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Net lending of the Portuguese economy increases
Quarterly National Sector Accounts
Net lending of the Portuguese economy increases - 1st Quarter 2013
28 June 2013

Summary

In the year ending in the 1st quarter of 2013, the net lending of the Portuguese economy increased to 1.2% of GDP (0.3% of the GDP in 2012). This result was mainly due to improvements in the balance of goods and services and in the balance of primary income. 
The households saving rate reached 12.9% in the year ending in the 1st quarter of 2013 (11.6% in 2012). This increase was determined by the reduction of 1.0% in the final consumption and by the increase of the disposable income (change rate of 0.5% in the year ending in the 1st quarter of 2013). The households net lending increased to 7.7% of GDP in the year ending in the 1st quarter of 2013 (plus 1.2 percentage points than in the previous quarter).
Non-financial corporations and financial corporations balances stood respectively at -2.8% and 3.4% in the year ending in the 1st quarter of 2013.
The net borrowing of general government increased from 6.4% of GDP in 2012 to 7.1% in the year ending in the 1st quarter of 2013. This behaviour reflected mainly the increases in social benefits expenditures and particularly in capital transfers. Considering quarterly figures and not the year ending in the quarter, the general government balance stood at -10.6% of GDP in the 1st quarter of 2013 (-7.9% of GDP in the same quarter of the previous year).
Gross National Income and Gross Disposable Income continued to present less intense reductions (change rates of  -0.5% in both cases) than GDP (-0.8%).
Unit labour costs maintained the downward trend, although at a slower pace, mainly associated to the impact in average compensation of employees of the changes in the payments of bonuses compared with 2012.


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