Portugal’s public deficit stood at 4.5 percent of the country’s gross domestic product (GDP) in 2014, the Portuguese National Institute of Statistics (INE) reported on Thursday. The figure was below the Portuguese Government’s forecast of 4.8 percent issued in September last year.

The country’s Finance Minister Maria Luís Albuquerque said that the news was “very positive and encouraging”.

She added: “The figures for the 2014 deficit are better than what we were forecasting”.

Ms Albuquerque said last year’s results “boost confidence” that the target for 2015 is within reach.

Portugal’s Government aims to achieve a deficit target of 2.7 percent for this year.