The Portuguese state collected more than €57 billion in taxes between January and November 2025, averaging over €171 million a day – or more than €7 million every hour, according to the latest budget execution figures.
The data, cited by national tabloid Correio da Manhã, shows tax revenues rose by €3.5 billion (+6.5%) compared with the same period last year, largely fuelled by indirect taxes. VAT alone generated an additional €2.7 billion, with fuel and tobacco taxes also boosting the state’s coffers.
Direct taxes also increased, partly because tax refunds fell by €738 million (-21.8%), meaning the state paid back less to taxpayers.
On the spending side, public accounts were affected by payments of overdue NHS debts, higher healthcare costs for diagnostics and treatments, and rising pension expenditure. Meanwhile, pension spending grew due to both regular and extraordinary increases, as well as a 0.7% rise in the number of pensioners.
Further data shows November saw the highest number of new retirees this year, with 3,156 people entering retirement and receiving an average monthly pension of €1,756.70.
Despite higher spending, the state’s budget balance improved significantly. In the first 11 months of 2025, the surplus rose from €633.9 million to €2.8 billion.
