The partial sale of TAP and SATA International and Handling could contribute to a further reduction in the public debt ratio, the Public Finance Council (CFP) said today.
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24/09/2026
by
Lusa
Nthe analysis of the main risks to budgetary perspectives, updated now, the institution highlights the partial divestment of TAP and SATA International and Handling, which have no impact on the budgetary balance but may contribute to a more pronounced reduction of the government debt ratio.
TAP’s privatisation process provides for the sale of up to 49.9% of TAP’s capital, of which 5% are reserved for employees, and the non-subscribed portion may be acquired by the selected investor under a preferential right.
The privatisation specifications of SATA International/Azores Airlines, on the other hand, proposes the sale of at least 75% of the company and prevents the extinction of jobs and collective redundancies for 30 months.
Among the upward risks identified by the CFP, the budgetary path could also benefit from the tax revenue associated with the sale of EDP dams (EUR 335 million), the Temporary Solidarity Contribution on the Oil Sector, possible European support in response to storms and a less execution of public investment financed nationally.
On the other hand, there are budgetary risks with predominantly descending effects, such as the uncertainty associated with the aggravation of geopolitical tensions, which “may justify additional measures to support the economy and families”, the CFP noted.
In addition, the risk of deviations in the costs of the measures taken, as well as risks linked to BES, ongoing legal proceedings and contingent responsibilities.
As regards the risks to economic activity and inflation, the high uncertainty regarding price developments associated with the return to military operations in the Middle East, the higher frequency and magnitude of severe weather phenomena, the orientation of the European Central Bank (ECB) monetary policy and tensions in the global sovereign debt market stands out.
In this update of economic and budgetary perspectives, the CFP estimates a budgetary surplus of 0.2% of gross domestic product (GDP) this year and a deficit of 0.2% in 2027, while the government debt ratio will continue to decrease to 85.9% this year and 83.5% next year.
For the economy, the CFP expects growth of 2.2% this year and 1.8% in 2027. Inflation is expected to accelerate to 3.2% in 2026, then slow to 2.6% in 2027.