The Bank of Portugal published updated balance of payments and international investment position statistics through June 2025. Portugal recorded an external surplus of EUR 2.265 billion in January to June 2025, down EUR 1.976 billion from the same period of 2024, while the net international investment position stood at -58.7% of GDP at end-June 2025 (from -59.2% at end-2024). The current and capital accounts surplus equalled 1.6% of semiannual GDP; the decline reflected a EUR 2.748 billion widening of the goods deficit as imports rose by EUR 2.490 billion and exports fell by EUR 258 million, partly offset by a EUR 754 million increase in the services surplus, largely from travel and tourism (+EUR 489 million). Net lending translated into a financial account balance of EUR 2.471 billion, with non-monetary financial institutions (excluding insurers and pension funds) contributing mainly via reduced equity and debt security liabilities, while the central bank recorded the largest fall in net external liquid assets due chiefly to higher deposit liabilities. In June 2025 alone, the external surplus was EUR 747 million, EUR 566 million lower than June 2024, driven by a wider goods deficit (+EUR 402 million), a smaller secondary income surplus (-EUR 302 million) linked to a EuroMillions jackpot received in June 2024, and a EUR 122 million narrowing of the primary income deficit mainly from lower interest paid. In nominal terms, the net international investment position moved from -EUR 168.7 billion at end-2024 to -EUR 171.6 billion at end-June 2025; the change combined a positive financial account balance (EUR 2.5 billion) and net positive price effects (EUR 0.3 billion, including gains on assets such as central-bank gold) with negative exchange-rate effects (-EUR 5.5 billion, mainly from US dollar depreciation) and other adjustments (-EUR 0.2 billion). Net external debt fell to 43.3% of GDP at end-June 2025 (EUR 126.7 billion), the lowest ratio since December 2004; the next update is scheduled for 18 September 2025.
Bank of Portugal 2025-08-19
Bank of Portugal releases June 2025 external statistics with EUR 2.265 billion first-half surplus and international investment position at -58.7% of GDP
The Bank of Portugal released updated balance of payments and international investment position statistics through June 2025, showing an external surplus of EUR 2.265 billion, down EUR 1.976 billion from the same period in 2024. The net international investment position was -58.7% of GDP at end-June 2025, with net external debt declining to 43.3% of GDP, the lowest since December 2004. The surplus decline was driven by a wider goods deficit and lower secondary income surplus, partially offset by an increased services surplus.