Public debt down to 131.4% of GDP

 In Banks, Central Bank, News, Public debt

Portugal’s public debt is continuing to gradually go down for the third consecutive month and was down to €271.5Bn by the end of September.

This is according to the latest figures from the Bank of Portugal published on Tuesday 2 November when compared to August, Portugal’s public debt went down by €2.1Bn, a reduction that essentially reflects the amortisation of debt securities worth €2Bn explains the central bank.
Portugal’s public debt continues to fall from the record high seen in June when it stood at €277.5Bn.
In percentage of GDP, Portugal’s indebtedness also went down from the 139.1% record seen in Q1 of 2021. Nevertheless, it is still far from the Government’s 126.9% target set in October for the draft State Budget 2022 (which was rejected by Parliament).
In net terms, the Bank of Portugal explains an even sharper debt reduction since public administration revenues increased by €500 million. The reduction in net terms was therefore €2.6Bn to €249Bn.