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Net lending of the Portuguese economy increased to 1.9% of GDP
Quarterly National Sector Accounts
Net lending of the Portuguese economy increased to 1.9% of GDP - 3rd Quarter 2014
23 December 2014

Summary
The Portuguese economy registered a net lending of 1.9% of GDP in the 3rd quarter of 2014, 0.3 percentage points (p.p.) more than in the previous quarter. This improvement was determined by the increase of the current savings of the economy, as a result of the increase of 0.7% of National Gross Disposable Income, which more than offset the increase in the final consumption expenditure (0.6% in the year ended in the 3rd quarter of 2014).
The net lending of Households decreased to 5.4% of GDP in the year ending in the 3rd quarter of 2014 (less than 0.3 p.p. than in the previous quarter). The Households saving rate declined, standing at 9.7% (10.3% in the year ended in the previous quarter), mainly due to the increase of final consumption expenditure of Households (change rate of 0.7%). The balances of Non-Financial Corporations and Financial Corporations stood at, respectively, -1,9% and 2.7% of GDP in the 3rd quarter of 2014 (-1,8% and 2.6% in the previous quarter, in the same order).
The net borrowing of the General Government (GG) decreased from 4.8% of GDP in the 2nd quarter to 4.3% in the year ending in the 3rd quarter of 2014, reflecting mainly the increase in taxes on production and imports, income taxes and of the social contributions. For the set of three quarters of 2014, the balance of the GG was -4.9% of GDP (-5.7% of GDP in the same period last year).

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