Portugal

Budget 2014 passed in parliament


Published

The Portuguese parliament passed the State Budget 2014 yesterday which will see cuts of €4 billion (£3.4 billion; $5.4 billion).

The budget, which was first presented to the house on 15th October, predicts that Gross Domestic Product will rise to 0.8% and the unemployment rate will fall to 17.7%. Significantly the government expects to complete its €78 billion bailout programme by mid-2014 and return to the markets for financing.

Inevitably the passing of the budget was met by large demonstrations outside the parliament building, but the final reading should be easily passed by the end of November.

You can see a slide show produced by the Portuguese Finance Ministry on the budget proposals and challenges here.

More detailed briefing on the politics and risk of doing business in this country is available to clients and subscribers. If you would like to know more then please contact enquiries@tradebridgeconsultants.com