Portugal, which only some 10 years earlier needed a massive EU bailout to stay afloat, has recorded the highest budget surplus since the country’s return to democracy 50 years ago, data from the national statistics authority INE showed on Monday. In 2023, the surplus amounted to 1.2% of economic output or just under €3.2 billion ($3.4 billion), INE said. The result represents an improvement of 1.5 points compared to 2022, when a drop of 0.3% was recorded. It is also 0.5 points above the government’s target. Meanwhile, Portugal’s debt ratio fell from almost 114% to just over 99% of gross domest…