Portugal’s debt reached a total of €724bn
In May this year, the Portuguese debt pile had increased yet again reaching the heavy amount of €724bn. The total sum of non-financial debt was five times higher than the country's GDP the same year.
The Portuguese debt pile had increased yet again during May this year, according to the data released by Bank of Portugal (BdP), having reached €724bn. During May, the total amount of the country’s debt pile hit a new record high. €322,4bn being generated by the public sector while the private sector generated €402,3bn.
In comparison to April 2018, Portugal’s indebtedness increased by €1bn, resulting in a €300m increment in public debt, with €700m flowing to the corporate debt pile, accordingly to data from the BdP.
The total sum of non-financial debt was nearly five times higher than the country’s GDP the same year exceeding GDP by 369,6%.
May registered an all-time record, according to Maastricht’s debt criteria – the one that really counts for Brussels’ regulators – as Portuguese sovereign gross debt value during this month reached €250bn. It is however anticipated that public indebtedness might register a drop during the rest of the year, especially considering the planned reimbursement of €6,6bn to the market in June.
In terms of private debt, the BdP showed that there was a €500m increase in companies’ external indebtedness. Families have registered a growth of their debt to the financial system of around €200m.
