The ‘Government at a Glance’ report noted that Portuguese state liabilities amounted to 130.2% of GDP at the end of 2014 in a figure that may fall back to 127.7% in 2015 and 124.2% in 2016.


Hence, at the end of 2014, Portugal came in behind Japan (226% of GDP), Greece (177.4%) and Italy (132%) with the OECD forecasting that this ranking will remain in effect over the next two years even while, in contrast to the Portuguese case, the report forecasts that the other three countries shall continue to experience rising or steady debt levels.


The OECD report points out that in 2013 the average level of OECD state debt was already into the triple figures at 109.3% of GDP with the period between 2007 and 2013 seeing average debt levels put on 34.7%.


The report duly notes that the greatest surge in debt levels was identified in those countries subject to troika level bailouts and contrasting the situation with Japan where the fact that the state’s debt was domestically held provided for a more stable basis for emissions.


This biannual report, now into its fourth edition, covers all 34 OECD member states plus Brazil, China, Egypt, India, Russia, South Africa and Ukraine.