Statistical Press Release – Balance of payments - May 2019
Up to May 2019 the combined current and capital account balance stood at -€2,614 million, compared to -€1,311 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 €1,901 million and the services account surplus declined by €25 million year-on-year (Chart 3).
In the first five months of the year, exports of goods and services grew by 4.8% (4.4% in goods and 5.7% in services) and imports rose by 10.3% (10.2% in goods and 11.2% in services).
The primary income account deficit decreased by €201 million compared to the same period one year earlier, to €2,850 million. This was mainly due to a decrease in interest paid to non-residents.
Up to May 2019 the financial account balance saw a €2,197 million reduction in net foreign assets in Portugal (Chart 4). Liabilities increased on the back of investment of non-residents in Portuguese government debt securities and resident non-financial corporations. This was partly offset by a rise in foreign financial assets, with the investment of resident banks in debt securities issued by non-residents, and the decrease in non-resident deposits in resident banks.
Next update: 21 Aug. 2019