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The external balance of the Portuguese economy decreased to -1.2% of GDP. The balance of general government improved to 1.1% of GDP
Quarterly National Sector Accounts
The external balance of the Portuguese economy decreased to -1.2% of GDP. The balance of general government improved to 1.1% of GDP - 3rd Quarter 2022
23 December 2022

Summary

The net borrowing of the Portuguese economy increased in the year ending in the third quarter of 2022, moving from 0.8% of Gross Domestic Product (GDP) in the second quarter to 1.2%. Gross National Income (GNI) and Gross Disposable Income (GDI) increased by 2.1% and 2.0%, respectively, in the year ending in the third quarter (quarter-on-quarter growth rates of 2.7% and 2.4% in the previous quarter, by the same order). The reduction in the economy's external balance reflected the decrease of all domestic sectors balances, except General Government (GG).

The disposable income of Households sector increased by 1.0% compared to the previous quarter, with rates of change of 1.8% in compensation of employees and 1.0% in Gross Value Added (GVA). The final consumption expenditure of Households increased by 2.0% (2.7% in the previous quarter), leading to a reduction in the savings rate to 5.1% (6.1% in the previous quarter), which led to a net borrowing of Households by 0.2 percentage points of GDP (net lending of 0.4% of GDP in the previous quarter). In real terms, the adjusted GDP per capita of Households decreased by 0.4% in the third quarter of 2022.

The balance of Non-Financial Corporations stood at -3.4% of GDP, 0.5 percentage points less than in the previous quarter. GVA increased by 3.4%, at a higher pace than compensation of employees paid (growth rate of 2.3%), while Gross Fixed Capital Formation (GFCF) increased by 2.9%. 

The net lending of Financial Corporations decreased by 0.2 percentage points to 1.2% of GDP in the year ending in the third quarter of 2022.

The balance of the General Government sector increased by 0.9 percentage points in the year ended in the third quarter of 2022, moving from a net lending of 0.2% of GDP to 1.1% of GDP. Considering quarterly figures and not the year ending in the quarter as a reference, the balance of GG in the third quarter of 2022 reached 4147.2 million euros, corresponding to 6.8% of GDP, which compares with 3.5% in the same period of 2021. Considering the sum of the three quarters of 2022, the GG balance was 4980 million euros (2.8% of GDP, which compares with -2.5% of GDP in the same period of 2021).


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