By John Smith •
Updated: 27 Nov 2024 • 19:35 • 1 minute read
There was good news for the Portuguese Government as on November 26, the European Commission confirmed that its medium-term budget plan complied with the European Union s new budget rules.
European Commission is happy with Portugal s budget forecast 2025 to 2028
The expenditure forecast for 2025 to 2028 sees an annual growth rate of around 4.5 per cent which Valdis Dombrovskis, executive vice-president of the commission confirmed was broadly in line with EU budget expectations.
Announcing this view in Strasbourg, Dombrovskis added It s worth pointing out that Portugal does indeed have a very strong budgetary position.
It was only in mid-October that the plan was sent from Lisbon to Brussels, so it has taken a relatively short time for the Commission to make such a positive decision.
Despite the relatively high expenditure anticipated over the period, actual growth in the Portuguese economy is expected to be lower at between 1.8 per cent and 2.2 per cent over the same period but this is balanced by a significant anticipated drop in public debt to 82.3 per cent of gross domestic product (GDP) by 2028.
EU budget forecast and Portugal figures do differ but not sufficiently to cause a problem
The EU forecast for the Portuguese economy 2025 to 2028 isn’t quite as optimistic as that presented by the Portuguese Government but is sufficiently close to allow the positive response.
With 27 member states, the European Union can expect to see a number of budgets which don’t look as rosy as that presented by Portugal (which was once known to be one of the struggling southern group of PIGS, Portugal, Italy, Greece and Spain).
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
Currently he is acting as Editorial Consultant for the paper helping to shape its future development.
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