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Statistical Press Release – Balance of payments - February 2019

Today, Banco de Portugal publishes statistics, in Tables A.16 and A.17 of the Statistical Bulletin and in BPstat, on balance of payments for February 2019.

In February 2019 the combined current and capital account balance stood at  -€1,181 million, compared to -€498 million in the same period in 2018 (Chart 1).


These developments were due to the goods, services and secondary income accounts, partly offset by the primary income and capital accounts (Chart 2).

The goods account deficit increased by €842 million, and the services account surplus decreased by €82 million, due to items under transportation and other services, excluding travel and tourism (Chart 3).

In the first two months of the year, exports of goods and services grew by 4.5% (4.4% in goods and 4.9% in services). Imports rose by 11.2% (11.1% in goods and 11.6% in services).

The primary income account deficit declined by €279 million compared to the same period a year earlier and stood at €264 million. This was chiefly due to a decrease in interest paid to non-residents.

Up to February 2019 the financial account balance saw a €1,082 million decrease in net foreign assets in Portugal (Chart 4). This was mostly due to an increase in liabilities with the investment of non-residents both in Portuguese government debt securities and non-financial corporations’ equity. These movements were partly offset by a rise in assets, with the investment of resident banks in debt securities issued by non-residents and the decrease in Banco de Portugal’s liabilities vis-à-vis the Eurosystem.

Next update: 21 May 2019