Portugal recorded a budget surplus in both 2024 and 2025.

Omissions

• The claim is accurate for the 2024-2025 period but omits forward-looking context: the European Commission forecasts that Portugal's surplus will slip into a deficit of 0.1% of GDP in 2026 and 0.4% of GDP in 2027 (assuming unchanged policies), so the surplus streak is expected to end.

Sources

• PrimaryEurostat — Euro area government deficit at 2.9% and EU at 3.1% of GDP (news release)In 2025, all Member States, except Cyprus (+3.4%), Denmark (+2.9%), Ireland (+1.8%), Greece (+1.7%) and Portugal (+0.7%), reported a deficit.
• PrimaryEuropean Commission — Country report Portugal (Economy and Finance)The general government surplus reached 0.7% of GDP in 2025, from 0.6% of GDP in 2024, mostly on the back of buoyant tax revenues and social contributions.
• SecondaryScope Ratings — Portugal's favourable debt dynamics set to continueThe headline budget surplus will narrow to around 0.3% of GDP in 2025, down from the peak of 1.2% of GDP in 2023 and 0.7% in 2024.