Portuguese government debt is the second highest in the euro area, according to fresh figures from Eurostat
The ratio of debt to GDP was 133.4% by the end of the third quarter in September 2016. This amounted to €244,397,000.
Of this, debt securities accounted for nearly 74%, loans for almost 48% and currency and deposits nearly 12%. While Portugal’s debt securities are just below average for the eurozone, its loan percentage is well above the 17% average.
Of all the eurozone countries, only the debt of Greece was higher – 177%. Italy was running at a close third, with debt ratio of 132.7%.
The average debt ratio for eurozone countries was 90% in the third quarter, down from just over 91% in the second quarter.
Other countries above this average were Cyprus, Belgium, Spain and France.
Instead of steadily shaving down its debt, Portugal’s debt actually increased by 1.6% compared to the previous quarter of 2016. Portugal was one of only six countries where debt rose in this period. Twenty-two countries in the EU, including Greece and Italy, managed to reduce their debt.
Compared to the third quarter of 2015, Portugal again had one of the highest increases in its ratio of debt to GDP. Its debt rose by nearly 3% over the same time last year.
