The Portuguese economy posted an external surplus of 5.1 billion euros (ME) until August, compared with a deficit of 1.9 billion euros in the same period in 2022, the BdP announced on Thursday.
Data from the Banco de Portugal (BdP) shows that the surplus recorded between January and August this year is the highest value recorded in the first eight months of the year since the data series began in 1996.
According to the BdP, the improvement of the Portuguese external balance by EUR 7 billion up to August compared to the same period last year is the result of the decrease in the goods balance deficit, the increase in the services balance surplus and the increase in the surplus on the capital balance.
The deficit on the goods balance fell by 1,021 million euros, because exports increased slightly and imports fell (+0.1% and -1.4% respectively).
In turn, the increase in the services balance surplus of 4.742 million euros largely reflects the increases of 2.403 million euros in the travel and tourism balance and of 1.848 million euros in the transport balance, the BdP said.
The increase in the capital account surplus, from EUR 950 million to EUR 2,048 million, is mainly due to “an increased allocation to final beneficiaries of funds received from the European Union for investment and an increase in transfers of carbon permits.” “.
Data from the banking regulator also shows that the financing capacity of the Portuguese economy in the first eight months of this year translated into a financial account balance of 5,488 million euros.
This evolution reflects the increase in foreign assets, by 8.684 million euros, and the increase in external liabilities, by 3.196 million euros.
For the month of August, Portugal recorded a current and capital account surplus of 1,951 million euros, compared to a surplus of 571 million euros in the same month of 2022.
The BdP emphasizes that the balance of goods and services showed “a significant increase”, from 1,361 million euros, to 1,560 million euros.
This evolution was, on the one hand, the result of a decrease in the deficit on the goods balance by 773 million euros to 2,234 million euros and, on the other hand, of an increase in the surplus on the services balance by 588 million euros to 3,794 million euros.
BdP data also indicate that the financing capacity of the Portuguese economy translated into a financial balance of 2012 million euros in August, due to the increase in foreign assets of 3,084 million euros and the increase in external liabilities of 1,072 million euros .
Source: DN
