INE confirms deficit decline in 2017 and regional public debt is less than half the European average
According to data released by the National Statistics Institute (INE), and in compliance with the rules of the Bank of Portugal (BdP), the deficit registered by the Azores stands at 1.4 percent of the Gross Domestic Product (GDP) of the Region. This figure is lower than the best result registered by the country in more than 40 years of Democracy, with the public debt being less than half the European average.
The Vice-President pointed out that the figure "rigorously" corresponds to the estimate presented by the Government of the Azores, a fact that that was "widely welcomed" by the Regional Government.
"In turn, our public debt represents 41.6 percent of our GDP, being less than half the European Union average and less than a third of that recorded by the country," said Sérgio Ávila.
According to the government official, the data "still confirm the path of sustainability" followed by public finances, emphasising that they encompass the direct administration and the execution of the Regional Budget as well as all autonomous funds and services and the consolidation of the Regional Public Business Sector - SPER (whose results are accounted for public debt).
"We guarantee that the Region has a stable structure from a financial point of view and its overall public debt, including public companies, is less than half the European Union average," said Sérgio Ávila.
The government official also stated that these results "are also a guarantee for forthcoming generation with regard to the Region's sustainability."