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Portugal revises its 2010 debt figure

Portugal revises its 2010 debt figure

April 24th, 2011 in News

LISBON, Portugal (AP) - Portugal has for a second time revised upward the debt-stressed country's budget deficit last year as official figures revealed it was 9.1 percent of gross domestic product instead of the previously announced 8.6 percent.

The National Statistics Institute said it had sent the revision to Eurostat, the EU's statistics office, adding it had "determined an increase of the net borrowing and of the gross debt of General Government" compared with the amounts published previously.

The revised figures published in a statement dated Saturday are another setback to Portugal's economy as its government negotiates the terms of a badly needed bailout to try to avoid bankruptcy.

The deficit figure is far above the eurozone's limit of 3 percent.