Public sector surplus of €2.3B to August in public accounting terms
In comparison with the first eight months of 2019, when the effects of the pandemic were not yet being felt, the cumulative surplus shows a smaller increase of €1.899 billion.
The Portuguese state recorded a budget surplus of €2.303 billion in the first eight months of this year, in public accounting terms, reflecting an improvement of €9.211 billion on the same period of 2021, according to the government.
“The public sector recorded a budget surplus of 2,303 ME [million euros] until August 2022, on a public accounting basis, showing an improvement of 9,211 ME when compared to the same months of 2021, a period still affected by the Covid-19 pandemic,” the the of Finance said in the monthly statement that precedes the release of the more detailed Summary of Budget Execution from the ministry’s General Budget Directorate (DGO).
The ministry, which is headed by Fernando Medina, as minister of finance, states that, in comparison with the first eight months of 2019, when the effects of the pandemic were not yet being felt, the cumulative surplus shows a smaller increase of €1.899 billion.
The data just released are from the public accounting perspective, which differs from the national accounting terms traditionally used by European Union institutions for the assessment of the budget balance, based on data from the National Statistics Institute (INE).