Portugal posted a current account deficit of EUR 325 million in March 2019, compared to a EUR 301 million surplus in the same month of the previous year, as the trade gap widened sharply to EUR 1,485 million from EUR 1,082 million. In addition, the primary income account posted a EUR 228 million deficit, compared to a EUR 164 million surplus last year, while the services surplus increased to EUR 1,085 million from EUR 972 million on the back of tourism revenues and the secondary income surplus rose to EUR 304 million from EUR 247 million. Considering the first quarter as a whole, the current account deficit almost quadrupled to EUR 1,591 million. Current Account in Portugal averaged -763.50 EUR Million from 1996 until 2019, reaching an all time high of 1105.17 EUR Million in July of 2016 and a record low of -2590.60 EUR Million in June of 2010.
Current Account in Portugal is expected to be 51.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Portugal to stand at -100.00 in 12 months time. In the long-term, the Portugal Current Account is projected to trend around -120.00 EUR Million in 2020, according to our econometric models.