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Statistical Press Release - Balance of payments - October 2018

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 October 2018.

In the first ten months of the year, the combined current and capital account balance stood at €1,175 million, an amount lower than €2,111 million recorded in the same period in 2017 (Chart 1).

These developments were chiefly due to the goods and primary income accounts (Chart 2).

Up to October 2018, the primary income account deficit reached €5,040 million, higher than the deficit of €4,240 million observed in the same period in 2017. This increase in the deficit was mainly due to the increase in dividends paid to non-residents in Portugal.

Compared with the same period in 2017, the goods and services accounts saw different developments.

While the goods account deficit increased by €1,492 million, the services account surplus grew by €1,177 million, mostly due to ‘Travel’, whose balance went from €9,506 million to €10,558 million (Chart 3).

Up to October, exports of goods and services grew by 6.9% (6.9% in goods and 7.0% in services). Imports increased by 7.7% (8.3% in goods and 4.9% in services).

In the first ten months of 2018, the financial account balance saw an increase in net foreign assets in Portugal of €1,499 million (Chart 4).  This evolution was mainly due to the contribution of the financial sector with an investment in debt securities issued by non-residents and of the central bank, through the decrease of liabilities vis-à-vis the Eurosystem. In turn, investment by non-residents in the equity of resident non-financial corporations and in government debt securities led to negative changes in net foreign assets in both sectors.

Next update: 21 Jan. 2019