Portuguese government debt has fallen below 250 billion euros, the Bank of Portugal announced on Thursday.
The Portuguese central bank said that national debt dropped by 1.2 billion euros in September. The reduction was primarily the result of the IGCP, Portugal’s debt management agency, amortizing 1.4 billion worth of debt instruments.
By the end of September, government debt stood at 249.1 billion euros, which is 4.8 billion euros higher than in the corresponding period last year.
Nevertheless, September’s fall breaks a three-month trend of increases.
Government debt is one of the main indicators used by the European Union to monitor Portugal’s progress after it exited the Excessive Deficit Procedure program in May.