Bolheiro says the Azores were the only region of the country without a budget surplus in 2023

The regional government’s president said Tuesday that the Azores was the only region of the country not to have a budget surplus in 2023 as the archipelago’s public business sector debt was integrated to “rescue companies.”

“We have chosen transparent management of the accounts of the regional public business sector, whose debts have been integrated to substantially rescue the companies,” said Social Democrat José Manuel Boleiro.

According to the National Institute of Statistics, the Azores’ debt rose by 139 million euros in 2023, reaching 3.2 billion euros.

The President of the Government of the Azores (PSD/CDS-PP/PPM) received today in Ponta Delgada, at the Palace of the Concept, the Regional Secretary of Finance, Planning and Public Administration, Duarte Freitas, to present data concerning the budget deficit and public debt of the Azores in 2023, with technical analysis/commentary by university professor Teresa Thiago.

Data released Monday by the National Statistics Institute (INE) showed the state achieving a historic surplus of 1.2% of gross domestic product (GDP) in 2023, exceeding the 0.8% target set in the state’s budget report for 2023 2024.

Last year’s budget surplus was one billion euros higher than planned, mainly due to a larger-than-expected contribution from contributions and tax revenues.

Also on Monday, Madeira’s regional finance minister said the region will record a budget surplus of 25.3 million euros in 2023, breaking a three-year deficit cycle.

On Tuesday, the President of the Azores Government clarified that “the utilization of the new debt is being carried out.”

“The problem was the increase in debt as a result of this decision on the part of the regional state business,” he clarified.

José Manuel Bolheiro stressed that the Azores leader “preferred, despite the demonstrated reduction of current debt, to pursue a career in public administration, increasing expenses in a controlled manner.”

On the other hand, the leader of the Azores government stated that the Azores is the “only region of the country” that meets the Maastricht criteria for public debt, which puts it below 60% of GDP and 3% deficit, unlike Madeira. and a country that is “apparently satisfactory”.

However, José Manuel Boleiro admitted that, given the growing debt of the Azores, he is not satisfied, but stressed that the executive will “live with the debt in its absolute value, but rather in its weight in relation to the debt.” ability to create wealth.”

“We want financial management to serve our economy, the creation of wealth, the social and labor stability that we experience in the Azores, as well as the fight against poverty, which is important to achieve gradually,” he said.