Portugal Current Account Swings to Surplus

Portugal’s current account recorded a deficit of €68.8 million in November 2025, compared to a surplus of €201.3 million in the same month last year. The trade deficit deteriorated by €101 million, reflecting weaker exports alongside higher imports, with transport-related goods accounting for a €85.4 million rise in imports. Meanwhile, the surplus in secondary income narrowed by €118 million, driven by increased contributions from Portugal to the European Union, which rose by €144.8 million. The primary income deficit also widened by €51 million, largely due to higher property income attributable to non-residents.

Portugal recorded a current account surplus of EUR 190.6 million in April 2025, compared to a deficit of EUR 93.6 million in the same period of the previous year. The services surplus rose by EUR 416 million, largely due to higher revenues from travel services (EUR 130 million) and transport services (EUR 83 million). Meanwhile, the primary income deficit narrowed by EUR 107 million, mainly reflecting an increase in EU subsidies (EUR 72 million). On the other hand, the goods deficit widened to EUR 288 million, as exports fell by EUR 460 million, outweighing the EUR 173 million decline in imports.

Portugal's current account deficit narrowed to €863 million in December 2024, down from €1,316 million in the same month of the previous year. The primary income gap declined to €296 million from €702 million a year earlier, while the services surplus increased to €2,428 million from €1,878 million, driven by a rise in tourism revenues to €1,571 million from €1,450 million. Meanwhile, the goods deficit widened to €2,781 million from €2,558 million, and the secondary income account recorded a €213 million deficit, compared with a €66 million surplus in December 2023. For the full year 2024, the current account surplus rose to €6.14 billion, equivalent to 2.2% of GDP, up from €1.48 billion in 2023, or 0.6% of GDP.