The current account gap in Portugal rose to EUR 740.8 million in January of 2019 from EUR 526.7 million in the corresponding month of the previous year. The goods deficit widened to EUR 1,538.2 million from EUR 1,156.3 million a year earlier and the services surplus fell to EUR 667.8 million from EUR 739.4 million, with tourism revenues rising to EUR 851.0 million from EUR 788.1 million. Meanwhile, the primary income shortfall narrowed to EUR 153 million from EUR 316 million in January of 2017 and the secondary income surplus went up to EUR 283 million from EUR 206 million. Current Account in Portugal averaged -765.94 EUR Million from 1996 until 2019, reaching an all time high of 1105.17 EUR Million in July of 2016 and a record low of -2590.60 EUR Million in June of 2010.
Current Account in Portugal is expected to be -120.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Portugal to stand at -110.00 in 12 months time. In the long-term, the Portugal Current Account is projected to trend around -120.00 EUR Million in 2020, according to our econometric models.