Statistical Press Release – Balance of payments - 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