Debt retrieves, but Portugal still has the third largest debt of the EU

  • ECO News
  • 24 January 2018

Public debt retrieves in the European Union, but Portugal continues having the third largest debt among member-states, according to Eurostat.

Public debt retrieves in the third quarter of 2017 in the Euro Area (88.1%) and in the EU (82.5%), with Portugal maintaining the third largest debt among member-states (130.8% of GDP), although it decreased, according to Eurostat.

The European Union statistical office disclosed that the largest public debts were registered in Greece (177.4% of GDP), in Italy (134.1%) and in Portugal, which decreased to 130.8% of GDP, a 2.0 percentage points’ fall, quarter-on-quarter, and an homologous fall of 1.2 points. The smaller ratios of debt to GDP were registered in Estonia (8.0%), Luxembourg (23.4%) and Bulgaria (25.6%).

Deficit also retrieves. Portugal has a surplus

The public deficit in the Euro Area retrieved in the third quarter of 2017 to 0.3% and in the EU, there was a 0.6% decrease, with Portugal registering a fiscal surplus of 1.5%, according to Eurostat.

In the European Union, the ratio of the deficit concerning the gross domestic product (GDP) had an homologous (1.7%) and a quarter on quarter (1.2%) decrease. In Portugal, there was a fiscal surplus in the third quarter, of 1.5%, in comparison to the homologous 3% of GDP deficit and to the 1.4% between April and June of 2017.

Eurostat signaled, on this Wednesday’s bulletin, that Portugal’s accounts do not include the impact of the recapitalization of CGD, moving forward with the negotiations with Statistics Portugal (INE) on a matter classified as “complex”.