Budget surplus at €6.4Bn

Portugal made a budget surplus of €6.4Bn by the end of 2023 largely thanks to higher IRS tax revenues and employment.

The treasury’s budget balance increased by €172 million in November 2023 compared to October, 2023 and was up €4.3Bn compared to the same month in 2022.
The Portuguese tax authorities saw income tax revenues increase by 14.7% while national insurance contributions increased 10.7%.
“The Public Administration registered, in terms of public accounts, an adjusted budget surplus of €6.387Bn to November (+€172 million compared to October and +€4.306Bn on the same month in 2022), according to a communiqué from the Ministry of Finances released on Friday, December 29, 2023.