Centeno says falling deficit shows Portuguese 'resilience of economy' – Jornal Económico

The Minister of Finance, Mário Centeno, argued that “today's released budget execution figures” through July “continue to show Portugal's typical fiscal consolidation process” over the past four years and the national “resilience of the economy”.

The minister, speaking to reporters in Monsaraz, in the municipality of Reguengos de Monsaraz (Évora), wanted to “underline” the “numbers released today of budget execution until July”, which “continue to show the consolidation process”. typical budget that has been happening in Portugal in the last four years ”.

“We have an execution on the expenditure side with primary expenditure growing 3.2%, fully in line with what is the State Budget (OE) approved in October last year in the Assembly of the Republic, and we have tax revenue to grow, fortunately, above what the government's projections were, ”he said.

And, according to Mário Centeno, it is "fortunately" because these numbers "show the resilience of the Portuguese economy in what its main aspects are, whether in exports, in investment or in private consumption."

Centeno, who is also president of the Eurogroup, was speaking to reporters after the leading ministry published a statement ahead of the budget execution summary to be published later today by the Directorate-General for Budget (DGO).

In the statement, the Ministry of Finance indicates that the general government deficit stood at 445 million euros until July, representing an improvement of 2,239 million euros over the same period of 2018.

Revenue, as can be seen in the press release, grew by 6.5%, while spending increased by 1.6% in the first seven months of the year compared to the same period last year.

Mário Centeno spoke today at a session of Summer CEmp, an intensive and interactive seminar directed at young people and promoted by the European Commission Representation in Portugal, organized with the support of the Monsaraz Chamber and the Alentejo Regional Coordination and Development Commission.

The minister welcomed the reporters that VAT revenues were “growing close to 9%” and that IRS revenues “systematically grew above 4%, in line with what Social Security revenues are, whose contributions are growing above 8% by July. ”

"These are data that prove that the Portuguese economy is prepared for the challenges it faces today and that the state" and "the public administration" have "fulfilled their role, bringing stability in public accounts," he said.

Also referring to the editorial published on Sunday by the Financial Times newspaper, Mário Centeno considered that this publication “should make everyone happy because the image of Portugal today is an image of credibility and trust”, “these numbers being a small contribution to this process”. .

In the editorial, the British newspaper praises the Portuguese prime minister and highlights António Costa's skills and political choices, referring to that international economic diary that the Portuguese example is a hope for Europe.

Summer CEmp, which runs until Friday in the medieval village of Monsaraz, with practical learning formats such as unlikely conversations and hands-on exercises to better understand the European project, brings together a diverse group of 40 young college students, who dialogue directly and informally with a range of current political and media players on the possible future scenarios of Europe.

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