With a style markedly different from that of his predecessor, and based on dialogue and discussion with all sections of society, Guterres was a popular prime minister in his first years in office. Portugal was enjoying an economic expansion that allowed the Socialists to reduce budget deficits while increasing welfare spending and creating new conditional cash transfer programs. His government also accelerated the program of privatizations that Cavaco Silva's government had begun: 29 companies were privatized between 1996 and 1999, with proceeds from privatizations in 1996–97 greater than those of the previous six years, and the public sector's share of GDP halved from 11% in 1994 to 5.5% five years later. Share ownership was also widened, with 800,000 people investing in Portugal Telecom upon its privatization in 1996 and 750,000 applying for shares in Electricidade de Portugal.