Bank of Portugal publishes Q1 2025 financial national accounts showing Portugal financed the rest of the world by 2.6% of GDP and households were the largest net lender

The Bank of Portugal has published updated financial national accounts and inter-sector linkages for the first quarter of 2025, alongside an analysis of households’ financial account. On a four-quarter cumulative basis ending in Q1 2025, the Portuguese economy was a net lender to the rest of the world (2.6% of GDP), with households recording the largest net lending position (4.4% of GDP). Over the same period, the financial sector and general government posted net lending of 1.4% and 0.9% of GDP, while non-financial corporations were the only resident sector in net borrowing (4.1% of GDP). Households’ net financing to the financial sector totalled 2.2% of GDP, mainly reflecting higher deposits partly offset by higher borrowing, including for housing. The strongest inter-sector financing link was between the financial sector and the rest of the world, with the financial sector net financing the rest of the world by 4.5% of GDP, driven by purchases of foreign debt securities partly offset by higher non-resident deposits in resident banks. General government net financed the financial sector by 1.3% of GDP and was net financed by other sectors, including households (0.1% of GDP) amid renewed household interest in savings certificates. The rest of the world was the main net financier of resident non-financial corporations (2.4% of GDP), notably through investment in equity and debt securities issued by those firms. At end-Q1 2025, household financial assets totalled 200.1% of GDP (EUR 577.4bn) and net financial assets were 130.7% of GDP (EUR 377.1bn), with deposits representing 44% of household financial assets. The next update is scheduled for 10 October 2025.