The Portuguese economy registered a net lending of 2.0% of GDP in the year ended in the 1st quarter of 2015, 0.1 percentage points (p.p.) more than in the previous quarter. This behaviour reflected the slight improvement in the current saving of the economy, with the disposable income presenting a slightly higher increase than the final consumption expenditure.
The net lending of Households decreased to 2.3% of GDP in the year ending in the 1st quarter of 2015 (0.2 p.p. less than in the previous quarter). The Households saving rate stood at 6.8% (0.1 p.p. less than in the previous quarter), which reflected the simultaneous increase of final consumption expenditure of households and disposable income (change rates of 0.6% and 0.5%, respectively, in the year ended in the 1st quarter of 2015). On the opposite side, the balance of the Corporations sector increased, reflecting the behaviour of the balance of Non-Financial Corporations (which moved from 0.6% in the 4th quarter 2014 to 0.9% of GDP in the 1st quarter 2015) while the balance of Financial Corporations decreased (from 3.3% to 3.2%, by the same order).
The net borrowing of the General Government (GG) decreased from 4.5% of GDP in the 4th quarter to 4.4% in the year ending in the 1st quarter of 2015. Without four quarters moving average, the GG net borrowing was 5.8% of GDP in the 1st quarter 2015, 0.1 p.p. less than the observed in the same quarter of the previous year.