Croatia, Portugal Government Deficits below 3% of GDP

The EU Council closed excessive deficit procedures for Croatia and Portugal, confirming their deficits have dropped below the EU’s 3% of GDP reference value. The Council thereby abrogated its decisions on the existence of excessive deficits in the two countries. Croatia has been subject to an excessive deficit procedure since January 2014 and Croatia’s general government deficit amounted to 0.8% of GDP in 2016, down from 3.4% of GDP in 2015. Portugal has been subject to an excessive deficit procedure since December 2009 and Portugal’s general government deficit amounted to 2.0% of GDP in 2016. As a consequence, only four of the EU’s 28 member states remain subject to excessive deficit procedures, continuing the positive trend since 2011. (EU, 6/16/2017)