Government expects public debt to be below 100% of GDP in 2024

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The government is preparing to revise downwards, in the context of the next State Budget, the projections for the public debt to GDP ratio, anticipating that it will be below 100% in 2024.

The Government is more optimistic about the evolution of public accounts and is preparing to revise downwards, in the State Budget, the projections for the public debt to GDP ratio, anticipating that it will be below 100% in 2024.

“The projection we have in the Stability Program is 103%, but we will probably be below 100% by 2024,” said the Secretary of State for Finance.

This month, the Minister of Finance had already signaled this optimism, but until now the Government only estimated that public debt would be below 100% of GDP in 2025.

João Nuno Mendes also anticipates a debt of less than 105% this year, stressing that this performance puts the country “in another league” by achieving lower levels than countries like Spain, France or Belgium. As for the deficit, he does not commit to targets beyond this year. “I think that this year we have the conditions to be close to balance, as already mentioned by the Minister of Finance. Of course, this logic also depends on economic performance. What we have to be aware of is that we are in a transition phase and we can be among the European countries that have the best economic and budgetary performance”, he concluded.

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