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Statistical Press Release – Balance of payments - May 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 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