Lisbon, July 19, 2024 (Lusa) - Portugal's economy posted an external surplus of €2.683 billion up to May, 5.6 times the surplus recorded in the same period last year, of €476 million, the BdP announced on Friday.
Despite this year-on-year growth, the current and capital account balance fell by €587 million compared to April, according to data published today by the Bank of Portugal (BdP).
Last year, between April and May there was a gain of around €9 million, which means that in year-on-year terms there was ‘a decrease of €596 million’ in the monthly balance of current and capital accounts.
In the case of the balance of goods and services, the BdP pointed out that it totalled €55 million, up €410 million year-on-year.
This change, according to the regulator, resulted from a reduction of €255 million in the goods balance deficit, to €2.018 billion, due to a decrease in imports, of €314 million (-3.5 %), which was greater than that of exports, of €59 million (-0.9 %).
The surplus on the services account rose by €155 million to €2.573 billion, while the primary income account showed a deficit of €1.930 billion - down €1.054 billion year-on-year.
The secondary income and capital balances showed surpluses of €528 million and €260 million respectively, ‘but no significant variations compared to the same month last year’, points out the BdP.
The financial balance totalled €63 million.
JO/ADB // ADB.
Lusa