Lisbon, March 21, 2025 (Lusa) - According to figures released by the Bank of Portugal (BdP) on Friday, the Portuguese economy posted an external surplus of €535 million in January, down €397 million from the same month last year.

According to the central bank, this year-on-year decrease is the result of increases in the deficits in the balance of goods and primary income and an increase in the surplus in the balance of services.

In the first month of the year, the deficit in the balance of goods increased by €254 million, the variation being caused by the growth in imports (€302 million) being higher than that of exports (€49 million).

At the same time, the deficit in the primary income account worsened by €223 million, "due to a lower allocation of European Union funds in the form of subsidies".

The surplus in the balance of services grew by €322 million, mainly due to the "evolution of the balance of travel and tourism (up €108 million) and other services provided by companies".

In January 2025, the financial account had a balance of €29 million, resulting from the Portuguese economy's financing capacity.

According to the regulator, banks and public administrations' investmentst in foreign debt securities and increased deposits abroa’ contributed most to this balanced. Conversely, the central bankexperiencedh the biggest reduction in net foreign assets after an increase in deposit liabilities.

JO/ADB // ADB.

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