Portugal’s sovereign debt rises by 7 billion euros in 1st quarter

26 May 2014

Portugal’s sovereign debt rose to 132.4 percent of the country’s gross domestic product (GDP) at the end of the first quarter of 2014, compared to 129 percent at the end of 2013, according to figures from the Bank of Portugal published in Lisbon.

The Portuguese central bank’s Statistical Bulletin showed that, sovereign debt, calculated based on the Maastricht definition, which is used to make comparisons between European Union countries, at the end of March totalled 220.684 billion euros compared to 213.631 billion euros at the end of 2013.

This rise in state debt is outlined in the 2014-2018 Budget Strategy Document presented by the Portuguese government, which also expects debt to start falling in 2015 to 128.7 percent of GDP and 116.7 percent of GDP in 2018.

The Maastricht Treaty, which established the euro, and the more recent Budget Treaty both set out that the EU States should have debt of no more than 60 percent of GDP. (macauhub/PT)