The Portuguese economy recorded a net lending of 1.6% Gross Domestic Product (GDP) in the second quarter of 2023, more 1.1 percentage points than in the previous quarter. Gross National Income (GNI) and Gross Disposable Income (GDI) both increased by 2.3% (growth of 2.4% for both in the year ending in the first quarter). The increase of the economy's external balance mainly reflected the increase recorded in the balance of Financial Corporations (+0.4 percentage points of GDP). The balances of Non-Financial Corporations and Households both increased by 0.3 p.p. of GDP.

The disposable income of Households sector increased by 1.9% compared to the previous quarter, with increases of 2.7% and 0.4% in compensation of employees and Gross Added Value (GVA), respectively. Final consumption expenditure increased by 1.6% (2.5% in the previous quarter), leading to an increase in the savings rate to 5.7% (5.3% in the previous quarter), which led to a net lending of 0.5% of GDP (0.2% of GDP in the previous quarter). In real terms, the adjusted GDP per capita of Households increased by 0.4% in the second quarter of 2023.

The balance of Non-Financial Corporations stood at -1.3% of GDP, after a balance of -1.6% of GDP in the previous quarter. GVA recorded an increase of 3.0%, same as the growth in compensation of employees paid, while Gross Capital Formation increased by 0.4%. 

Net lending of Financial Corporations reached 2.3% of GDP, with the sector's GVA growing by 9.4% in the second quarter of 2023, reflecting the increase in the financial intermediation margin obtained by banking institutions when granting loans and obtaining deposits, due to the significant rise in interest rates, particularly on loans.

In percentage of GDP, the balance of the General Government (GG) sector was nil in the second quarter of 2023, after a net lending of 0.1% in the previous quarter. Considering quarterly values and not the year ending in the quarter, the GG balance in the second quarter of 2023 was positive (689.0 million euros), corresponding to 1.0% of GDP, which compares with 1.4% in the same period of the previous year. Compared to the same period of the previous year, there was an increase of 7.8% in revenue and 8.9% in expenditure.