Statistical Press Release – National financial accounts – 1st quarter of 2019
In the year ending in the first quarter of 2019, net borrowing of the Portuguese economy stood at 0.1 per cent of GDP (Chart 1), interrupting the successive positive balances observed since the end of 2012.
This reflects the net borrowing of non-financial corporations and general government (2.4 and 0.1 per cent of GDP respectively), which exceeded financial savings of financial corporations and households (1.9 and 0.4 per cent of GDP respectively).
Net financial assets of general government and non-financial corporations recorded a year-on-year increase of 4.4 and 3.3 percentage points (p.p.) of GDP respectively, reflecting changes in the prices of financial assets and the positive effect of changes in GDP on the ratio.
Net financial assets of financial corporations and households declined by 1.8 and 0.9 p.p. of GDP respectively. In the case of financial corporations, this reduction is mainly the result of an increase in the value of their liabilities. The decline in net financial assets of households reflects the impact of an increase in GDP on the ratio.
At the end of the first quarter of 2019, the Portuguese economy had a net financial position vis-à-vis the rest of the world of -100.8 per cent of GDP (Chart 2), compared to -105.8 per cent of GDP at the end of the first quarter of 2018.
Next update: 10 Oct. 2019
(1) Values as a percentage of GDP in the year ending in the quarter.
(2) Cumulative flows of the last four quarters.
(3) End-of-period outstanding amounts.