LISBON, Aug. 20 (Xinhua) -- Portugal's net external debt dropped to 50 percent of its gross domestic product (GDP) in the first half of 2024, reaching its lowest level since 2005, according to the Bank of Portugal (BdP) on Tuesday.
The debt stood at 136.9 billion euros (149.6 billion U.S. dollars), down from 142.7 billion euros (155.8 billion dollars) at the end of 2023, which was 53.8 percent of GDP.
The BdP also reported improvements in Portugal's International Investment Position (IIP), which, while still negative, improved to -66.0 percent of GDP (-180.9 billion euros or -197.6 billion dollars) by June 2024, compared to -72.5 percent of GDP at the end of 2023.
The central bank attributed this improvement mainly to a positive shift in net foreign assets and favorable changes in asset values. Additionally, changes in the exchange rate also contributed to the improvement. ■
