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Portugal was the 4th country in the eurozone with the highest weight of interest paid on GDP
Portugal recorded in 2023 "one of the highest values" in the weight of interest paid on the Gross Domestic Product (GDP) among the countries of the euro zone, having been set at 2.2%, the National Institute of Statistics (INE) announced today.
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Economia Zona Euro
In the detailed data on public spending in 2023, the INE notes that last year Portugal recorded "one of the highest values in the weight of interest paid on GDP (2.2%), being surpassed only by Spain, Greece and Italy (with 2.5%, 3.5% and 3.8%, respectively)".
It states that these countries "also had a high level of public debt measured as a percentage of GDP".
In 2023, the average for the euro area was a weight of interest paid on GDP of 1.7%.
The data released today by the INE indicate that, last year, Portugal paid around 5.7 billion euros in interest on its public debt, which represented an increase of 23.3% (around one billion euros) compared to the value of 2022.
This evolution is attributed to the increase in interest rates, breaking the downward trend that began in 2015, the year after the conclusion of the Economic and Financial Assistance Programme.
According to the statistical institute, the amount paid in interest in 2023 is close to that paid in 2020 (5.8 billion euros) and represents around two thirds of the amount paid in 2014.
In the opposite direction to interest rates, the gross debt of public administrations (consolidated) showed, in 2023, a reduction of nine billion in its nominal value.
Looking back, the INE recalls that, "until 2010, the weight of interest paid on GDP in Portugal was lower or very close to the average of the countries in the Euro area".
However, in 2011 there was "a substantial increase in the weight of interest paid on GDP in Portugal compared to the Euro area, when the country's access to debt markets became severely limited, as a result of the financial crisis".
In that year, the weight of interest paid reached 4.3% of GDP (compared to 3.0% in the Euro area countries as a whole), rising to a maximum of 4.9% in 2014, when the value of this indicator for the Euro area was 2.6%.
"Since then, the weight of interest paid on GDP has remained above that recorded for the Euro area as a whole, despite the decline observed between 2014 and 2022", it concludes.
Also according to the INE, with the decrease in the nominal value of public debt in 2023, Portugal now has the sixth highest weight of public debt in GDP among the Euro area countries (third in 2022), with 99.1%, remaining above the Euro area average of 88.6%.
Read Also: Public spending reached 112 billion in 2023 (42.3% of GDP) (Portuguese version)
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