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Statistical Press Release – National financial accounts - 4th quarter of 2019

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 2019. Data published incorporate revisions since January 2016, in accordance with the statistics revision policy of Banco de Portugal.

In 2019 net lending of the Portuguese economy stood at 0.9 per cent of GDP (Chart 1). 

This outcome reflects net lending of financial corporations, households and general government (respectively 2.6, 1.6 and 0.2 per cent of GDP), which exceeded net borrowing of non-financial corporations (3.5 per cent of GDP). It should be stressed the positive annual balance of general government, a result that is recorded for the first time in the national financial accounts series (beginning in 1995).

Compared to 2018, the net borrowing of non-financial corporations increased by 0.7 percentage points (pp) and net lending of households and financial corporations decreased by 0.3 and 0.1 pp, respectively. Conversely, general government balance increased 0.6 pp.

At the end 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 -106.1 per cent of GDP at the end of 2018.

Next update: 9 Jul. 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.