Portugal’s current account deficit widened sharply to EUR 1854.25 million in May of 2022, a level not seen since June of 2010 and compared to EUR 943.61 million gap in the same month of last year. The goods trade account registered its largest shortfall in 12 years at EUR 2,106.96 million, widening sharply from EUR 1,199.61 million in the same month of last year, as imports soared 41.7% and exports rose a slower 33.8%. This more than offset the rise in the services account superavit to EUR 1,603.48 million, from EUR 537.86 million a year ago, which reflected higher tourism and travel exports. At the same time, the primary income shortfall widened to EUR 1,795.88 million, from EUR 915.56 million amid higher dividend payments from Portuguese entities to foreign investors, while the secondary income surplus shrank to EUR 445.12 million from EUR 633.71 million a year ago, as EU funds decreased. source: Banco de Portugal

Current Account in Portugal averaged -661.59 EUR Million from 1996 until 2022, reaching an all time high of 1655.06 EUR Million in August of 2017 and a record low of -2674.13 EUR Million in June of 2010. This page provides the latest reported value for - Portugal Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Portugal Current Account - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.

Current Account in Portugal is expected to be 450.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Portugal Current Account is projected to trend around -320.00 EUR Million in 2023 and -310.00 EUR Million in 2024, according to our econometric models.

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Portugal Current Account



Calendar GMT Actual Previous Consensus TEForecast
2022-06-21 10:30 AM Apr €-661.14M €-411.6M €-530M
2022-07-20 10:30 AM May €-1854.25M €-661.14M €-600
2022-08-19 10:00 AM Jun €-1854.25M €-2000M


Related Last Previous Unit Reference
Current Account -1854.25 -661.14 EUR Million May 2022
Current Account to GDP -1.10 -1.10 percent of GDP Dec 2021
External Debt 407247.00 408401.00 EUR Million Mar 2022
Foreign Direct Investment 1051.50 987.45 EUR Million May 2022
Capital Flows -1389.05 140.03 EUR Million May 2022
Remittances 288.07 294.50 EUR Million May 2022
Tourism Revenues 1759.43 1560.48 EUR Million May 2022

Portugal Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
-1854.25 -661.14 1655.06 -2674.13 1996 - 2022 EUR Million Monthly
Current Prices, NSA

News Stream
Portugal Posts Largest Current Account Gap in 12 Years
Portugal’s current account deficit widened sharply to EUR 1854.25 million in May of 2022, a level not seen since June of 2010 and compared to EUR 943.61 million gap in the same month of last year. The goods trade account registered its largest shortfall in 12 years at EUR 2,106.96 million, widening sharply from EUR 1,199.61 million in the same month of last year, as imports soared 41.7% and exports rose a slower 33.8%. This more than offset the rise in the services account superavit to EUR 1,603.48 million, from EUR 537.86 million a year ago, which reflected higher tourism and travel exports. At the same time, the primary income shortfall widened to EUR 1,795.88 million, from EUR 915.56 million amid higher dividend payments from Portuguese entities to foreign investors, while the secondary income surplus shrank to EUR 445.12 million from EUR 633.71 million a year ago, as EU funds decreased.
2022-07-20
Portugal Current Account Swings to Deficit
Portugal posted a current account deficit of EUR 411.6 million in March of 2022, compared with a surplus of EUR 49.2 million in the corresponding month of the previous year. The goods deficit widened to EUR 1,992 million from EUR 913 million, the primary income shortfall rose slightly to EUR 203 million from EUR 199 million and the secondary income surplus shrank to EUR 636 million from EUR 668 million. Meanwhile, the services surplus rose to EUR 1,148 million from EUR 936 million, amid higher tourism revenues.
2022-05-18
Portugal Current Account Switches to Deficit
Portugal posted a current account deficit of EUR 589.3 million in February of 2022, switching from a EUR 28.8 million surplus in the same month last year. The goods trade account registered its largest shortfall since 2009 at EUR 1,617.2 million, widening sharply from EUR 573.8 million in the same month of last year, as imports surged 37.2 percent and imports climbed a slower 20.2 percent. This more than offset a superavit in the services account of EUR 799.7 million, which expanded from EUR 329.2 million a year ago, as the travel and tourism exports soared 275.4 percent. At the same time, the primary income shortfall narrowed to EUR 80.2 million, roughly half of last year’s gap, on the back of higher returns from investments, while the secondary income surplus shrank to EUR 308.4 million from EUR 424.6 million a year ago, on lower European Union funds.
2022-04-20