What has happened to Portugal's public debt since April 25, 1974?
That was the analysis made by the brokerage XTB, which looked at the annual figures over the last 50 years.
In a statement sent to ZAP, one accounting stands out: Portugal has seen an exponential increase (more than 70%) in public debt over this period.
Right after the Carnation Revolution, Portugal's public debt increased by more than 70% in 1973, compared to the last full year of the Estado Novo.
There were significant efforts to modernize infrastructures, expand social services and integrate into the European and global economy. This meant more public spending and debt accumulation.
The first decade was complicated. Portugal asked for foreign aid in 1977 and 1983 (but without the results the governments wanted).
The rise above 30% year after year - with the exception of 1980, with only 14% - was halted in 1986: Portugal joined the European Economic Community.
Also related to this accession, the 1990s were clearly the smoothest decade in the last century, with years in which the increase in debt was only 1%. There was more investment, more domestic consumption, greater economic growth.
The turn of the century brought the euro, new fiscal and monetary requirements - which redefined public debt management.
Even today, the trajectory of Portugal's public debt continues to depend heavily on external factors.
Two important milestones were achieved very recently: the decreases in the total value in 2021 and 2023, compared to previous years. And with figures within the European average, years later.
In 1974, making conversions, public debt was 397 million euros. In 2023, public debt stood at 263 billion euros. But it was below 100% of GDP (98.7%), something that hadn't happened since 2009.
Over these 50 years, Portugal has increased its debt exponentially - but it has also increased its production exponentially.
