LISBON, June 22 (Xinhua) -- Portugal's deficit was 0.9 percent of Gross Domestic Product (GDP) in the first quarter of this year, lower than 10.6 percent in the same period of last year, the Portuguese National Statistics Institute (INE) said on Friday.
However, the figure is higher than 0.7 percent of the government target for this year.
Last year's budget balance was "largely influenced" by the recapitalization operation of the state bank Caixa Geral de Depositos (CGD), which raised the deficit to 10.6 percent of GDP. Excluding this operation, the deficit was only 2 percent, Portuguese Lusa News Agency said.
The figure is in line with the government's strict management of public accounts in order to ensure their sustainability and stimulate economic growth and employment.
