Portugal's Overall Balance (% of GDP): Net Lending/Borrowing Trends and Forecasts (1990-2029)

Portugal’s fiscal history underscores the challenges of economic crises and fiscal consolidation. The 1990s saw high deficits averaging -6%, worsened by the 2008 financial crisis and the Eurozone debt crisis, with a peak deficit of -11.4% in 2010. Subsequent austerity measures and EU support gradually improved the fiscal balance.

By 2019, Portugal achieved a surplus (0.1%), but the pandemic reversed progress, widening the deficit to -5.8% in 2020. Projections indicate consistent surpluses from 2023 onward, reflecting Portugal’s commitment to fiscal stability and economic reforms.