You are here

Statistical Press Release – National financial accounts – 3rd quarter of 2018

Today, Banco de Portugal publishes, in Table A.6 of the Statistical Bulletin and in BPstat, national financial accounts data for the third quarter of 2018.

In the year ending in the third quarter of 2018, net lending of the Portuguese economy stood at 0.8 per cent of GDP (Chart 1). Net lending of the economy reflected financial savings of financial corporations, households and the general government (2.0, 0.4 and 0.1 per cent of GDP respectively). These savings were more than enough to meet the borrowing requirements of non-financial corporations, which amounted to 1.7 per cent of GDP. For the first time since the series on financial accounts began (1995), the general government made a positive contribution to net lending of the Portuguese economy. 

Net financial assets of financial corporations and the general government (6.5 and -105.1 per cent of GDP respectively) increased, year-on-year, by 1.1 and 0.6 percentage points (p.p.) of GDP respectively, reflecting, in addition to financial savings, changes in the prices of financial assets and liabilities. Net financial assets of non-financial corporations went from -124.1 to -122.7 per cent of GDP, owing to the positive effect of changes in GDP on this ratio.

Households were the only sector to post a decline in net financial assets (-0.2 p.p. of GDP compared with the same period a year earlier), reaching 118.2 per cent of GDP, although this decline resulted from an increase in GDP.

At the end of the third quarter of 2018, the Portuguese economy had a net financial position of -103.1 per cent of GDP (Chart 2), compared with -106.1 per cent of GDP at the end of the third quarter of 2017.

Next update: 11 Apr. 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.