Portugal's public debt climbed to 92.9% of gross domestic product in the second quarter of 2026, a rise of 1.9 percentage points from the previous three months, official data showed on Monday.
In absolute terms, state debt reached 293.9 billion euros at the end of June, an increase of 5.2 billion euros from May. The rise was driven by higher deposit liabilities, particularly savings certificates, and a 4.7 billion euro increase in debt securities, mainly long-term bonds. However, public administration deposits also surged 6.6 billion euros to 31.4 billion euros. Net of those deposits, debt actually fell 1.3 billion euros to 262.5 billion euros, or roughly 83% of GDP.
The government maintains its forecast that the debt ratio will decline to 87.5% of GDP by year-end. In July, Portugal repaid approximately 10 billion euros on a maturing treasury bond line. The ratio stood at 89.7% at the end of 2025, the first time in 16 years it finished below 90%.