Statistical Press Release – Balance of payments - November 2018
In the first eleven months of the year , the combined current and capital account balance stood at €863 million, less than the €2,513 million registered in the same period of 2017 (Chart 1).
Behind these developments were the goods and primary income accounts (Chart 2).
Up to November 2018, the primary income account deficit stood at €5,334 million, up from the €4,700 million deficit posted in the same period in 2017. This increase was mainly due to the increase in dividends paid to non-residents.
Compared with the same period in 2017, the goods and services accounts saw mixed developments.
The goods account deficit increased by €2,459 million. By contrast, the services account surplus grew by €1,033 million, mostly due to ‘Travel’, whose balance went from €10,183 million to €11,227 million (Chart 3).
Up to November, exports of goods and services grew by 5.6% (5.2% in goods and 6.3% in services). Imports increased by 7.8% (8.3% in goods and 5.4% in services).
From January to November 2018, the financial account balance saw an increase in net foreign assets in Portugal of €1,293 million (Chart 4). Behind these developments were the financial sector, due to investment in debt securities issued by non-residents, and Banco de Portugal, due to a decline in central bank liabilities vis-à-vis the Eurosystem. On the other side, investment by non-residents in the equity of resident non-financial corporations and in government debt securities led to a decrease in net foreign assets for both sectors.
Next update: 20 Feb. 2019