Budget surplus on the continent, in Madeira… but not in the Azores. “We were transparent”

Debt in the archipelago has risen: “We opted for transparent governance regarding the accounts resulting from the regional public business sector”.

Portugal recorded a historical budget surplus of 1.2% in 2023which exceeds the official forecast of 0.8% from the Ministry of Finance.

With these unprecedented numbers, one is already wondering where the money is going.

A Wood announced a budget surplus in 25.3 million euros in 2023 – after eight consecutive years with a budget deficit.

The following day, this Tuesday, the explanation of the exception: Azores.

The president of the Regional Government revealed that the Azores were the only region in the country without a budget surplus in 2023, because it was integrated the debt of the archipelago’s public business sector to “save companies”.

“We opted for a transparency governance regarding the accounts resulting from the regional public business sector, which had debts that were integrated to significantly save companies”, stated social democrat José Manuel Bolieiro.

According to data released by the National Statistics Institute, the debt of the Azores grown up last year 139 million eurosstaying in 3.2 billion of euros.

The president of the Government of the Azores (PSD/CDS-PP/PPM) received, in Ponta Delgada, at Palácio da Conceição, the regional secretary of Finance, Planning and Public Administration, Duarte Freitas, to present the data relating to the budget deficit and to the public debt of the Azores in 2023, with technical analysis/commentary by university professor Teresa Tiago.

Last year’s budget surplus was one billion euros higher than budgeted, mainly due to a greater than estimated contribution from contributory and tax revenue.