Statistical Press Release – Balance of payments - August 2019
Up to August 2019 the combined current and capital account balance stood at €685 million, compared with €2,717 million in the same period in 2018 (Chart 1).
These developments were due to all components, excluding the primary income account (Chart 2).
The goods account deficit increased by €1,789 million and the services account surplus declined by €473 million year on year (Chart 3).
In the first eight months of the year, exports of goods and services grew by 2% (1.4% in goods and 3.0% in services) and imports rose by 6% (4.9% in goods and 10.9% in services).
The primary account deficit decreased by €526 million compared to the same period one year earlier, to -€3,000 million. This was mainly due to a decrease in interest paid to non-residents.
Up to August 2019 the financial account balance saw a €1,181 million increase in net foreign assets in Portugal (Chart 4). There was an increase in assets on the back of investment of the resident banking sector in public debt issued by countries of the Monetary Union. In contrast, there was an increase in liabilities, with investment of non-residents both in resident non-financial corporations and Treasury bonds issued by Portugal. Unlike all other banks, Banco de Portugal reduced external assets by disinvesting in debt securities.
Next update: 20 Nov. 2019