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Portugal expects the third largest reduction in public debt in the Eurozone

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Briefings

Portugal achieved its third-largest reduction in public debt among EU members, cutting the ratio from 87.5% to 84.5% of GDP in 2027. This outcome surpassed Greece and Cyprus, with Fitch satisfied by the progress. The document notes that while Greece and Cyprus are the only countries with reductions exceeding the target, the absolute reduction amount also justified the achievement. Portugal's debt stood at 89.2% in 2025 and 93% in 2024, with the Ministry of Finance reporting a 4 percentage point shortfall from the agreed trajectory, a figure highlighted by Finance Minister Luís Montenegro during the press conference.

Key points

• Portugal reduced its public debt ratio from 87.5% to 84.5% of GDP in 2027, achieving the third-largest reduction among EU members after Greece and Cyprus.
• The reduction of 4 percentage points fell short of the agreed trajectory with the European Commission, a shortfall explicitly highlighted by Finance Minister Luís Montenegro during the presentation.

Context

This briefing covers the 2027 EU budget proposal where Portugal secured its third-largest debt reduction among 21 EU members. The document details specific debt ratios, dates, and the Minister's commentary on the shortfall, providing context for the ongoing fiscal challenges in the Eurozone.

Limitations

Evidence is limited to the 2027 budget proposal documents and related press conference remarks. The 2025 and 2024 debt figures are provided but do not include the full 2026 data. The document does not contain information on the 14 countries excluded from the analysis (Spain, Belgium, Croatia, France, and Germany). Future debt trajectories beyond 2027 remain unconfirmed.

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