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External balance of the Portuguese economy decreases to -0.8% of GDP
Quarterly National Sector Accounts
External balance of the Portuguese economy decreases to -0.8% of GDP - 2nd Quarter 2022
23 September 2022


The net borrowing of the Portuguese economy increased in the year ending in the second quarter of 2022, moving from 0.5% of Gross Domestic Product (GDP) in the first quarter to 0.8%. Gross National Income (GNI) and Gross Disposable Income (GDI) increased by 2.7% and 2.3%, respectively, in the year ending in the second quarter, after quarter-on-quarter growth rates of 2.9% and 2.8% in the previous quarter, respectively. The reduction in the economy's external balance reflected the decrease of all domestic sectors balances, except General Government (GG).

The disposable income of Households sector increased by 1.2% compared to the previous quarter, with rates of change of 1.9% in compensation of employees and 1.4% in Gross Value Added (GVA). The final consumption expenditure of Households increased by 2.7% (4.0% in the previous quarter), leading to a reduction in the savings rate to 5.9% (7.3% in the previous quarter), which, together with the increase in investment, determined the reduction in the net lending of Households by 1.0 percentage points, to 0.4% of GDP.

The balance of Non-Financial Corporations stood at -2.7% of GDP, 0.7 percentage points less than in the previous quarter. The sector's GVA increased by 3.8%, at a higher pace than compensation of employees paid (growth rate of 2.4%), while Gross Fixed Capital Formation (GFCF) increased by 2.1%. 

The net lending of Financial Corporations decreased to 1.4% of GDP in the year ending in the second quarter of 2022.

The balance of the General Government (GG) sector increased by 1.8 percentage points in the year ended in the second quarter of 2022, moving from a net borrowing of 1.6% of GDP to a net lending of 0.2% of GDP. Considering quarterly figures and not the year ending in the quarter as a reference, the balance of GG in the second quarter of 2022 reached 1104.6 million euros, corresponding to 1.9% of GDP, which compares with  5.6% in the same period of the last year. Considering values for the first half of 2022, the balance of GG was also positive (0.8% of GDP), improving in comparison with the first halves of 2020 and 2021, years influenced by the adverse impacts of the COVID-19 pandemic, but also in comparison with 2019.

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