Portugal's current account surplus increased to EUR 495.7 million in October 2018 from EUR 326.9 million in the corresponding month of the previous year. The services surplus rose to EUR 1,608.1 million from EUR 1,508 million, with tourism revenues growing to EUR 1,195.2 million from EUR 1,191.7 million in October 2017; and the primary income surplus went up to EUR 165.5 million from EUR 56.5 million. In contrast, the goods deficit increased to EUR 1,434 million from EUR 1,407 million and the secondary income surplus decreased to EUR 156.1 million from EUR 169.4 million in the same month of 2017, despite a rise in workers remittances to EUR 256.2 million from EUR 232 million. Current Account in Portugal averaged -768.70 EUR Million from 1996 until 2018, reaching an all time high of 1105.17 EUR Million in July of 2016 and a record low of -2590.60 EUR Million in June of 2010.
Current Account in Portugal is expected to be -160.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Portugal to stand at 551.00 in 12 months time. In the long-term, the Portugal Current Account is projected to trend around -90.00 EUR Million in 2020, according to our econometric models.