Portugal

Santos Pereira: “There are conditions for us to have budgetary surplus this year and the next”

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Briefings

Portuguese central bank governor Álvaro Santos Pereira stated that economic conditions now allow for a budget surplus this year and next, despite the central bank maintaining pessimistic forecasts of a deficit. The governor emphasized that fiscal revenue growth and economic expansion are key drivers, while noting the government must avoid increasing spending to achieve this outcome.

Key points

• Álvaro Santos Pereira, governor of the Banco de Portugal, declared that economic conditions now permit a budget surplus for Portugal this year and the following year.
• The central bank maintained pessimistic projections of a 0.2% budget deficit, stating that the government must avoid increasing spending to achieve the surplus.

Context

The Banco de Portugal presented its October Economic Bulletin at the Museu do Dinheiro in Lisbon on October 7, 2026. The governor's statement was made during a press conference, highlighting the central bank's cautious outlook on fiscal sustainability.

Limitations

The central bank did not update its projections for the budget surplus or public debt, keeping the June forecasts valid. The governor's assessment relies on current economic data rather than updated projections, and the specific conditions for a surplus remain unverified by the bank.

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