The Bank of Portugal has published updated financial national accounts and inter-sector linkages for the first quarter of 2025, alongside an analysis of households’ financial account. On a four-quarter cumulative basis ending in Q1 2025, the Portuguese economy was a net lender to the rest of the world (2.6% of GDP), with households recording the largest net lending position (4.4% of GDP). Over the same period, the financial sector and general government posted net lending of 1.4% and 0.9% of GDP, while non-financial corporations were the only resident sector in net borrowing (4.1% of GDP). Households’ net financing to the financial sector totalled 2.2% of GDP, mainly reflecting higher deposits partly offset by higher borrowing, including for housing. The strongest inter-sector financing link was between the financial sector and the rest of the world, with the financial sector net financing the rest of the world by 4.5% of GDP, driven by purchases of foreign debt securities partly offset by higher non-resident deposits in resident banks. General government net financed the financial sector by 1.3% of GDP and was net financed by other sectors, including households (0.1% of GDP) amid renewed household interest in savings certificates. The rest of the world was the main net financier of resident non-financial corporations (2.4% of GDP), notably through investment in equity and debt securities issued by those firms. At end-Q1 2025, household financial assets totalled 200.1% of GDP (EUR 577.4bn) and net financial assets were 130.7% of GDP (EUR 377.1bn), with deposits representing 44% of household financial assets. The next update is scheduled for 10 October 2025.
Bank of Portugal publishes Q1 2025 financial national accounts showing Portugal financed the rest of the world by 2.6% of GDP and households were the largest net lender
The Bank of Portugal released updated financial national accounts for Q1 2025, showing the Portuguese economy as a net lender to the world at 2.6% of GDP. Households held the largest net lending position at 4.4% of GDP, while non-financial corporations were net borrowers at 4.1% of GDP. The financial sector's strongest inter-sector link was with the rest of the world, financing it by 4.5% of GDP through foreign debt securities purchases.