Bank of Portugal updates balance of payments and international investment position data through September 2025

The Bank of Portugal released updated balance of payments and international investment position statistics through September 2025, showing a EUR 6.7 billion external surplus over the first nine months of the year, down EUR 1.5 billion from the same period in 2024. Portugal’s net international investment position improved to -52.7% of GDP at end-September 2025 from -58.3% at end-2024. The narrowing of the January–September external surplus reflected a EUR 3.6 billion widening in the goods deficit driven by higher imports (+EUR 3.2 billion) and lower exports (-EUR 350 million), alongside a EUR 422 million reduction in the secondary income surplus linked mainly to a higher financial contribution to the European Union. This was partly offset by a EUR 1.5 billion rise in the services surplus, largely due to an improvement in travel and tourism (+EUR 1.0 billion). The financial account posted a EUR 6.9 billion surplus, with other financial institutions and banks/insurers/pension funds contributing positively, while the central bank recorded the largest reduction in net external assets due to higher deposit liabilities. The international investment position improvement reflected the EUR 6.9 billion financial account surplus, positive price effects of EUR 6.0 billion including valuation gains on financial assets (EUR 15.1 billion, notably central bank gold) and on liabilities (EUR 9.1 billion, mainly equity), plus other adjustments of EUR 2.5 billion, partly offset by negative exchange-rate effects of EUR 5.7 billion largely due to US dollar depreciation. The next update is scheduled for 19 December 2025.