Portugal's current account surplus narrowed to EUR 0.65 billion in July 2019 from EUR 0.79 billion in the same month last year, as the services surplus declined to EUR 1.91 billion from EUR 2.04 billion despite a slight increase in tourism revenues (EUR 2.02 billion from EUR 2.01 billion), while the goods deficit rose to EUR 1.31 billion from EUR 1.01 billion. In addition, the secondary income surplus fell to EUR 0.19 billion from EUR 0.23 billion a year ago as workers' remittances were little changed at EUR 0.37 billion, while the primary income gap dropped to EUR 0.13 billion from EUR 0.48 billion. Current Account in Portugal averaged -756.27 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 551.00 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 -100.00 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.