The Bank of Portugal published updated balance of payments statistics for May 2025, showing Portugal recorded an external surplus of EUR 1.2 billion over January to May 2025, down EUR 1.5 billion from the same period in 2024. In May 2025 alone, the economy registered an external deficit of EUR 120 million, compared with a EUR 76 million surplus in May 2024. The narrowing of the cumulative surplus reflected a EUR 2.0 billion widening of the goods deficit, driven by higher imports (+EUR 1.8 billion) and lower exports (-EUR 235 million), and a EUR 217 million deterioration in the primary income deficit linked to lower European Union subsidy allocations (-EUR 264 million). These effects were partly offset by a EUR 759 million increase in the services surplus, mainly from travel and tourism (+EUR 411 million) and technical, trade-related and other business services (+EUR 170 million). The economy’s financing capacity through May 2025 corresponded to a financial account balance of EUR 0.7 billion, with non-monetary financial institutions (excluding insurers and pension funds) contributing most via reductions in liabilities in equity and debt securities held by non-residents, while the central bank recorded the largest decline in net external liquid assets due to higher deposit liabilities. The next update is scheduled for 19 August 2025.
Bank of Portugal 2025-07-18
Bank of Portugal publishes May 2025 balance of payments showing a EUR 120 million monthly external deficit and a EUR 1.2 billion surplus through May
The Bank of Portugal's updated balance of payments for May 2025 shows an external surplus of EUR 1.2 billion from January to May, down EUR 1.5 billion from 2024. This decline was due to a EUR 2.0 billion widening of the goods deficit and a EUR 217 million deterioration in the primary income deficit, partially offset by a EUR 759 million increase in the services surplus. The financial account balance was EUR 0.7 billion, with non-monetary financial institutions significantly reducing liabilities.