Exports of goods had the highest growth of the year in November

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Page created: Friday, 3 February 2017 11:53 GMT | Updated: Friday, 3 February 2017 12:53 GMT

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Balance of Payments  Exports  Goods  Imports  Imports   Services  Tourism

Tourist activity accelerated with total revenues reaching the highest growth rate of the year

Exports of goods rose 7.6% year-on-year in November 2016, but the 8.4% increase in imports of goods led to a rise of 91 million euros in the trade deficit. The surplus of goods and services in the first eleven months of the year rose by 938 million euros. Tourist activity once again accelerated with total revenues growing 23.2%, the highest growth rate of the year.

For 2017, according to the survey on Perspectives of Exports of Goods of INE – Statistics Portugal, goods exporting enterprises are expecting a nominal increase of 5.3% in exports. Excluding fuels and lubrificants, it is estimated to be an increase of 4.5%. These figures are higher than the ones reported in the previous survey for 2016.

According to the Portuguese Central Bank (Banco de Portugal), the balance of services had a surplus of 12 015 million euros until November, a figure higher than the deficit of 7 761 million euros registered in the balance of goods. As a result, the combination of the two balances totalled a positive 4 254 million euros, corresponding to an improvement of 938 million euros in comparison with the same period in 2015, as a result of the 1.1% increase in exports and the 0.3% decline in imports.

Tourist activity maintained its growing trend in November 2016, where Hotel establishments recorded 1.1 million guests and 2.9 million overnight stays, corresponding to 12.6% and 14.7% year-on-year increases, respectively. Total revenue grew 23.6% and revenue from accommodation increased by 26.2%, the highest growth rate of 2016.

Regarding the balance of payments, according to the Portuguese Central Bank (Banco de Portugal), the aggregate balance of the current and capital accounts was 2 213 million euros in the first eleven months of the year, lower than the 2 768 million euros for the same period in 2015.

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