The Portuguese economy recorded a net lending of 2.5% Gross Domestic Product (GDP) in the fourth quarter of 2025, representing an increase of 0.4 percentage points compared with the previous quarter. Gross National Income (GNI) and Gross Disposable Income (GDI) both increased by 1.6% and 1.7%, respectively. The increase in the external balance of the economy mainly reflected the improvement in the balance of General Government.

The disposable income of Households sector increased by 1.3% compared to the previous quarter, with a growth of 1.7% in compensation of employees and 1.3% in Gross Value Added (GVA). The increase in disposable income, together with the growth by 1.4% of final consumption expenditure (1.6% in the previous quarter), resulted in a household savings rate of 12.1% (0.1 percentage points less than in the previous quarter). Households’ net lending decreased by 0.1 p.p. to 3.9% of GDP. In real terms, the adjusted GDI per capita of Households grew by 0.3% in the fourth quarter of 2025 (0.4 percentage points less than in the previous quarter).

The balance of Non-Financial Corporations increased by 0.1 percentage points in the fourth quarter of 2025, reaching -3.5% of GDP. GVA and compensation of employees paid both increased 1.7% and 1.8%, respectively, while Gross Capital Formation grew by 0.5%. The balance of Financial Corporations stood at 1.4% of GDP (0.1 percentage points less than in the previous quarter).

The positive balance of the General Government (GG) sector remained positive, reaching 0.7% of GDP in the year ending in the fourth quarter of 2025 (0.6% in the end of 2024), 0.5 percentage points more than in the previous quarter. Considering quarterly values rather than the year ending in that quarter, the GG balance in the fourth quarter of 2025 was -2,425 million euros, corresponding to -3.0% of GDP, compared with -5.0% in the same period of the previous year. Compared with the same period of the previous year, total revenue increased 7.8%, and total expenditure increased 3.3%.