First notification - March 2024

Excessive deficit procedure

According to the regulations of the European Union, Statistics Portugal (INE) submits to Eurostat, by the end of the current month, the first notification of 2024 regarding the Excessive Deficit Procedure (EDP) for 2023.

The estimate of net lending of the Regional Government of Madeira amounted to 25.3 million euros in 2023, reflecting an improvement in the balance recorded in 2022.  This result means that the accounts of the Regional Public Administrations of Madeira returned to a situation of positive balance after three years of negative balance, conditioned by the increase in expenses for the prevention, containment, and mitigation of the effects caused by the COVID-19 pandemic and in the final year of this cycle, also due to the consequences of the Ukraine conflict, through price increases. In fact, in 2022, the net borrowing was 142.1 million euros, in 2021 it was 213.0 million euros, and in 2020 it was 128.5 million euros.

The regional gross debt of the Regional Government of Madeira in 2023 amounted to 5,002.3 million euros, having decreased by approximately 32.9 million euros (-0.7%) compared to the year 2022.

In the country, the net lending of the General Government in 2023 reached 3,193.5 million euros, which corresponded to 1.2% of the Portuguese Gross Domestic Product (GDP). Meanwhile, in that year, the gross debt of the General Government amounted to 263.1 billion euros, that is, 99.1% of the GDP. In the Autonomous Region of the Azores, the balance of the Regional Government showed a deficit of 146.0 million euros and the gross debt of the Regional Government of the Azores was, in 2023, 3,202.8 million euros.

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