Bank of Portugal updates external accounts data with a 2024 external surplus of 3.3% of GDP and an international investment position of -58.5% of GDP

The Bank of Portugal published updated balance of payments and international investment position statistics through December 2024, showing a current and capital account surplus of EUR 9.3 billion in 2024 (3.3% of GDP), up from EUR 5.3 billion in 2023 (2.0% of GDP). At end-2024, Portugal’s international investment position improved to -58.5% of GDP (EUR -166.2 billion) and net external debt fell to 44.5% of GDP (EUR 126.5 billion). The goods and services balance posted a EUR 6.7 billion surplus (2.3% of GDP), with a higher services surplus offsetting the goods deficit. In goods, the deficit was broadly unchanged in absolute terms and narrowed to -8.9% of GDP (from -9.5%), with exports rising 1.9% and imports 1.4%; in services, the surplus rose by EUR 2.7 billion to EUR 31.9 billion, supported by faster growth in service exports (8.1%) than imports (6.8%), and the travel and tourism surplus increased to a series high of EUR 20.9 billion (7.4% of GDP). The primary income deficit narrowed by EUR 2.0 billion, reflecting a smaller investment income deficit mainly due to an improved interest balance and a higher allocation of European Union subsidies to final beneficiaries, while the secondary income surplus edged down partly due to lower EU funds classified as current international cooperation. The external surplus corresponded to a financial account balance of EUR 9.7 billion, with financial assets vis-à-vis non-residents rising by EUR 30.2 billion versus a EUR 20.6 billion rise in liabilities; the international investment position improvement reflected the financial account balance, positive price changes of EUR 15.4 billion (including valuation gains on assets, notably central bank gold), positive exchange rate changes of EUR 2.1 billion, and other adjustments of EUR 0.4 billion. The next update is scheduled for 21 March 2025.