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%), Hungary (-6.7%) and Romania (-6.6%).

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.