Portuguese economy posts surplus of €535 million for January

Portugal’s economy posted an overseas balance of payments surplus of €535 million in January, down €397 million like-for-like in 2024 according to the Bank of Portugal.

The data from the central bank shows that this decrease on the same period last year was a result of an increase in balance deficits of goods and primary revenues and an increase in the surplus of the balance of services.

In the first month of the year, the balance of payments deficit on goods increased €254 million, a variation caused by a growth in imports (€302 million) which was greater than the growth in exports (€49 million)

At the same time, the deficit in the balance of primary revenues grew by €223 million, arising from a smaller parcel of funds as subsidies awarded by the European Union.

The surplus in the services balance grew by €322, mainly due to the “evolution of the balance of travel and tourism (plus €108 million) and other services provided by companies.”