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Portugal Current Account Deficit Narrows In January

Portugal's current account deficit narrowed In January from a year ago, figures from Portugal Central Bank showed Monday.

The current account deficit fell notably to EUR 42 million in January from EUR 281 million in the corresponding month last year.

However, the deficit on goods trade widened to EUR 818 million in January from EUR 583 million last year. In contrast, the services trade surplus grew from EUR 551 million to EUR 614 million.

The capital account surplus came in at EUR 97 million in January, up from EUR 77 million in the same month of 2016. The financial account balance turned to a surplus of EUR 496 million from a deficit of EUR 293 million.

These developments in the financial account were mainly due to a rise in deposits of resident banks abroad and net investment of the central bank in long-term debt issued by supranational entities, the bank said.

by RTT Staff Writer

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