Press Release: Statement by Commissioner Solbes on the Portuguese deficit data

The Portuguese authorities made public the general government figures for 2001 on 26 July 2002. The general government deficit in 2001 amounted to 4.1% of GDP, thus clearly exceeding the reference value of 3% of GDP. The announced figure provides evidence on the existence of an excessive deficit in Portugal, in the sense of the Treaty and the Stability and Growth Pact. The European Commission announced that it will therefore initiate the Excessive Deficit Procedure for Portugal according to the commitments laid down in the European Council Resolution on the Stability and Growth Pact for a strict, timely and effective functioning of the Pact.