Statistical Press Release – Balance of payments - March 2019
Up to March 2019 the combined current and capital account balance stood at -€1,231 million, compared to -€78 million in the same period in 2018 (Chart 1).
These developments were mainly due to the goods and primary income accounts (Chart 2).
The goods account deficit increased by €1,245 million, and the services account surplus rose by €32 million (Chart 3).
In the first three months of the year, exports of goods and services grew by 4.8% (4.1% in goods and 6.4% in services), and imports rose by 10.5% (10.6% in goods and 10.2% in services).
The primary income account deficit increased by €113 million compared to the same period a year earlier, to stand at €492 million. This was chiefly due to a decrease in income received from abroad, which was partly offset by a decline in interest paid to non-residents.
Up to March 2019 the financial account balance saw a €666 million decrease in net foreign assets in Portugal (Chart 4). Most notably, liabilities increased with the investment of non-residents both in Portuguese government debt securities and resident non-financial corporations. This was 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: 25 Jun.2019