Portugal’s Current Account Surplus Plunges in January

Portugal’s current account surplus shrunk to just €17 million in January 2026, down sharply from €456 million a year earlier. The services surplus eased to €2,035 million (vs. €2,207 million in January 2025), with tourism revenues nearly flat at €1,596 million (vs. €1,550 million). The secondary income surplus also fell to €308 million (from €381 million), while the goods deficit widened to €2,138 million (from €1,908 million). The primary income deficit narrowed slightly to €188 million (from €225 million).

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.