Services balance surplus increases 168 million euros through February
In February 2017, exports of goods grew 9% and imports of goods rose 8.9%, but the trade deficit of goods increased again. The balance of services improved and recorded a surplus of 2 204 million euros in the first two months of the year. The balance of payments also improved substantially and reached a surplus of 211 million euros. According to a report of the World Economic Forum, Portugal is the 14th most attractive country to invest in tourism.
Exports and imports of goods grew by 9% and 8.9%, respectively, in February 2017. Excluding fuels and lubricants, exports and imports grew by 5.5% and 4%, respectively, in the same period. According to INE – Statistics Portugal, the trade balance of goods deteriorated again in February, with a deficit of 1 708 million euros in the first two months of the year, corresponding to an increase of 332 million compared to the same period of 2016. The rate of coverage of imports by exports of goods stood at 83.7%.
According to Banco de Portugal (Portuguese Central Bank), the balance of services showed a surplus of 2 204 million euros in the first two months of 2017, corresponding to an improvement of 168 million euros over the same period. The balance of services surplus was sufficient to offset the 1 736 million euros deficit in the balance of goods the Portuguese Central Bank. As a result, the balance of goods and services stood at 468 million euros, corresponding to a decrease of 176 million euros compared to the same period in 2016, due to an increase in exports of goods and services of 14% lower than imports of 16%.
Regarding the balance of payments, and according to data from the Portuguese Central Bank, the aggregate current and capital account balance in the first two months of 2017 stood at 211 million euros, which means an improvement of 569 million euros over the same period last year.
In February 2017, tourist activity registered 1.1 million guests and 2.8 million overnight stays, corresponding to year-on-year growth rates of 8.6% and 7.9%, respectively. Total revenues came to 136.8 million euros and the total revenues in accommodations rose to 94.4 million euros, which means a growth of 14.4% and 15.6%, respectively.
According to the World Economic Forum, Portugal is the 14 most attractive country to invest in tourism. In The Travel & Tourism Competitiveness Report 2017, Portugal had a score of 4.74 points, having obtained its best classifications in tourist services infrastructures, safety and security, health and hygiene. On the other hand, its worst results were in airport infrastructures, natural and cultural resources, and business tourism.
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