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Statistical Press Release – National financial accounts - 1st quarter of 2020

Today, Banco de Portugal publishes, in Table A.6 of the Statistical Bulletin and in BPstat, national financial accounts data for the first quarter of 2020.

In the year ending in the first quarter of 2020, net lending of the Portuguese economy stood at 0.7 per cent of GDP (Chart 1), less 0.2 percentage points (pp) compared with the end of 2019.

This result reflects the financial savings of financial corporations and households (2.5 and 2.1 per cent of GDP respectively) which, together, exceeded the net borrowing of non-financial corporations and general government (3.7 and 0.1 per cent of GDP respectively).

In comparison with the flows for the year ending in the fourth quarter of 2019, the increase of 0.5 pp in net lending of households stands out, and also the decrease in the sectors of general government (-0.3 pp), non-financial corporations (-0.2 pp) and financial corporations (-0.1 pp).

Concerning stocks at the end of the period, the GDP ratio on net financial assets of general government and non-financial corporations was less negative (4.1 and 2.9 pp respectively) comparing with the end of the first quarter of 2019. Households were the only sector to present a decline of their net financial assets of 1.4 pp. These changes reflect the increase in GDP for the period under analysis.

At the end of the first quarter of 2020, the Portuguese economy had a net financial position vis-à-vis the rest of the world of -100.0 per cent of GDP (Chart 2), compared to -106.6 per cent of GDP at the end of the same quarter of 2019.

Next update: 8 Oct. 2020


(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.