Portuguese economy recorded a net lending of 2.6% Gross Domestic Product (GDP) in the third quarter of 2024, which represents an improvement of 0.2 percentage points compared with the previous quarter. Gross National Income (GNI) and Gross Disposable Income (GDI) increased both by 1.6% (growths of 1.4% and 1.5%, respectively, in the previous quarter). The increase in the economy's external balance mainly reflected the improvement in the Households balance by 0.6 percentage points of GDP.
The disposable income of Households sector increased by 2.3% compared to the previous quarter, with growths of 2.2% and 1.6% in compensation of employees received and Gross Value Added (GVA), respectively. Final consumption expenditure grew by 1.6% (1.4% in the previous quarter), leading to an increase in the savings rate to 10.7% (10.1% in the previous quarter) and an improvement of the net lending to 4.1% of GDP (3.5% of GDP in the previous quarter). In real terms, the adjusted GDI per capita of Households grew by 1.3% in the third quarter of 2024 (1.2% in the previous quarter).
The balance of Non-Financial Corporations was less negative by 0.2 percentage points, standing at -4.5% of GDP. GVA and compensation of employees paid increased by 1.9% and 2.3%, respectively, while Gross Capital Formation decreased by 0.4%. The balance of Financial Corporations stood at 2.0% of GDP (0.3 percentage points less than in the previous quarter).
The balance of the General Government (GG) sector decreased by 0.2 percentage points, standing at a net lending of 1.0% of GDP in the year ending in the third quarter of 2024. Considering quarterly values and not the year ending in the quarter, the GG balance in the third quarter of 2024 reached 4,344 million euros, corresponding to 6.0% of GDP (7.3% in the same period of the previous year), with increases of 5.4% in revenue and 8.7% in expenditure. Considering figures for the three quarters of 2024, the GG balance was positive, representing 2.8% of GDP (3.3% of GDP in the same period of 2023).
