The public debt in the relevant optics to Brussels rose by € 9.6 billion compared to the end of last year. The target for the end of the year is assumed by the Government of 130.2%.
The public debt accounted for in optical Maastricht, this is used as a reference in the European institutions, reached 134% of gross domestic product (GDP), or 223.3 billion euros in the first half, according to data from the Bank of Portugal.
This is an increase of 1.2 percentage points compared to debt of 132.8% of GDP in the first quarter, then we EUR 220 700 million. This year the public debt increased from EUR 9.6 billion
The value at the end of June is higher than the planned target for the end of the year -. 130.2% of GDP – and represents an increase of almost 5 percentage points compared to 128.9% at the end of 2013 The Government’s objective of obtaining a reversal in the upward trend of the weight of public debt to GDP has been delayed since last year. Should now happen in 2015, entered the ministry of Finance in Fiscal Strategy Document.
BES does not affect, but debt was already on the pad
The injection of money in the New Bank recapitalization will not affect the value of the public debt, as € 3.9 billion were already included in the financial cushion that government has accumulated to support the exit of the adjustment without a precautionary program. This money, which represents almost half of the deposits of public institutions, gives a relevant contribution to the high “stock” of debt.
In fact, discounting the value of deposits, and thus obtaining a measure of net debt, public debt in optical Maastricht reaches 122.4% of GDP or EUR 204 100 million, ie less than EUR 19.2 billion. Still above the psychological barrier assumed during the European crisis of 120% of GDP, from which the budgetary situation tends to be classified as dangerous.
A reduction of this financial cushion will be crucial for the early reduction the “stock” of debt planned for 2015 and following years. The € 3.9 billion will be injected into the New Bank, while not increasing the debt already assumed, may delay this pace of reduction, if payment is not made to the state in the coming years. The plan of the Government and the Bank of Portugal is, however, that to happen this year.
total public debt is now 165.1% of GDP
Another measure of public debt also released by the central bank considers all nonfinancial public entities, even those who are not admitted to the perimeter of European accounting rules. There are, for example, some public enterprises and commercial credit commitments by public entities. In this case the debt of the nonfinancial public sector is € 275 billion, estimates the Bank of Portugal.
This is an increase of EUR 3.9 billion compared with 271 100 million euros at the end of 2013 In 2011 the indebtedness under this indicator was EUR 240 100 million, or 140% of GDP.
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