Portugal

Social Security balance increases 1.8 billion in 2027 and goes into deficit in the 2040s

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 08/10/2026, 17:41:24 UTC.

Briefings

The Portuguese Social Security system is projected to close 2027 with a surplus of nearly 7 million euros, representing a 1.8% increase over the 2026 forecast. This surplus is driven by faster revenue growth in 2025 compared to spending, with contributions rising 8.9% and exceeding 93% of current spending. After 2027, the surplus will decline annually, reaching 517 million euros by 2040. The system remains financially covered through accumulated assets, though the deficit will eventually reach 1.7 billion euros by 2050. Key data sources include the Government's 2027 Budget Report and the 'Elements Informative and Supplementary' section.

Key points

• The Portuguese Social Security system is projected to close 2027 with a surplus of nearly 7 million euros, representing a 1.8% increase over the 2026 forecast.
• Contributions and quotas reached 30.152 million euros in 2025, growing 8.9% and exceeding 93% of current spending.

Context

The findings come from the Government's 2027 Budget Report, which tracks the 'Social Security System' (Segurança Social) alongside the 'Social Security and Redistribution System' (Sistema Previdencial-Repartição). The report explicitly excludes the Caixa Geral de Aposentações and the solidarity sub-system, focusing solely on the core pension and redistribution mechanisms.

Limitations

The evidence relies on Government projections for 2027 and 2040, which are described as conditional scenarios rather than deterministic forecasts. The data excludes the Caixa Geral de Aposentações and the solidarity sub-system, and the population estimate for 2070 excludes the June INE revision.

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