Surplus in the balance of goods and services fell to 713 million euros in the first half of the year

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Page created: Friday, 15 September 2017 16:52 GMT | Updated: Monday, 18 September 2017 17:27 GMT

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Eurostat   Goods  International Trade  Portugal

Tourist activity accelerates in June 2017

In the first semester, the current and capital account deficit increased to 685 million euros. Exports and imports of goods increased by 6.8% and 7.1% in June, respectively, which resulted in an increase in the deficit of the balance of goods of 80 million euros. The balance of services recorded a surplus of 6 087 million euros in the first half of the year, corresponding to an increase of 825 million euros over last year.

In June 2017, exports and imports of goods grew 6.8% and 7.1%, respectively, in year on year terms. Excluding fuels and lubricants, exports and imports rose 7.4% and 7.7%, respectively. According to INE – Statistics Portugal, the trade balance of goods deteriorated by 80 million euros in June and registered a deficit of 1 004 million euros.

According to Banco de Portugal (Portuguese Central Bank), the balance of services presented a surplus of 6 087 million euros until June, which corresponds to an improvement of 825 million euros over the same period of last year. This surplus was higher than the 5 375 million euros deficit recorded in the goods balance by this institution, with the balance of goods and services being set at 713 million euros positive, corresponding to a decrease of 412 million euros over the same period of 2016. This development results from an increase in exports of goods and services of 12.6%, being lower than that of imports of 14.2%.

As to the balance of payments, the capital and current account balance recorded a deficit of 685 million euros between January and June 2017, corresponding to an increase of 356 million euros over the same period of the previous year.

Tourist activity of hotel establishments registered 2.1 million guests and 5.9 million overnight stays in June 2017, corresponding to year-on-year changes of 8.5% and 8.0%, respectively. According to INE – Statistics Portugal, resident overnight stays fell 0.2% and overnight stays of non-residents rose 11.2%. Total revenues in the month reached 350.4 million euros, while revenues from accommodation stood at 258.3 million euros, corresponding to growth rates of 18.3% and 20.3%, respectively.

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