Lisbon, Aug. 19, 2025 (Lusa) - The Portuguese economy posted an external surplus of €2.265 billion in the first half of the year, reflecting a year-on-year fall of €1.976 billion, equivalent to 1.6% of half-yearly GDP, the Bank of Portugal (BdP) announced on Tuesday.

According to the Bank of Portugal (BdP), the reduction in the surplus reflects the €2.748 billion increase in the goods deficit, driven by growth in imports (€2.490 billion) and a decrease in exports (€258 million).

It also results from a €754 million increase in the services balance surplus, mainly due to the evolution of the travel and tourism balance (+€489 million).

In the first half of 2025, the Portuguese economy’s financing capacity produced a financial balance of €2.471 billion.

According to the BdP, non-monetary financial institutions, except insurance companies and pension funds, were “the sector that contributed most” to this balance, namely through the reduction of liabilities in capital and debt securities.

Conversely, the central bank was the sector with the largest reduction in net foreign assets, mainly due to the increase in liabilities in the form of deposits.

Considering June alone, the Portuguese economy posted an external surplus of €747 million, which was €566 million lower than in the same month of 2024.

This reduction reflects the €402 million increase in the goods deficit, resulting from more growth in imports (€487 million) than in exports (€85 million).

It also results from a €302 million reduction in the secondary income balance surplus, justified by the receipt of a first prize in the Euromillions in June 2024, and a €122 million decrease in the primary income balance deficit, mainly due to lower interest payments.

PD/ADB // ADB.

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