In 2012, Portuguese economy showed a slight surplus in relation to the Rest of the World. The net lending was 0.4% of GDP which compares with a net borrowing of 5.6% of GDP in 2011. This result was mainly due to the improvements in the balance of goods and services and in the balance of primary income.
In 2012, Households saving rate reached 11.6% (9.1% in 2011) which is due to the decrease of 3.7% in the final consumption expenditure, higher than the decrease of the disposable income (change rate of -0.9% in 2012). The Households net lending increased to 6.4% of GDP (plus 2.3 percentage points than in the previous year). The improvement in the net lending was the combined effect of the decrease in consumption plus the increase in the balance of property income.
The investment rate of Non financial Corporations kept the downward trend, attaining 19.3% in 2012. Comparing with 2011, the Non financial Corporations net borrowing diminished 2.2 percentage points, to 3.0% of GDP in 2012.
The net borrowing of General Government increased from -4.4% in 2011 to -6.4% of the GDP which mainly reflected the strong reduction of capital transfers balance due to the transfer of the banking institutions to the General Government sector in 2011. Current savings recorded a less negative value in 2012 comparing with the previous year, due to the reduction of compensation of employees.