According to the Bank of Portugal’s Financial Stability Report (November 2024), the public debt ratio fell from 132.5% in 2014 to 97.9% in 2023, with the reduction continuing in the third quarter of 2024.
This positive development contributes to Portugal’s credibility in the markets, reflected in the improvement in debt return rates and the maintenance of its category A credit rating by four international agencies.
However, public debt remains high, and risks associated with external shocks or the economic cycle demand prudence and a commitment to consolidating a sustained reduction path.