Quarterly National Sector Accounts
Quarterly National Sector Accounts - 4th Quarter 2016
24 March 2017

Summary

The Portuguese economy registered a net lending of 1.5% of the Gross Domestic Product (GDP) in the year ending in the fourth quarter of 2016, 0.3 percentage points (p.p.) more than in the previous quarter. Gross savings increased by 1.7%, with an increase in the Gross Disposable Income (RDB) of the nation superior to the increase in the final consumption expenditure of the economy. Gross National Income (GNI) increased by 1.1%, 0.4 p.p. higher than the GDP growth rate, reflecting the improvement in the balance of property income with the Rest of the World.
Households’ saving rate stood at 4.4%, 0.2 p.p. less than in the previous quarter, reflecting a slightly higher increase in final consumption expenditure compared to disposable income (1.0% and 0.8%, respectively). The net lending of Households decreased from 1.2% to 0.8% of GDP in the fourth quarter of 2016, while balances of Non-Financial Corporations and Financial Corporations represented 0.4% and 2.2% of GDP, respectively.
The General Government’s (GG) net borrowing decreased 1.7 p.p., from 3.8% of GDP in the year ending in the third quarter of 2016 to 2.1%. This decrease resulted from the combined effect of the 0.7% increase in revenue and a 3.0% reduction in expenditure. Taking into account the quarterly figures and not the year ending in the quarter, the GG balance stood at around 49.9 million Euros in the fourth quarter of 2016, corresponding to 0.1% of GDP (-6.8% in same period of the previous year).
Considering 2016 as a whole, the overall balance of the GG stood at -3807.3 million Euros, corresponding to -2.1% of GDP (-4.4% of GDP in 2015).


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