The Bank of Portugal published a statistical information note on direct investment covering the first half of 2025, including an international comparison of direct investment. The update reports Portuguese direct investment abroad of EUR 2.6 billion and direct investment from abroad in Portugal of EUR -0.4 billion. Outward direct investment (IPE) was concentrated in European counterparties, led by Spain (EUR 0.7 billion), the Netherlands (EUR 0.7 billion) and France (EUR 0.5 billion). The negative inward figure (IDE) was mainly driven by a EUR -1.6 billion reduction in resident entities’ debt to non-resident companies in the same group, largely reflecting a reclassification of these liabilities to “portfolio investment” because the direct investment relationship no longer applied under the current statistical methodology. By immediate counterparty, the reduction was largest from Spain (EUR -2.1 billion), partly offset by increases from Switzerland (EUR 0.8 billion), the United States (EUR 0.3 billion), Italy (EUR 0.2 billion) and Belgium (EUR 0.2 billion). In the first half of 2025, income on inward direct investment paid to non-residents was EUR 5.0 billion, while income on outward direct investment received from non-residents was EUR 1.8 billion. The note also reports that, excluding special purpose entities for comparability, the stock of inward direct investment represented 69% of GDP at end-2024 and averaged 15 percentage points above the OECD average over 2008–2024; the next update is scheduled for 26 November 2025.

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