In September 2016, the Portuguese public debt has reached the 133,08% of the gross domestic product (GDP). This is the highest value of all series of the Bank of Portugal, that goes back to 2007, and shows that the indebtedness of the public sector has not yet entered a downward path.
This value represents a growth compared to the previous quarter (131,7% of GDP) and the same period of 2015 (130,4%). In absolute figures, the public debt amounts to 244,4 thousand million euros, having increased by chain and year-on-year.
Remember that in the State Budget for 2016 it was registered a value of 127,7% of GDP for the debt, however, revised upwards in the OE 2017 to 129,7%. This will require a descent of more than three percentage points in the last three months of the year.
This is the value of “gross” debt. That is, the account with the deposits of the State. The net debt is lower, having reached the 121,5% up to September. However, the trend is not dramatically different. Presents a slight decrease compared to the second quarter of this year (121,8%), but is higher than in the same quarter of 2015 (119,6%).
“Between January and September 2016, the financing of public administrations was 3.9 billion euros, lower than the 4.2 billion recorded in the same period of 2015″, can be read in the publication of the Bank of Portugal. “The financing obtained by the general government with banks and other lenders residents increased (2.3 billion and 8.0 billion euros, respectively).”
In the external component, the funding decreased to 6.4 thousand million euros, which reflects a reduction in debt securities (-3,3 billion), as well as the early repayment to the IMF of February 2016 (-2 billion).
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