Portugal's current account deficit narrowed to EUR 116.2 million in November 2019 from EUR 882.1 million in the same month last year, as the goods gap declined to EUR 1171.5 million from EUR 1757.4 million, and the primary income deficit fell to EUR 193.9 million from EUR 289.5 million. In addition, the secondary income surplus increased to EUR 416.2 million from EUR 325.4 million, boosted by workers' remittances (EUR 288.3 million from EUR 283.5 million). Meanwhile, the services surplus dropped to EUR 832.9 million from EUR 839.4 million, despite rising tourism revenues (EUR 984.4 million from EUR 896.4 million). Considering January to November, the current account posted a EUR 0.4 billion deficit, compared to EUR 1.5 billion surplus in the same period of 2018.

Current Account in Portugal averaged -707.86 EUR Million from 1996 until 2019, reaching an all time high of 1625.26 EUR Million in August of 2017 and a record low of -2674.13 EUR Million in June of 2010. This page provides the latest reported value for - Portugal Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Current Account in Portugal is expected to be -180.00 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 -90.00 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.


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Portugal Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-116.20 242.68 1625.26 -2674.13 1996 - 2019 EUR Million Monthly
Current Prices, NSA

Calendar GMT Actual Previous Consensus TEForecast
2019-10-17 10:30 AM Aug €1492M €824M €440M
2019-11-20 11:30 AM Sep €-41.5M €1449M €551M
2019-12-18 11:30 AM Oct €242.7M €-41.5M €234M
2020-01-21 11:10 AM Nov €-116.2M €242.7M €-720M
2020-02-19 11:30 AM Dec €-116.2M €-630M


News Stream
2019-12-18
Portugal Current Account Surplus Narrows in October
Portugal’s current account surplus narrowed to EUR 242 million in October 2019 from EUR 569 million in the corresponding month of the previous year, as the services surplus fell to EUR 1,370 million from EUR 1,491 million a year earlier despite a rise in tourism revenues (EUR 1,537 million from EUR 1,435 million). Also, the primary income surplus declined to EUR 25 million from EUR 259 million; and the secondary income surplus dropped slightly to EUR 330 million from EUR 331 million. On the other hand, the goods deficit decreased to EUR 1,482 million from EUR 1,513 million in October 2018.

2019-11-20
Portugal Current Account Swings to Deficit
Portugal posted a EUR 42 million deficit in September 2019, compared to a EUR 327 million surplus in the same month last year, as the goods gap increased to EUR 1,565 million from EUR 1,116 million while the primary income deficit was little changed at EUR 730 million, compared to EUR 735 million. On the other hand, the services surplus widened to EUR 1,866 million from EUR 1,788 million a year earlier, with tourism revenues climbing to EUR 2,000 million from EUR 1,843 million, while the secondary income surplus dropped to EUR 387 million from EUR 396 million on the back of lower workers' remittances (EUR 309 million from EUR 326 million).

2019-10-17
Portugal Current Account Surplus Widens in August
Portugal’s current account surplus rose to EUR 1,492 million in August 2019 from EUR 1,202 million in the same month of the previous year. The services surplus widened to EUR 2,724 million from EUR 2,610 million in August 2018, as tourism revenues increased to EUR 2,356 million from EUR 2,285 million; and the goods deficit narrowed to EUR 1,425 million from EUR 1,498 million. Also, the primary income gap dropped to EUR 158 million from EUR 264 million while the secondary income surplus edged down to EUR 351 million from EUR 354 million.

2019-09-18
Portugal Current Account Surplus Narrows in July
Portugal's current account surplus narrowed to EUR 0.65 billion in July 2019 from EUR 0.79 billion in the same month last year, as the services surplus declined to EUR 1.91 billion from EUR 2.04 billion despite a slight increase in tourism revenues (EUR 2.02 billion from EUR 2.01 billion), while the goods deficit rose to EUR 1.31 billion from EUR 1.01 billion. In addition, the secondary income surplus fell to EUR 0.19 billion from EUR 0.23 billion a year ago as workers' remittances were little changed at EUR 0.37 billion, while the primary income gap dropped to EUR 0.13 billion from EUR 0.48 billion.

2019-08-21
Portugal Current Account Gap Falls in June
Portugal's current account deficit narrowed sharply to EUR 0.01 billion in June 2019 from EUR 0.53 billion in the same month last year, as the goods deficit decreased to EUR 1.26 billion from EUR 1.43 billion and the primary income gap declined to EUR 0.36 billion from EUR 0.56 billion. In addition, the services surplus widened to EUR 1.33 billion from EUR 1.31 billion a year earlier amid gains in tourism revenues (EUR 1.56 billion from EUR 1.43 billion), while the secondary income surplus went up to EUR 0.18 billion from EUR 0.16 billion, boosted by migrants' remittances (EUR 0.31 billion from EUR 0.29 billion). Considering the first half of the year, the current account deficit widened to EUR 3.25 billion from EUR 2.41 billion in the same period of 2018.

2019-07-17
Portugal Current Account Gap Widens in May
Portugal's current account deficit widened sharply to EUR 1.56 billion in May 2019 from EUR 1.16 billion in the same month last year, as the goods deficit increased to EUR 1.28 billion from EUR 1.01 billion and the primary income gap rose to EUR 2.21 billion from EUR 2.05 billion. In addition, the services surplus narrowed to EUR 1.60 billion from EUR 1.69 billion a year earlier despite a slight gain in tourism revenues (EUR 1.63 billion from EUR 1.60 billion), while the secondary income surplus increased to EUR 0.32 billion from EUR 0.21 billion, even though migrants' remittances were little changed (EUR 0.28 billion from EUR 0.29 billion). Considering the first five months of the year, the current account deficit widened to EUR 3.15 billion from EUR 1.88 billion in the same period of 2018.


Portugal Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Portugal Trade Last Previous Highest Lowest Unit
Balance of Trade -1734.52 -1670.31 3.55 -2524.87 EUR Million [+]
Current Account -116.20 242.68 1625.26 -2674.13 EUR Million [+]
Current Account to GDP 0.10 1.00 3.10 -14.70 percent [+]
Imports 6979.67 7264.66 7264.66 0.00 EUR Million [+]
Exports 5245.16 5594.35 5603.05 1.69 EUR Million [+]
External Debt 415500.00 417357.00 421132.40 56392.07 EUR Million [+]
Capital Flows 384.63 589.29 2173.58 -2461.82 EUR Million [+]
Foreign Direct Investment 537.15 133.60 6288.05 -3307.52 EUR Million [+]
Remittances 288.28 322.73 515.40 153.66 EUR Million [+]
Tourism Revenues 984.40 1536.59 2983.07 199.98 EUR Million [+]
Gold Reserves 382.54 382.54 606.76 382.48 Tonnes [+]
Terrorism Index 0.00 0.00 1.85 0.00 [+]
Tourist Arrivals 2763402.00 4811050.00 6148883.00 88000.00 [+]
Weapons Sales 3.00 56.00 172.00 0.00 USD Million [+]