Quarterly National Sector Accounts
Net lending of the Portuguese economy increased to 0.9% of GDP - 3rd Quarter 2016
23 December 2016

Summary

The Portuguese economy registered a net lending of 0.9% of the Gross Domestic Product (GDP) in the year ending in the third quarter of 2016, 0.1 percentage points (p.p.) more than in the previous quarter. Gross savings decreased by 1.2%, with final consumption expenditure (0.7%) growing more than the Gross Disposable Income (0.4%). Gross National Income (GNI) increased less than GDP (0.5% and 0.7% in the third quarter of 2016, respectively), reflecting the deterioration of the balance of property income with the Rest of the World.
Households’ saving rate stood at 4.0%, 0.1 p.p. more than in the previous quarter, reflecting a slightly higher increase in disposable income compared to final consumption expenditure (0.8% and 0, 7%, respectively). The net lending of Households rose from 0.6% to 0.8% of GDP in the third quarter of 2016, while balances of Non-Financial Corporations and Financial Corporations stabilized at 0.4% and 3.3% of GDP, respectively.
The General Government’s (GG) net borrowing increased from 3.5% of GDP in the year ending in the second quarter of 2016 to 3.6%. This increase was due to the combined effect of a 0.1% reduction in revenue and a 0.3% increase in expenditure. Taking into account quarterly figures and not the year ending in the quarter, the GG balance stood at  -812.9 million Euros in the third quarter of 2016, corresponding to -1,7% of GDP. In the first three quarters of 2016, the GG balance was -2.5% of GDP (-3.4% in the same period of the previous year).


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