The Bank of Portugal announced today that the national economy recorded an external surplus of 112 million euros in January, a figure that represents an annual drop of 510 million euros, or 82%.
This deterioration is partly due to the worsening of the goods balance deficit, which increased by 230 million euros, with exports falling by 342 million, while imports decreased by 111 million.
At the same time, the surplus in services contracted by 172 million euros, mainly due to the drop of 108 million in the balance of transport services, attributed to the greater use of maritime cargo transport.
The reduction in the European Union’s financial contribution also removed 73 million from the balance of the secondary income balance, while the capital balance fell by around 71 million, largely due to greater acquisition of carbon emission licenses.
As for the financial balance, the BdP highlights a positive balance of close to 60 million euros in January, driven mainly by the central bank — through the reduction of deposit liabilities — and by insurance companies and pension funds, which increased deposit assets.
On the other hand, banks and public administrations reduced their net assets abroad, reflecting the increase in deposit liabilities and greater investment by non-residents in Portuguese public debt, according to the bank led by Álvaro Santos Pereira.
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