The Bank of Portugal published updated balance of payments statistics through November 2024, reporting an external surplus of EUR 9.8 billion for the Portuguese economy over January to November 2024. The combined current and capital account balance reached EUR 9.767 billion, up EUR 4.231 billion from the same period in 2023, alongside net financial investment abroad of EUR 23.359 billion and external financing of EUR 13.798 billion. The improvement in the current and capital account balance reflected a EUR 815 million narrowing of the goods deficit (exports rising more than imports), a EUR 2.113 billion increase in the services surplus driven mainly by travel and tourism (EUR 1.670 billion) and transport services (EUR 252 million), a EUR 1.289 billion reduction in the primary income deficit linked to higher European Union subsidy allocations, and a EUR 154 million increase in the secondary income surplus due largely to a lower Portuguese contribution to the EU budget. These gains were partly offset by a EUR 139 million decline in the capital account surplus, mainly associated with cross-border transactions in intangible assets including CO2 licences and football player transfers. In November 2024 alone, the current and capital accounts posted a EUR 416 million surplus (EUR 64 million lower year on year), with a EUR 103 million goods and services surplus as the goods deficit widened to EUR 1.775 billion while the services surplus rose to EUR 1.878 billion; services exports and imports increased 5.2% and 2.2% year on year, respectively. The Bank of Portugal indicated the next update is scheduled for 19 February 2025.
Bank of Portugal 2025-01-17
Bank of Portugal updates November 2024 balance of payments data showing a EUR 9.8 billion external surplus in January to November 2024
The Bank of Portugal reported an external surplus of EUR 9.8 billion for January to November 2024, with the current and capital account balance reaching EUR 9.767 billion, up EUR 4.231 billion from 2023. Key factors included a narrowing goods deficit, increased services surplus driven by travel and tourism, and reduced primary income deficit due to higher EU subsidies. These gains were partially offset by a decline in the capital account surplus related to intangible asset transactions.