Portugal’s surplus 1.2% of GDP in 2023 with debt down to 99.1% of GDP

 In Debt to GDP, News, Public administration, Public debt, Public deficit and Budget deficit

The government net surplus achieved by the outgoing minister of Finance, Fernando Medina in 2023 was 1.2% of GDP according to the National Statistics Institute. (INE)

Portugal’s public debt has fallen to 99.1% of GDP while its public administration enjoyed a positive balance of €3.1Bn compared to a deficit of €779.1 million in 2022.
It was the highest budget surplus posted by a Portuguese government in its democratic history, Mário Centeno having achieved a surplus of 0.1% in 2019.
Portugal enjoyed its highest budget surpluses during the war years between 1941 and 1943 when the Salazar dictatorship coined it in from titanium sales for artillery and explosive armaments sold to both the allies and Germans. In fact Portugal consistently posted current account surpluses from 1930 to 1960.
Regarding the public debt, Medina had announced that it stood at 98.7% of GDP, but could be subjected to a revision when the final accounts were in. This in fact happened with the final public debt standing at 99.1% of GDP – the first time it has fallen below 100% since 2009.