Portugal: public finances

What is Portugal's public debt?

Portugal's general government debt was 89.7% of GDP in 2025, down from 93.5% in 2024 and 123.9% in 2021, according to Eurostat.

This is the debt of all levels of government measured under the EU's excessive deficit procedure rules, at face value. The EU reference value is 60% of GDP. The ratio falls when debt grows more slowly than nominal GDP, so inflation and growth both reduce it. In its 2027 budget proposal, the Government of Portugal projects debt of 84.5% of GDP in 2027, and says 2025 was the first year in 16 with debt below 90%.

Official sources: Eurostat: Government deficit/surplus, debt and associated data (gov_10dd_edpt1) · Government of Portugal: 2027 budget proposal

Does Portugal have a budget deficit or surplus?

Portugal had a general government surplus of 0.7% of GDP in 2025, after 0.6% in 2024 and 1.1% in 2023, according to Eurostat. It had a deficit of 2.8% in 2021.

The balance covers central, regional and local government and social security. The EU limit for deficits is 3% of GDP. The Government of Portugal says its 2027 State Budget proposal aims for a surplus of 0.1% of GDP, and that 2026 is expected to end balanced or with a slight surplus. These are projections; the outcome is reported to Eurostat in April and October each year.

Official sources: Eurostat: Government deficit/surplus, debt and associated data (gov_10dd_edpt1) · Government of Portugal: 2027 budget proposal

What is in Portugal's 2027 budget?

The Government of Portugal presented its 2027 State Budget proposal (Orçamento do Estado) on 10 October 2026. It projects a surplus of 0.1% of GDP, debt falling to 84.5% of GDP, growth above 2%, inflation of 2.3% and unemployment of 5.7%.

The proposal goes to the Assembly of the Republic, which debates and votes on it before the year starts; the final law can differ. Detailed budget tables and monthly execution reports are published by the Budget Directorate (DGO), whose site failed a security certificate check on 15 October 2026.

Official sources: Government of Portugal: 2027 budget proposal

What is Portugal's debt to GDP ratio?

89.7% of GDP: that is general government gross debt in Portugal for 2025, according to the IMF. The peak was 134.1% of GDP in 2020 and the low 72.2% of GDP in 2005. It is 8th highest of 51 in Europe & Central Asia, where the median is 46.9% of GDP. Of 185 countries with 2025 data, 31st highest.

Does Portugal's government borrow more than it raises?

0.7% of GDP: that is general government net lending or borrowing in Portugal for 2025, according to the IMF. The peak was 1.1% of GDP in 2023 and the low -11.4% of GDP in 2010. It is 10th highest of 51 in Europe & Central Asia, where the median is -2.4% of GDP. Of 188 countries with 2025 data, 27th highest.

How much does Portugal's government take in?

The IMF puts general government revenue in Portugal at 43.4% of GDP in 2025. Its high point since 2005 was 2013, at 44.7% of GDP; its low point was 2009, at 40.4% of GDP. Europe & Central Asia median: 41.3% of GDP; Portugal is 19th highest of 50. Of 187 countries with 2025 data, 30th highest.

How big is Portugal's government spending as a share of GDP?

According to the IMF, general government spending in Portugal was 42.7% of GDP in 2025. Its high point since 2005 was 2010, at 51.9% of GDP; its low point was 2023, at 42.0% of GDP. It is 28th highest of 50 in Europe & Central Asia, where the median is 43.3% of GDP. World rank, highest first: 43rd of 186.

What is tax revenue in Portugal?

The IMF puts central government tax revenue in Portugal at 22.3% of GDP in 2024. Its high point since 2005 was 2022, at 23.2% of GDP; its low point was 2009, at 19.1% of GDP. It is 18th highest of 42 in Europe & Central Asia, where the median is 20.8% of GDP. Of 92 countries with 2024 data, 27th highest.

How much does Portugal spend on its military?

According to SIPRI, military spending in Portugal was 1.7% of GDP in 2025. The peak was 1.8% of GDP in 2012 and the low 1.2% of GDP in 2023. It is 35th highest of 46 in Europe & Central Asia, where the median is 2.0% of GDP. Of 149 countries with 2025 data, 73rd highest.