The Portuguese economy recorded a net lending of 2.1% Gross Domestic Product (GDP) in the second quarter of 2025, representing a decrease of 0.2 percentage points compared with the previous quarter. Gross National Income (GNI) and Gross Disposable Income (GDI) increased by 1.5% and 1.3%, respectively (compared to 1.1% for both aggregates in the previous quarter). The reduction in the external balance of the economy reflected the decrease in the balances of most domestic sectors except for Non-Financial Corporations.

The disposable income of Households sector increased by 1.5% compared to the previous quarter, with compensation of employees received and Gross Value Added (GVA) growing by 1.8% and 1.5%, respectively. The increase in disposable income, together with the growth by 1.4% of final consumption expenditure (1.5% in the previous quarter), determined the slight increase in the household savings rate to 12.6% (12.4% in the previous quarter). Households’ net lending stood at 4.4% of GDP, diminishing by 0.1 percentage points compared to the previous quarter. In real terms, the adjusted GDI per capita of Households grew by 0.5% in the second quarter of 2025 (same as in the previous quarter).

The balance of Non-Financial Corporations was less negative by 0.3 percentage points, reaching -4.4% of GDP in the second quarter of 2025. GVA and compensation of employees paid increased by 1.4% and 1.8%, respectively, while Gross Capital Formation grew by 1.5%. The balance of Financial Corporations stood at 1.6% of GDP (0.2 percentage points less than in the previous quarter).

The positive balance of the General Government (GG) sector stood at 0.5% of GDP in the year ending in the second quarter of 2025, less 0.2 percentage points than in the previous quarter. Considering quarterly values and not the year ending in the quarter, the GG balance in the second quarter of 2025 reached 1 412 million euros, corresponding to 1.9% of GDP (2.5% in the second quarter of 2024). Compared to the same period of the previous year, revenue increased by 4.6% and expenditure by 6.3%.