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Portugal achieves €7.2 billion external surplus in 2023

Portugal achieved an external surplus of €7.2 billion, equivalent to 2.7 percent of GDP, marking the third highest ratio in the series and the highest since 2013. In 2023, the Portuguese economy had an external surplus of €7.2 billion, which corresponds to 2.7 percent of GDP. This ratio is the third highest in the series and the highest since 2013.

In 2023, the goods and services account showed a positive balance of €3.3 billion (1.2 percent of GDP), as the surplus in the services account exceeded the deficit recorded in the goods account. In the previous year, the goods and services account had shown a deficit of €4.7 billion (1.9 percent of GDP).

In the services account, the increase in exports surpassed the increase in imports. The Portuguese exports of services reached 51,694 million euros, an increase of 15.8 per cent compared to 2022. Both the exports and imports, as well as the balance, exceeded those recorded in the pre-pandemic period, achieving the highest values of the entire series.

Regarding exports, the services that stood out were travel, transport services and the other services provided by companies. These items showed year-on-year rates of change of 19 percent, 11 percent and 17 percent, respectively.

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