Portugal’s public debt reached 231 billion euros in November

5 January 2016

Portuguese public debt increased by 2 billion euros between October and November, when it totalled 231.3 billion euros, the Bank of Portugal said Monday in Lisbon.

The central bank explained the increase was due to an increase in loans (of 900 million euros) and issues of Treasury bonds, worth 1 billion euros.

The value determined for Portugal’s public debt at the end of November does not include the impact of the measure for resolution of Banco Internacional do Funchal (Banif) that will add nearly 3 billion euros or 1.66 percent of gross domestic product (GDP), according to calculations from the Technical Unit for Budget Support.

According to a report from Eurostat, the statistical office of the European Union, Portugal is committed to reducing debt to 223 billion euros this year or the equivalent of 125.2 percent of GDP.

The Bank of Portugal also said that “the public debt increase was accompanied by a more pronounced increase in assets in deposits (2.5 billion euros), therefore public debt net of central government deposits decreased by 500 million from the previous month to 213.0 billion euros at the end of November 2015.” (macauhub/PT)