a greater growth of exports and a drop in unemployment, "the Commission notes in its forecasts.

Regarding unemployment, the Commission expects the unemployment rate to continue falling, in line with the improvement trend of recent years in the country, up to 9.2% this year, 8.3% in 2018 and 7.6% in 2019.

On the other hand, Brussels forecasts that the Portuguese debt will recover from the rebound it suffered in 2016, when it surpassed 130% of the to 126.4% during this year, to 124.1% in 2018 and to 121.1% in 2019.

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