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Statistical Press Release – Balance of payments - July 2019

Today, Banco de Portugal publishes statistics, in Tables A16 and A17 of the Statistical Bulletin and in BPstat, on balance of payments for July 2019.

Up to July 2019 the combined current and capital account balance stood at -€1,633 million, compared with -€616 million in the same period in 2018 (Chart 1).

These developments were mainly due to the goods account (Chart 2).

The goods account deficit increased by €2,028 million and the services account surplus declined by €137 million year on year (Chart 3).

In the first seven months of the year, exports of goods and services grew by 3% (2.2% in goods and 4.6% in services) and imports rose by 7.4% (6.7% in goods and 10.8% in services).

The primary income account deficit decreased by €748 million, compared to the same period one year earlier, to €3,340 million. This was mainly due to a decrease in interest paid to non-residents.

Up to July 2019 the financial account balance saw a €1,743 million reduction in net foreign assets in Portugal (Chart 4). The increase in liabilities on the back of investment of non-residents both in resident non-financial corporations and in Treasury bonds, and the decrease in assets issued by non-residents held by the financial sector are noteworthy. This decrease was caused by the opposite movements in debt securities issued by non-residents, as Banco de Portugal reduced its investment in such assets, which was partly offset by increased investment from the other banks.

Next update: 17 Oct. 2019