The Portuguese economy recorded a net lending of 2.2% Gross Domestic Product (GDP) in the third quarter of 2025, representing an increase of 0.2 percentage points compared with the previous quarter. Gross National Income (GNI) and Gross Disposable Income (GDI) both increased by 1.7%, compared to 1.6% and 1.4% in the previous quarter. The increase in the external balance of the economy reflected the improvement in the balance of Non-Financial Corporations.
The disposable income of Households sector increased by 1.6% compared to the previous quarter, with growth of 1.7% in both compensation of employees received and Gross Value Added (GVA). The increase in disposable income, together with the growth by 1.6% of final consumption expenditure (1.4% in the previous quarter), resulted in a household savings rate of 12.5%, unchanged from the previous quarter. Households’ net lending decreased by 0.2 p.p. to 4.2% of GDP, reflecting the increase in Gross Capital Formation by 4.4%. In real terms, the adjusted GDI per capita of Households grew by 0.6% in the third quarter of 2025 (same as in the previous quarter).
The balance of Non-Financial Corporations was less negative by 0.6 percentage points, reaching -4.0% of GDP in the third quarter. GVA and compensation of employees paid both increased by 1.8%, while Gross Capital Formation decreased by 0.5%. In turn, the balance of Financial Corporations remained at 1.6% of GDP.
The positive balance of the General Government (GG) sector remained positive, standing at 0.4% of GDP in the year ending in the third 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 third quarter of 2025 reached 2 952 million euros, corresponding to 3.8% of GDP (4.9% in the same period of the previous year). Compared to the same period of the previous year, revenue increased by 7.7% and expenditure by 10.8%. Considering figures for the three quarters of 2025, the GG balance was positive, representing 2.1% of GDP (2.3% of GDP in the same period of 2024).
