Clarification on the public debt

• Data from the Bank of Portugal indicate a public debt level of 97.6% of GDP in the first quarter of 2025. Minus the deposits from Public Administration, public debt was cut to 84.6% of GDP

• This evolution matches the execution of the Portuguese Republic’s financing plan

The Bank of Portugal disclosed yesterday the amount of public debt under the Maastricht definition for September 2025, estimated at 294.3 billion euros, representing 97.6% of GDP. 

However, deducting the deposits from Public Administration, public debt was cut to 255.2 billion euros, which represents 84.6% of GDP. 

The analysis of the evolution of public debt in this period means understanding that a large amount of Public Administration deposits was accumulated, necessary to meet the amortisations plan for the end of this year. 

Concretely, 11.4 billion euros in treasury bonds have been redeemed in October and it is expected that in December, the reimbursument of the European Financial Stability Facility will be paid out, to the sum of 1.5 billion euros. 

In this way, the Government maintains its forecast of a cut in public debt at the end of 2025 to 90.2% of GDP, having ended 2024 at 93.6% of GDP.