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Statistical Press Release – Balance of payments - March 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 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