Portugal registers a budget surplus of 1.2% in the third quarter of 2022, the second largest of the 27 Member States of the European Union, behind Ireland with 3.1%.

The data are revealed this Monday by Eurostat and indicate that the Eurozone recorded a public account deficit of 3.3% of the Gross Domestic Product and the European Union of 3.2%

According to the European statistics centre, the deficit/GDP ratio increased in both zones, largely due to the rise in total expenditure.

Most Member States continued to record a budget deficit, with emphasis on Romania (-6.3%), Hungary (-6.1%) and Belgium (-5.1%).

Six of the Member States for which data are available showed budgetary surpluses, with emphasis on Ireland (3.1%), Portugal (1.3%) and Lithuania (1.0%).

Total income and expenses continued to be influenced by government policies in response to the Covid-19 pandemic, but to a lesser extent than in previous quarters, according to the bulletin.

It is also highlighted that measures to mitigate the impact of rising energy prices began to have a stronger impact on the budget balance in the third quarter of 2022.

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