Balance of goods and services registered until July a surplus of 1 596 million euros

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Page created: Wednesday, 11 October 2017 16:26 GMT

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Tourism activity: Total revenues reach 428.7 million in July 2017

In the first seven months of 2017, the current and capital account surplus decreased compared to the same period of the previous year and amounted to 685 million euros. Exports and imports of goods grew by 4.6% and 12.8% in July, respectively, which resulted in an increase in the deficit of the balance goods by 1 057 million euros.

In July 2017, exports and imports of goods grew 4.6% and 12.8%, respectively, in year on year terms. Excluding fuels and lubricants, exports and imports rose 5.1% and 9.4%, respectively. According to INE – Statistics Portugal, the trade balance of goods deteriorated by 446 million euros in June and registered a deficit of 1 057 million euros.

According to Banco de Portugal (Portuguese Central Bank), the balance of services presented a surplus of 7 886 million euros until July, which corresponds to an improvement of 1 226 million euros over the same period of last year. This surplus was higher than the 6 290 million euros deficit recorded in the goods balance by this institution, with the balance of goods and services being set at 1 596 million euros positive, corresponding to a decrease of 659 million euros over the same period of 2016. This development results from an increase in exports of goods and services of 11.8%, being lower than the rise of imports of 14%. As to the balance of payments, the capital and current account balance recorded a surplus of 280 million euros between January and July 2017, corresponding to a decrease of 778 million euros over the same period of the previous year.

Tourist activity of hotel establishments registered 2.2 million guests and 6.9 million overnight stays in July 2017, corresponding to year-on-year changes of 6.1% and 4.7%, respectively. According to INE – Statistics Portugal, resident overnight stays rose 3% and overnight stays of non-residents 5.4%. Total revenues in the month reached 428.7 million euros, while revenues from accommodation stood at 327.3 million euros, corresponding to growth rates of 13.1% and 15.7%, respectively.

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