Lisbon, Sept. 18, 2026 (Lusa) - The Portuguese economy recorded a current account surplus of €2.397 billion up to July, 39.5% less than in the same period last year, according to figures released on Friday by the Bank of Portugal (BdP).
On a month-on-month basis, this is almost double (+99.6%%) the figure of €1.201 billion recorded up to June, but the figure remains below those recorded in the same months of 2024 (€6.534 billion) and 2025 (€3.96 billion).
The BdP attributed this change to an increase of almost €2.7 billion in the goods account deficit, a reduction of €268 million in the secondary income account surplus, and an increase of around €1.3 billion in the capital account surplus.
In the case of the goods account, the BdP noted that the rise in imports (up by €5.4 billion) outstripped that of exports (+€2.7 billion).
The reduction in the secondary income surplus, meanwhile, was mainly due to «the increase in Portugal's financial contribution to the European Union (EU) budget».
The increase in the capital account surplus is explained by the rise in receipts of reinsurance indemnities from abroad – mainly compensation for damage caused by storms at the start of the year – as well as by the growth in allocations to final beneficiaries of European funds classified as investment aid, which includes the Recovery and Resilience Plan (RRP).
The central bank notes that the Portuguese economy's financing capacity up to July resulted in a financial account balance of €1.072 billion, compared with €630 million the previous month and €4.275 billion a year earlier.
«The sectors that contributed most to this positive balance were insurance companies and pension funds, through investment in debt securities issued by non-residents, and private individuals, due to increased investment in units issued by non-resident investment funds,» the BdP states in a note.
Meanwhile, the central bank and non-financial corporations saw the largest reductions in net assets, «due to the growth in capital liabilities and deposits, respectively».
In July alone, the Portuguese economy recorded an external surplus of around €1.2 billion, compared with €1.7 billion in the same month of 2025.
According to the BdP, the reduction reflects a €196 million increase in the goods account deficit, a €141 million reduction in the services account surplus, a €79 million decrease in the secondary income account surplus and a €77 million increase in the primary income account deficit.
JO/AYLS // AYLS
Lusa
