The net lending of Portuguese economy remained at 0.7% of Gross Domestic Product (GDP) in the year ending in the fourth quarter of 2021 (in 2020, the net borrowing was 0.2% of GDP). Gross National Income (GNI) and Gross Disposable Income (GDI) increased both by 2.0% in the year ending in the fourth quarter (after increases of 1.3% and 1.4% in the previous quarter, in the same order). Comparing with 2020, GNI, GDI and nominal GDP increased by 6.0%, 6.7% and 5.6%, respectively (rates of changes of -5.7% in GNI, -5.5% in RDB and -6.7% in nominal GDP in 2020 compared to 2019).

In the year ending in the fourth quarter of 2021, the disposable income of Households sector increased by 1.4% compared to the previous quarter and 4.0% compared to 2020. This result was mainly driven by the 1.5% growth in compensation of employees compared to the previous quarter and by the 5.6% increase in annual terms. The net lending of Households decreased by 0.6 percentage points, to 4.4% of GDP, and the savings rate decreased to 10.9% (11.7% in the previous quarter and 12.6% in 2020). 

The balance of Non-Financial Corporations stood at -2.4% of GDP, 0.4 percentage points less than in the previous quarter. Comparing with one year before the balance was less negative (-3.0% of GDP in 2020), due to the increase in Gross Value Added (GVA) and of the reduction in property income paid (annual rates of change of 6.6% and -3.1%, respectively). 

The net lending of Financial Corporations decreased to 1.5% of GDP in the year ending in the fourth quarter of 2021 (1.7% in the previous quarter and 2.5% in 2020).

The balance of the General Government (GG) sector decreased by 1.2 p.p. year ended in the fourth quarter of 2021, representing a net borrowing of 2.8% of GDP. Considering quarterly figures and not the year ending in the quarter as a reference, the balance of GG in the fourth quarter of 2021 reached -1 806.0 million euros, corresponding to -3.2% of GDP (-8.0% in the same period of the last year).