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Statistical Press Release – Balance of payments - January 2020

Today, Banco de Portugal publishes statistics, in Tables A16 and A17 of the Statistical Bulletin and in BPstat, on balance of payments for January 2020.

In January 2020 the combined current and capital account balance stood at -€313 million, compared with -€365 million in the same period in 2019 (Chart 1).

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

The goods account deficit decreased by €163 million and the services account surplus increased by €60 million, mainly due to the ‘Travel’ item that increased €33 million (Chart 3).

In January, exports of goods and services grew by 4.4% (4.8% in goods and 3.6% in services). Imports rose by 1.2% (1.1% in goods and 1.6% in services).

The primary account deficit increased by €162 million compared to the same period one year earlier, to -€326 million. This was mainly due to a decrease in the balance of investment income.

In January, the financial account balance saw a €371 million decrease in net foreign assets in Portugal (Chart 4). This was mostly due to an increase in liabilities, particularly the investment of non-residents in Portuguese public debt securities. In contrast, banks increased assets over non-resident entities, by investing in deposits and debt securities, and Banco de Portugal decrease the liabilities vis-à-vis the Eurosystem.

Next updre: 21 Apr. 2020