Industrial production rose in Portugal for the second month in a row in May and confidence indicators continued to improve in June. According to the national accounts, the Public Administrations net borrowing deteriorated in the twelve months to Q1 2013. However, overall, Portugal’ net lending increased to 1.2% of GDP in the twelve months to Q1 2013 after 0.3% of GDP in 2012. EU’s authorities reached an agreement over the 2014-2020 EU Budget, bringing greater flexibility over how the bloc deploys the amount available for spending.
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