Eurozone deficit shrinks in 2023 and Portugal with 4th largest surplus

According to Eurostat

The euro zone's public deficit fell, in 2023, to 3,6% of GDP and the debt decreased to 88,6%, compared to the previous year, with Portugal presenting the fourth largest surplus (1,2%), according to today Eurostat.

According to data from the European statistical service, the deficit fell again in 2023, compared to 3,7% in 2022 and the debt compares with 90,8% of the Gross Domestic Product (GDP) in the 20 countries of the euro area.

In the European Union (EU), the public deficit worsened from 3,4% in 2022 to 3,5% in 2023, and the debt ratio fell from 83,4% to 81,7% of GDP.

All 27 Member States, except Cyprus and Denmark (3,1% each), Ireland (1,7%) and Portugal (1,2%), recorded public deficits, with the highest in Italy (-7,4. 6,7%), Hungary (-6,6%) and Romania (-XNUMX%).

The Eurostat bulletin also shows that, at the end of 2023, the lowest ratios of public debt to GDP were recorded in Estonia (19,6%), Bulgaria (23,1&) and Luxembourg (25,7%) and the highest in Greece (161,9%), Italy (137,3%) and France (110,6%).

In 2023, Portugal had a public debt of 99,1% of GDP, ranking sixth among the highest.