Balance of payments account rose to 823 million euros until April 2017

Deficit in the goods balance increased 509 million euros

Until April 2017, the capital and current account balance improved and stood at 823 million euros. Exports and imports of goods increased 0.4% e 10.8%, respectively, which resulted in the deterioration of the trade deficit of goods of 509 million euros. The balance of services registered a surplus of 3 439 million euros in the first four months of the year. In April, Tourist activity increased markedly in the number of guests and overnight stays.

Exports and imports of goods grew in the month of April 2017, year on year terms, 0.4% and 10.8%, respectively. Excluding fuels and lubricants, exports fell 2.3% and imports rose 6.1%, respectively. According to the INE – Statistics Portugal, the trade balance of goods deteriorated by 509 million euros in April and registered a deficit of 1 239 million euros.

According to Banco de Portugal (Portuguese Central Bank), the balance of services presented a surplus of 3 439 million euros until April, which corresponds to an improvement of 361 million euros over the same period of last year. This surplus was sufficient to offset the 3 268 million euros deficit recorded in the goods balance by this institution, with the balance of goods and services being set at 170 million euros, corresponding to a decrease of 343 million euros over the same period of 2016. It should be noted that this is due to the increase in exports of goods and services of 13%, being lower than that of imports of 15%.

As to the balance of payments, and according to data from Banco de Portugal (Portuguese Central Bank), the capital and current account balance in the first quarter of 2017 stood at 823 million euros, an improvement of 404 million euros over the same period of the previous year.

In the month of April 2017, the tourist activity of hotel establishments registered 1.9 million guests and 5.1 million overnight stays, corresponding to year-on-year changes of 20.2% and 23.2%, respectively. These results may be partially explained by the Easter calendar effect, an event that last year was celebrated in March. In April 2017, resident overnight stays increased by 26.3% (-11.4% in March), while the overnight stays of non-residents rose by 22.1% (3.3% in March). Total revenues in the month reached 267.1 million euros, while revenues from accommodation stood at 192.6 million euros, corresponding to growth rates of 29.1% and 32.3%, respectively.