The Bank of Portugal (BdP) reports that the reduction in the surplus is attributed to a 2.748 billion euros increase in the goods deficit, driven by rising imports (+2.490 billion euros) and a decrease in exports (-258 million euros).
This is further influenced by a 754 million euros growth in the services surplus, primarily due to the favorable changes in travel and tourism balance (+489 million euros).
In the first half of 2025, Portugal’s economy saw a financial account balance surplus of 2.471 billion euros.
According to the BdP, non-monetary financial institutions, excluding insurance companies and pension funds, made the largest contribution to this balance mainly through the reduction of liabilities in capital and debt securities.
Conversely, the central bank exhibited the largest decrease in net foreign assets, primarily due to an increase in liabilities in the form of deposits.
Considering only June, Portugal’s economy recorded an external surplus of 747 million euros, which is 566 million euros less than the same month in 2024.
This reduction reflects a 402 million euros increase in the goods deficit, caused by import growth (+487 million euros) outpacing that of exports (+85 million euros).
It also results from the reduction of 302 million euros in the secondary income surplus, explained by the receipt of a major Euromillions prize in June 2024, and a decrease of 122 million euros in the primary income deficit mainly due to lower interest payments.
