First notification – March 2022

Excessive Deficit Procedure

According to EU regulations, Statistics Portugal will send to Eurostat, until the end of the current month, the first notification of 2022 regarding the Excessive Deficit Procedure (EDP) of 2021.

The estimate of net borrowing of the Regional Government of Madeira (RGM) for 2021 stood at 226.5 million euros. As it happened in 2020, this result was severely affected by the COVID-19 pandemic that had an estimated impact of 234 million euros, associated with prevention, containment, mitigation, and economic recovery within the scope of the pandemic.

The Regional Gross Debt stood at 5,074.9 million euros at the end of 2021, having decreased by 34.2 million euros (-0.7%) compared to 2020.

It should be noted that despite the deficit recorded, the gross debt did not increase, having been financed by financial resources resulting from the bond loan of 458 million euros, taken up in 2020 to support policies to fight the COVID-19 effects.

In the country, the net borrowing of the General Government (GG) in 2021 reached 6.0 billion euros, corresponding to 2.8% of the Portuguese Gross Domestic Product (GDP). In turn, in that year, the gross debt of the GG rose to 269.2 billion euros, representing 127.4% of the GDP.

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