LISBON, Sept. 3 (Xinhua) -- Portugal's public debt increased to 248.2 billion euros (288.4 billion U.S. dollars) in July, the Bank of Portugal revealed on Monday.

According to figures released by the country's central bank, public debt rose by 1.6 billion euros in July from to the end of June, when it had reached a record low since March this year.

Public debt reached its highest level at the end of May when it totaled 250.3 billion euros.

The Portuguese government's debt-to-GDP ratio target for 2018, established in the Stability Pact agreed in April, is for a further reduction, to 122.2 percent.

Portugal is targeting for 2.3 percent economic growth next year and a deficit of 0.2 percent of GDP, as well as reducing public debt to 118.4 percent.