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Statistical Press Release – National financial accounts – 4th 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 fourth quarter of 2018.

In 2018 net lending of the Portuguese economy stood at 0.4 per cent of GDP (Chart 1). This outcome reflects financial savings of financial corporations and households (respectively 1.9 and 0.7 per cent of GDP), which were enough to meet the net borrowing of non-financial corporations and general government (1.7 and 0.5 per cent of GDP respectively).

Compared to 2017, the net borrowing of non-financial corporations increased by 1.1 percentage points (pp) and net lending of households and financial corporations decreased by 0.3 and 2.0 pp respectively. Conversely, general government net borrowing declined (2.5 pp). These developments were influenced by the impact of recording the recapitalisation of Caixa Geral de Depósitos in the first quarter of 2017. Excluding this effect, the decrease in general government net borrowing would have been less substantial (0.5 pp) and net lending of financial corporations would have remained virtually unchanged.

At the end of 2018, 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 -104.9 per cent of GDP at the end of 2017.

Next update: 11 Jul. 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.