Portugal Current Account1996-2021 Data | 2022-2023 Forecast | Calendar | Historical

Portugal’s current account deficit sharply narrowed to EUR 52.5 million in February of 2021 from EUR 194.0 million in the same month of the previous year. It was the smallest current account gap for a February month since 2018, as the trade deficit of goods shrank to EUR 556.6 million from EUR 1406.9 million a year earlier, while the services surplus fell to EUR 313.7 million from 958.2 million, amid a sharp decline in tourism revenues (EUR 221.6 million from EUR 958.6 million). Meantime, the primary income deficit widened to EUR 161.3 million from EUR 106.5 million and the secondary income surplus fell to EUR 339.9 million from EUR 347.7 million.

Portugal’s current account deficit widened to EUR 282.8 million in January of 2021 from EUR 140.9 million in the same month of the previous year. It was the second largest current account gap since last May, as the services surplus narrowed to EUR 404.5 million from 1,018.8 million in January of 2020, amid a sharp decline in tourism revenues (EUR 357.8 million from EUR 993.8 million), while the secondary income surplus fell to EUR 53.2 million from EUR 270.2 million. On the other hand, the primary income deficit shrank to EUR 55.9 million from EUR 187.6 million and the trade gap of goods narrowed to EUR 684.5 million from EUR 1242.4 million.

Portugal posted a current account deficit of EUR 462.4 million in December of 2020 compared with a surplus of EUR 24.1 million in the same month of the previous year. It was the largest current account gap since last May, as the primary income deficit rose to EUR 257.8 million from EUR 132.2 million in December of 2019 and the services surplus fell to EUR 557.8 million from EUR 1260.2 million, amid a sharp decline in tourism revenues (EUR 519.6 million from EUR 1060.7 million). At the same time, the trade deficit narrowed to EUR 1230.9 million from EUR 1305.1 million and the secondary income surplus fell to EUR 468.4 million from EUR 593 million, partly attributed to the evolution of the current transfers, namely due to an increase of EU budget contributions, as well as a decrease in workers' remittances. In 2020, the country's current account shifted to a deficit of EUR 2377 million compared to a surplus of EUR 821 million a year earlier.

Portugal's current account deficit widened to EUR 102.9 million in November 2020, from EUR 57.9 million in the same month last year, as the primary income gap increased to EUR 157.0 million from EUR 132.2 million, while the secondary income surplus declined to EUR 222.6 million from EUR 386.0 million. In addition, the services surplus shrank to EUR 549.9 million from EUR 861.9 million a year earlier, with tourism revenues falling to EUR 447.7 million from EUR 993.8 million. The goods deficit, however, was down to EUR 718.4 million from EUR 1,173.6 million a year ago. Considering January-November, the current account posted a EUR 1,926 million deficit, compared with a EUR 97 million surplus in the same period of 2019.