The Banco de Portugal (BdP) disclosed on Friday that, in September 2025, the indebtedness of the non-financial sector (public administrations, companies, and individuals) increased by 9.4 billion euros, reaching a total of 866.4 billion euros.
“Of this total, 478.0 billion euros concerned the private sector (private companies and individuals) and 388.4 billion euros to the public sector (public administrations and public companies),” the statement noted.
The public sector indebtedness rose by 6.7 billion euros.
“This increase occurred mainly with the external sector (+6.0 billion euros), primarily reflecting the investment of non-residents in Portuguese public debt securities. There was also an increase in public sector indebtedness towards public administrations (+0.6 billion euros) and individuals (+0.3 billion euros). Conversely, public sector indebtedness decreased towards the financial sector (-0.3 billion euros), mainly due to disinvestment in short-term debt securities,” stated BdP.
On the other hand, the private sector indebtedness grew by 2.6 billion euros.
“Individual indebtedness rose by 1.3 billion euros, primarily with banks through mortgage credit (+1.0 billion euros). Meanwhile, private companies’ indebtedness increased by 1.4 billion euros, mainly due to increased financing from the financial sector (+0.8 billion euros) and the external sector (+0.6 billion euros),” the BdP explained.
Annual Variation Rates
In September 2025, private company indebtedness grew by 2.5% compared to the same month in 2024, mirroring the growth recorded in August.
Individual indebtedness rose 7.8% year-over-year, marking a new peak since the series began in December 2008.
[News in update]
