Portugal’s current account surplus decreased to EUR 524.7 million in August of 2018 from EUR 936.6 million in the corresponding month of the previous year. The services surplus narrowed to EUR 2,093.3 million from EUR 2,097.4 million, although tourism revenues rose further to EUR 1,746.1 million from EUR 1,600.3 million in August of 2017. Also, the secondary income surplus fell to 216.8 million from EUR 256.9 million, with workers remittances declining slightly to EUR 252.8 million from EUR 257.3 million. On the other hand, the primary income gap widened to EUR 287.1 million from EUR 291.6 million and the goods deficit rose to EUR 1,497.3 million from EUR 1,126.1 million a year earlier. Current Account in Portugal averaged -776.88 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.