The Portuguese economy registered a net lending of 1.3% of GDP in the year ended in the 2nd quarter of 2015, 0.6 percentage points (p.p.) less than in the previous quarter. This behaviour reflected a reduction in the current saving of the economy and the increase of the gross capital formation. The growth of disposable income of the economy was below the increase in final consumption expenditure, which resulted in a decrease of 2.0% in current savings.
The net lending of Households decreased to 2.1% of GDP in the year ending in the 2nd quarter of 2015 (0.6 p.p. less than in the previous quarter). The Households saving rate stood at 5.0% (0.8 p.p. less than in the previous quarter), which reflected an increase of final consumption expenditure of households higher than disposable income (change rates of 1.0% and 0.1%, respectively, in the year ended in the 2nd quarter of 2015).
The gross capital formation of the economy increased 1.9% while the investment rate of Non-Financial Corporations remained stable at 20.4% of GDP.
The net borrowing of the General Government (GG) dropped from 7.1% of GDP in the year ended in the first quarter of 2015 to 6.4% in the year ended in the 2nd quarter of 2015. These results are significantly influenced by the recording of the capitalization of Novo Banco as capital transfer in the 3rd quarter 2014. Not considering moving averages of 4 quarters, the GG deficit stood at 4.7% of GDP for the total of the first two quarters of 2015, 1.5 p.p. less than in the same period of 2014.