The Bank of Portugal published updated balance of payments statistics for January 2025, showing an external surplus of EUR 535 million on the combined current and capital accounts, down EUR 397 million from January 2024. The year-on-year reduction reflected a EUR 254 million widening of the goods deficit as imports rose by EUR 302 million versus a EUR 49 million increase in exports, and a EUR 223 million increase in the primary income deficit linked to lower European Union funds allocated as subsidies. These impacts were partly offset by a EUR 322 million rise in the services surplus, driven mainly by travel and tourism (+EUR 108 million) and other business services. Net lending in January 2025 corresponded to a financial account balance of EUR 29 million, with banks and general government contributing most through purchases of foreign debt securities and higher deposits abroad, while the central bank recorded the largest reduction in net external assets due to higher deposit liabilities. The next update is scheduled for 16 April 2025.
Bank of Portugal 2025-03-21
Bank of Portugal releases January 2025 balance of payments data showing a EUR 535 million external surplus
The Bank of Portugal released January 2025 balance of payments data, revealing a EUR 535 million external surplus, a EUR 397 million decrease from January 2024. The decline was driven by a EUR 254 million widening goods deficit and a EUR 223 million increase in the primary income deficit, partially offset by a EUR 322 million rise in the services surplus. Net lending was EUR 29 million, with banks and the government increasing foreign debt securities purchases.