The Bank of Portugal published updated statistics on non-financial sector indebtedness for November 2024, showing total debt rising by EUR 1.0 billion over the month to EUR 811.5 billion. Public sector indebtedness increased by EUR 0.7 billion, while private sector indebtedness rose by EUR 0.3 billion; the release also incorporates revisions back to March 2024 in line with the Bank’s statistical revision policy. Of the EUR 811.5 billion total, EUR 453.4 billion related to the private sector (private corporations and households) and EUR 358.0 billion to the public sector (general government and public corporations). The public sector increase was driven mainly by higher indebtedness of general government (+EUR 1.2 billion) and to non-residents (+EUR 0.3 billion), partly offset by a EUR 0.9 billion fall in indebtedness to the financial sector, attributed mainly to banks reducing holdings of public debt securities. In the private sector, households’ debt rose by EUR 0.6 billion, mainly to banks via housing credit, while private corporations’ debt fell by EUR 0.3 billion, reflecting a reduction vis-à-vis non-residents (-EUR 0.7 billion) partially offset by higher indebtedness to the financial sector; on a 12-month basis, private corporations’ debt growth slowed to 0.6% (from 1.1% in October) while households’ debt growth accelerated to 3.2% (from 2.8%). The next update is scheduled for 21 February 2025.

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