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

Portugal's current account surplus narrowed to EUR 35.9 million in June 2021, from EUR 300.7 million in the same month last year, as the primary income surplus declined slightly to EUR 176.7 million from EUR 138.4 million and the goods deficit rose sharply to EUR 1358.2 million from EUR 731.1 million. Meanwhile, the services surplus increased to EUR 791.3 million from EUR 567.7 million a year ago, with tourism revenues climbing to EUR 687.0 million from EUR 316.2 million. The secondary income surplus was also up at EUR 426.2 billion, compared with EUR 325.6 million last year.

Portugal’s current account deficit narrowed to EUR 964.9 million in May of 2021 from EUR 1,844.0 million in the corresponding month of the previous year. The goods account gap widened to EUR 1,189.7 million from EUR 851.5 million a year ago; while the primary income shortfall narrowed sharply to EUR 923.6 million from EUR 1,573.0 million. On the other hand, the services surplus expanded to EUR 537.7 million from EUR 297.5 million in May 2020, mostly due to a rise in tourism revenues to EUR 531.1 million from EUR 232.1 million; and the secondary income also widened to EUR 600.7 million from EUR 283.0 million. In the first five months of 2021, the country's current account gap shrank to EUR 2,023.9 million from EUR 2,949.1 million a year ago.

Portugal’s current account deficit widened to EUR 576.5 million in April of 2021 from EUR 459.2 million in the corresponding month of the previous year. It was the biggest monthly current account gap since May last year, as the goods account gap fell only slightly to EUR 945.4 million from EUR 1,085 million a year ago; while the primary income shortfall rose sharply to EUR 484 million from EUR 5.52 million. On the other hand, the services surplus rose slightly to EUR 318.8 million from EUR 294 million in April 2020, as tourism revenues increased to EUR 324 million from EUR 181 million; and the secondary income also widened to EUR 534.2 million from EUR 337.3 million, aided by workers' remittances (EUR 280 million from EUR 281 million). In the first four months of 2021, the country's current account gap fell to EUR 1,049 million from EUR 1,105 million a year ago, mainly due to a decline in the goods account gap to EUR 3,002 million from EUR 5,171 million.

Portugal’s current account switched into a surplus of EUR 24.1 million in March of 2021 from a EUR 311.0 million deficit in the same month of the previous year, amid a sharp decline in the goods account gap to EUR 815.1 million from EUR 1,436.4 million. In addition, the primary income deficit shrank to EUR 173.6 million from EUR 227.5 million, while the secondary income surplus widened to EUR 621.7 million from EUR 442.9 million. In contrast, the services account surplus deteriorated to EUR 391.1 million from EUR 910.0 million, partially offsetting the improvements recorded in the remaining balances.