“The data released by the National Statistics Institute (INE) for the third quarter of 2025 demonstrate the solidity of the national accounts and reinforce the government’s confidence that it will be possible to achieve a budget surplus at the end of this year of at least 0.3% of GDP,” said the Ministry of Finance in a statement.
According to the national statistics office, from July to September, the surplus was “2,952 million euros, corresponding to 3.8% of GDP, compared to 4.9% in the same period last year.”
In the quarter, compared to the same period of the previous year, there was a 7.7% increase in total revenue and a 10.8% increase in total expenditure.
In response to this data, the government emphasised that, “notwithstanding the fiscal relief measures and reinforcement of retirees’ income that occurred this quarter, the country maintains a positive balance in public accounts, which results from a prudent and sound fiscal policy.”
“This policy has also been reflected in the consistent and significant reduction of public debt, with a positive impact on the State’s financial management,” added the ministry led by Joaquim Miranda Sarmento.
The Finance Ministry also highlighted the fact that the State anticipated the payment of loans from the ‘troika’ that were scheduled for 2028 and 2031. This anticipation allows for “savings on public debt interest and contributes to smoothing the profile of public debt repayments in the coming years.”