In 2023, for the first time, public debt fell below 100% of GDP (it stood at 98.7%) and there was a historically high budget surplus, the highest achieved since the fall of the dictatorship in 1974.
Portugal and Ireland are the only members of the former club of the reviled PIGS that have managed to bring their public debt below pre-Great Recession levels.
The country is suffering from a serious housing crisis, with skyrocketing prices that are out of reach for the low salaries in Portugal.
International agencies saved the country from bankruptcy with a bailout of 78 billion ($84 billion) but demanded austerity measures that ruined lives, leading to job losses and company closures.
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