Eurozone deficit estimated at 3.5% in Q2 and Portugal has the 5th largest surplus

In the second quarter, the eurozone's budget deficit rose to 3.3% of GDP, while the EU's deficit increased to 3.5%. Portugal recorded a budget surplus of 0.8%, ranking fifth among EU member states. The eurozone's deficit compares to 3.1% in the same quarter last year and 3.2% in the previous quarter. The EU's deficit also worsened from 3.1% in both the same quarter last year and the first quarter of 2026. Cyprus, Denmark, Greece, Ireland, and Portugal are expected to show budget surpluses, while Romania, Hungary, and Poland are projected to have significant deficits. EU budget rules require member states to maintain a deficit limit of 3% of GDP and public debt at 60% of GDP.